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2026-07-28 Schwab® Target 2010 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0005 0.0013 -0.0005 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 20% of the average value of its portfolio. 0.20 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who retired at or about the year 2010 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities decreased and its allocation to fixed-income securities increased as the fund approached its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 33.4% equity securities, 63.3% fixed-income securities, and 3.3% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 8.97% Q2 2020</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (8.49%) Q2 2022</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 4.56%</td></tr></table> Best Quarter: 0.0897 2020-06-30 Worst Quarter: -0.0849 2022-06-30 Year-to-date performance (before taxes) 2026-06-30 0.0456 Average Annual Total Returns as of 12/31/25 Before taxes 0.1117 0.0435 0.0564 After taxes on distributions 0.0959 0.0321 0.0471 After taxes on distributions andsale of shares 0.0685 0.0294 0.0411 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1307 0.1433 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0154 Target 2010 Passive Composite Index(2) 0.1127 0.0442 0.0572 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2015 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0004 0.0012 -0.0004 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 19% of the average value of its portfolio. 0.19 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who retired at or about the year 2015 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities decreased and its allocation to fixed-income securities increased as the fund approached its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 38.2% equity securities, 59.1% fixed-income securities, and 2.7% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 9.46% Q2 2020</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (8.97%) Q2 2022</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 5.19%</td></tr></table> Best Quarter: 0.0946 2020-06-30 Worst Quarter: -0.0897 2022-06-30 Year-to-date performance (before taxes) 2026-06-30 0.0519 Average Annual Total Returns as of 12/31/25 Before taxes 0.1188 0.0476 0.0595 After taxes on distributions 0.1025 0.0364 0.0502 After taxes on distributions andsale of shares 0.0737 0.0328 0.0438 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1307 0.1433 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0154 Target 2015 Passive Composite Index(2) 0.1188 0.0482 0.0604 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2020 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0004 0.0012 -0.0004 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 15% of the average value of its portfolio. 0.15 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who retired at or about the year 2020 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities decreased and its allocation to fixed-income securities increased as the fund approached its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 41.4% equity securities, 56.2% fixed-income securities, and 2.3% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 9.79% Q2 2020</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (9.15%) Q2 2022</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 5.55%</td></tr></table> Best Quarter: 0.0979 2020-06-30 Worst Quarter: -0.0915 2022-06-30 Year-to-date performance (before taxes) 2026-06-30 0.0555 Average Annual Total Returns as of 12/31/25 Before taxes 0.1223 0.0503 0.0644 After taxes on distributions 0.1035 0.0383 0.0549 After taxes on distributions andsale of shares 0.0783 0.0351 0.0481 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1307 0.1433 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0154 Target 2020 Passive Composite Index(2) 0.1231 0.0509 0.0651 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2025 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0005 0.0013 -0.0005 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 16% of the average value of its portfolio. 0.16 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who retired at or about the year 2025 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities decreased and its allocation to fixed-income securities increased as the fund approached its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 43.7% equity securities, 54.3% fixed-income securities, and 2.0% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds). In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 12.09% Q2 2020</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (11.36%) Q1 2020</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 5.86%</td></tr></table> Best Quarter: 0.1209 2020-06-30 Worst Quarter: -0.1136 2020-03-31 Year-to-date performance (before taxes) 2026-06-30 0.0586 Average Annual Total Returns as of 12/31/25 Before taxes 0.1260 0.0563 0.0733 After taxes on distributions 0.1081 0.0459 0.0648 After taxes on distributions andsale of shares 0.0800 0.0404 0.0560 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1307 0.1433 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0154 Target 2025 Passive Composite Index(2) 0.1269 0.0573 0.0742 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2030 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0004 0.0012 -0.0004 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 12% of the average value of its portfolio. 0.12 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who anticipates retiring at or about the year 2030 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities will decrease and its allocation to fixed-income securities will increase as the fund approaches its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 56.2% equity securities, 42.2% fixed-income securities, and 1.6% cash and cash equivalents (including money market funds). At the stated target date, the fund’s allocation will be approximately 44.0% equity securities, 54.0% fixed-income securities, and 2.0% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds).In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 13.90% Q2 2020</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (13.95%) Q1 2020</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 7.44%</td></tr></table> Best Quarter: 0.1390 2020-06-30 Worst Quarter: -0.1395 2020-03-31 Year-to-date performance (before taxes) 2026-06-30 0.0744 Average Annual Total Returns as of 12/31/25 Before taxes 0.1482 0.0701 0.0846 After taxes on distributions 0.1386 0.0625 0.0777 After taxes on distributions andsale of shares 0.0896 0.0523 0.0661 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1307 0.1433 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0154 Target 2030 Passive Composite Index(2) 0.1485 0.0707 0.0853 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2035 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0005 0.0013 -0.0005 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 11% of the average value of its portfolio. 0.11 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who anticipates retiring at or about the year 2035 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities will decrease and its allocation to fixed-income securities will increase as the fund approaches its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 67.7% equity securities, 31.0% fixed-income securities, and 1.3% cash and cash equivalents (including money market funds). At the stated target date, the fund’s allocation will be approximately 44.0% equity securities, 54.0% fixed-income securities, and 2.0% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds).In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 15.17% Q2 2020</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (15.88%) Q1 2020</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 8.78%</td></tr></table> Best Quarter: 0.1517 2020-06-30 Worst Quarter: -0.1588 2020-03-31 Year-to-date performance (before taxes) 2026-06-30 0.0878 Average Annual Total Returns as of 12/31/25 Before taxes 0.1640 0.0799 0.0928 After taxes on distributions 0.1557 0.0732 0.0864 After taxes on distributions andsale of shares 0.0993 0.0608 0.0735 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1307 0.1433 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0154 Target 2035 Passive Composite Index(2) 0.1642 0.0805 0.0936 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2040 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0004 0.0012 -0.0004 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 10% of the average value of its portfolio. 0.10 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who anticipates retiring at or about the year 2040 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities will decrease and its allocation to fixed-income securities will increase as the fund approaches its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 76.4% equity securities, 22.5% fixed-income securities, and 1.0% cash and cash equivalents (including money market funds). At the stated target date, the fund’s allocation will be approximately 44.0% equity securities, 54.0% fixed-income securities, and 2.0% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds).In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 16.26% Q2 2020</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (17.61%) Q1 2020</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 9.93%</td></tr></table> Best Quarter: 0.1626 2020-06-30 Worst Quarter: -0.1761 2020-03-31 Year-to-date performance (before taxes) 2026-06-30 0.0993 Average Annual Total Returns as of 12/31/25 Before taxes 0.1757 0.0877 0.0994 After taxes on distributions 0.1679 0.0814 0.0934 After taxes on distributions andsale of shares 0.1066 0.0674 0.0795 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1307 0.1433 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0154 Target 2040 Passive Composite Index(2) 0.1764 0.0884 0.1003 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2045 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0005 0.0013 -0.0005 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 10% of the average value of its portfolio. 0.10 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who anticipates retiring at or about the year 2045 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities will decrease and its allocation to fixed-income securities will increase as the fund approaches its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 83.7% equity securities, 15.5% fixed-income securities, and 0.8% cash and cash equivalents (including money market funds). At the stated target date, the fund’s allocation will be approximately 44.0% equity securities, 54.0% fixed-income securities, and 2.0% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds).In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 17.21% Q2 2020</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (19.14%) Q1 2020</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 10.86%</td></tr></table> Best Quarter: 0.1721 2020-06-30 Worst Quarter: -0.1914 2020-03-31 Year-to-date performance (before taxes) 2026-06-30 0.1086 Average Annual Total Returns as of 12/31/25 Before taxes 0.1865 0.0944 0.1048 After taxes on distributions 0.1795 0.0887 0.0991 After taxes on distributions andsale of shares 0.1133 0.0733 0.0844 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1307 0.1433 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0154 Target 2045 Passive Composite Index(2) 0.1867 0.0950 0.1057 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2050 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0005 0.0013 -0.0005 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 10% of the average value of its portfolio. 0.10 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who anticipates retiring at or about the year 2050 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities will decrease and its allocation to fixed-income securities will increase as the fund approaches its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 89.3% equity securities, 10.0% fixed-income securities, and 0.6% cash and cash equivalents (including money market funds). At the stated target date, the fund’s allocation will be approximately 44.0% equity securities, 54.0% fixed-income securities, and 2.0% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds).In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 17.78% Q2 2020</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (20.02%) Q1 2020</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 11.62%</td></tr></table> Best Quarter: 0.1778 2020-06-30 Worst Quarter: -0.2002 2020-03-31 Year-to-date performance (before taxes) 2026-06-30 0.1162 Average Annual Total Returns as of 12/31/25 Before taxes 0.1943 0.0986 0.1079 After taxes on distributions 0.1878 0.0931 0.1025 After taxes on distributions andsale of shares 0.1181 0.0769 0.0873 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1307 0.1433 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0154 Target 2050 Passive Composite Index(2) 0.1944 0.0992 0.1089 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2055 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0005 0.0013 -0.0005 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 10% of the average value of its portfolio. 0.10 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who anticipates retiring at or about the year 2055 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities will decrease and its allocation to fixed-income securities will increase as the fund approaches its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 92.6% equity securities, 6.9% fixed-income securities, and 0.5% cash and cash equivalents (including money market funds). At the stated target date, the fund’s allocation will be approximately 44.0% equity securities, 54.0% fixed-income securities, and 2.0% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds).In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 18.30% Q2 2020</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (20.66%) Q1 2020</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 12.02%</td></tr></table> Best Quarter: 0.1830 2020-06-30 Worst Quarter: -0.2066 2020-03-31 Year-to-date performance (before taxes) 2026-06-30 0.1202 Average Annual Total Returns as of 12/31/25 Before taxes 0.1990 0.1012 0.1102 After taxes on distributions 0.1928 0.0959 0.1048 After taxes on distributions andsale of shares 0.1210 0.0791 0.0894 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1307 0.1433 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0154 Target 2055 Passive Composite Index(2) 0.1988 0.1016 0.1111 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2060 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0005 0.0013 -0.0005 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 10% of the average value of its portfolio. 0.10 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who anticipates retiring at or about the year 2060 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities will decrease and its allocation to fixed-income securities will increase as the fund approaches its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 94.6% equity securities, 4.9% fixed-income securities, and 0.5% cash and cash equivalents (including money market funds). At the stated target date, the fund’s allocation will be approximately 44.0% equity securities, 54.0% fixed-income securities, and 2.0% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds).In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 18.58% Q2 2020</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (21.21%) Q1 2020</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 12.32%</td></tr></table> Best Quarter: 0.1858 2020-06-30 Worst Quarter: -0.2121 2020-03-31 Year-to-date performance (before taxes) 2026-06-30 0.1232 Average Annual Total Returns as of 12/31/25 Before taxes 0.2019 0.1032 0.1116 After taxes on distributions 0.1959 0.0980 0.1063 After taxes on distributions andsale of shares 0.1228 0.0809 0.0907 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1307 0.1433 Bloomberg US Aggregate Bond Index 0.0730 -0.0036 0.0154 Target 2060 Passive Composite Index(2) 0.2018 0.1037 0.1126 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2065 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0005 0.0013 -0.0005 0.0008 AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 45 103 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 10% of the average value of its portfolio. 0.10 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who anticipates retiring at or about the year 2065 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities will decrease and its allocation to fixed-income securities will increase as the fund approaches its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 96.6% equity securities, 2.9% fixed-income securities, and 0.5% cash and cash equivalents (including money market funds). At the stated target date, the fund’s allocation will be approximately 44.0% equity securities, 54.0% fixed-income securities, and 2.0% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds).In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past performance. For current performance information, please see www.schwabassetmanagement.com/prospectus. The bar chart below shows how the fund’s investment results have varied from year to year, and the following table shows how the fund’s average annual total returns for various periods compared to those of two broad based indices and a passive composite index based on the fund’s target allocations. Keep in mind that future performance (both before and after taxes) may differ from past performance. www.schwabassetmanagement.com/prospectus Annual Total Returns (%) as of 12/31 <table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; font-size:1pt;">Best Quarter: 11.77% Q4 2023</td></tr><tr><td style="vertical-align:top;">Worst Quarter: (14.78%) Q2 2022</td></tr><tr><td style="vertical-align:top;">Year-to-date performance (before taxes) as of 6/30/26: 12.59%</td></tr></table> Best Quarter: 0.1177 2023-12-31 Worst Quarter: -0.1478 2022-06-30 Year-to-date performance (before taxes) 2026-06-30 0.1259 Average Annual Total Returns as of 12/31/25 Before taxes 0.2048 0.1004 After taxes on distributions 0.1990 0.0958 After taxes on distributions andsale of shares 0.1245 0.0787 reflects nodeduction for fees, expenses, or taxes Dow Jones U.S. Total Stock Market Index 0.1705 0.1278 Bloomberg US Aggregate Bond Index 0.0730 0.0025 Target 2065 Passive Composite Index(2) 0.2048 0.1001 The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k) plan, an individual retirement account (IRA) or other tax-advantaged account. Schwab® Target 2070 Index Fund Investment Objective The fund seeks to provide capital appreciation and income consistent with its current asset allocation. Fund Fees and Expenses This table describes the fees and expenses you may pay if you buy, hold and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment) 0.0008 0 0 0.0008 0.0016 -0.0008 0.0008 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The figures are based on total annual fund operating expenses (including AFFE) after any expense reduction. Your actual costs may be higher or lower. Expenses on a $10,000 Investment 8 26 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the fund’s performance. From February 26, 2026 (commencement of operations) to March 31, 2026, the fund’s portfolio turnover rate was 0% (not annualized) of the average value of its portfolio. 0 Principal Investment Strategies The fund seeks to achieve its investment objective by investing primarily in affiliated Schwab exchange-traded funds (ETFs). The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third party ETFs and mutual funds (all such ETFs and mutual funds referred to herein as the “underlying funds”). The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. The fund will notify its shareholders at least 60 days before changing this policy. The fund invests in the underlying funds in accordance with its target portfolio allocation. These underlying funds invest their assets directly in equity, fixed income, cash and cash equivalents (including money market funds) in accordance with their own investment objectives and policies. The fund is managed based on the specific retirement date (target date) included in its name and assumes a retirement age of 65. The target date refers to the approximate year an investor in the fund would plan to retire and likely would stop making new investments in the fund. The fund is designed for an investor who anticipates retiring at or about the year 2070 and plans to withdraw the value of the investor’s account in the fund gradually after retirement. As described below, the adviser will continue to modify the fund’s target asset allocation for 20 years beyond the target date.The fund’s target asset allocation will be adjusted annually based on the adviser’s asset allocation strategy; however, the adviser reserves the right to modify the fund’s target asset allocations from time to time should circumstances warrant a change. In general, the fund’s allocation to equity securities will decrease and its allocation to fixed-income securities will increase as the fund approaches its target date. The fund’s asset allocation as of February 1, 2026 (the most recent annual adjustment of the fund’s target asset allocations) was approximately 97.0% equity securities, 2.5% fixed-income securities, and 0.5% cash and cash equivalents (including money market funds). At the stated target date, the fund’s allocation will be approximately 44.0% equity securities, 54.0% fixed-income securities, and 2.0% cash and cash equivalents (including money market funds). The fund will continue to reduce its allocation to equity securities for 20 years beyond the fund’s stated target date. At such time, the fund’s asset allocation will remain fixed at approximately 28.0% equity securities, 68.0% fixed-income securities, and 4.0% cash and cash equivalents (including money market funds).In addition to the strategic annual adjustment of the fund’s target asset allocation, the adviser may adjust the fund’s underlying fund allocations within a particular asset class based on the following considerations, including, but not limited to, market trends, its outlook for a given market capitalization, and the underlying funds’ performance in various market conditions. Accordingly, the fund’s allocation to a particular underlying fund may increase or decrease throughout the year. Within the equity asset class, the fund will have exposure to one or more “style classes.” For example, the style classes include domestic large-cap equity, domestic small-cap equity, and international equity. The adviser may adjust the fund’s allocation to a particular style class based on the following considerations: market trends, its outlook for a given style class, and the style classes’ performance in various market conditions. Accordingly, the fund’s allocation to a particular style class within the equity asset class may increase or decrease throughout the year.The fund intends to invest in a combination of underlying funds; however, the fund may invest directly in equity and fixed-income securities and money market securities. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective. The fund has a policy to invest, under normal circumstances, at least 80% of its assets (net assets, including, for this purpose, any borrowings for investment purposes) in underlying funds that are managed to seek investment returns that track particular market indices. in underlying funds that are managed to seek investment returns that track particular market indices <div style="border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#00A0DD; margin-bottom:12pt; padding:0pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#00A0DD; font-weight:bold;">Principal Risks</div></div>You may experience losses in the fund, including losses before, at, or after the target date. There is no guarantee that the fund will be able to achieve its objective or provide adequate income at and through your retirement.The fund is subject to risks, any of which could cause an investor to lose money. The fund’s principal risks include: The fund is subject to risks, any of which could cause an investor to lose money. Asset Allocation Risk — The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement needs. Conflicts of Interest Risk — The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds. Market Risk — Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory, and other conditions, including economic sanctions, tariffs, and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods. Exchange-Traded Fund (ETF) Risk — When the fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities. Direct Investment Risk — The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in the same securities. New Fund Risk — The fund is a new ETF and has only recently commenced operations and therefore has limited operating history on which investors can base their investment decision. Additionally, due to the fund’s small asset base, certain of the fund’s expenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base. There can be no assurance that the fund will grow to or maintain an economically viable size, in which case the fund may cease operations. In such an event, your interest in the fund may be liquidated at an inopportune time. Underlying Fund Investment Risk — Before investing in the fund, investors should assess the risks associated with the underlying funds in which the fund may invest, which include any combination of the risks described below. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Risk — The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an underlying fund will be able to achieve its objective. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Fixed-Income Risk — Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Equity Risk — The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Market Capitalization Risk — Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Money Market Fund Risk — The fund may invest in underlying money market funds that seek to maintain a stable $1.00 net asset value. Although an underlying money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. In addition, money market funds are not designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Foreign Investment Risk — An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of an underlying fund’s investment being adversely affected. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Emerging Markets Risk — Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements, which may limit the quality and availability of financial information, and greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Derivatives Risk — An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility and cause the underlying fund to lose more than the initial amount invested. In addition, investments in derivatives may involve leverage, which means a small percentage of assets invested in derivatives can have a disproportionately large impact on an underlying fund. However, these risks are less severe when the underlying fund uses derivatives for hedging rather than to enhance the underlying fund’s returns or as a substitute for a position or security. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Leverage Risk — Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Concentration Risk — To the extent that an underlying fund’s portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Investment Style Risk — Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Liquidity Risk — An underlying fund may be unable to sell certain securities, such as illiquid securities, readily at a favorable time or price, or the underlying fund may have to sell them at a loss. <p style="margin-top:revert; margin-bottom:revert;font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#3A5469; text-indent:-13.7pt; font-weight:normal; margin-left:13.7pt; font-style:normal;">• Portfolio Turnover Risk — Certain of the underlying funds may buy and sell portfolio securities actively. If they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions. Performance Because the fund has not completed a full calendar year of operations, no performance figures are given. Once the fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the fund by showing the variability of the fund’s returns and comparing the fund’s performance to one or more indices. For current performance information, once available, please see www.schwabassetmanagement.com/prospectus. Because the fund has not completed a full calendar year of operations, no performance figures are given. www.schwabassetmanagement.com/prospectus 485BPOS 2026-07-28 2026-07-28 0000904333 2026-07-27 false 2026-07-28 ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData row dei_DocumentInformationDocumentAxis compact cik0000904333_S000054922Summary1Member row dei_LegalEntityAxis compact cik0000904333_S000054922Member ~ ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData row dei_DocumentInformationDocumentAxis compact cik0000904333_S000054922Summary1Member row dei_LegalEntityAxis compact cik0000904333_S000054922Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0000904333_S000054922Summary1Member row dei_LegalEntityAxis compact cik0000904333_S000054922Member ~ ~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * row dei_DocumentInformationDocumentAxis compact cik0000904333_S000054922Summary1Member row 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0.1422 0.088667035 0.126034904 0.1621 -0.0508 0.2089 0.1317 0.1258 -0.1571 0.1633 0.106885564 0.148209417 0.1783 -0.0605 0.2238 0.1384 0.1426 -0.1638 0.1781 0.120936433 0.164035535 0.1911 -0.0663 0.2364 0.1418 0.1568 -0.1696 0.1907 0.132023834 0.175683594 0.2007 -0.0728 0.2481 0.1449 0.1704 -0.1739 0.1997 0.140856051 0.186515352 0.2048 -0.0758 0.2536 0.1466 0.178 -0.1768 0.2056 0.145995823 0.194264287 0.2101 -0.0786 0.2579 0.1478 0.1836 -0.1783 0.208 0.149439444 0.19901016 0.2119 -0.0802 0.2611 0.1487 0.1885 -0.1796 0.2108 0.151380881 0.201928038 -0.1793 0.2116 0.153848528 0.204817368 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2016-08-25 2021-02-25 2021-02-25 2021-02-25 2021-02-25 2021-02-25 2021-02-25 “Other expenses” is an estimate based on the expenses the fund expects to incur for its first full fiscal year. ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable3 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable5 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable7 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable9 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable11 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable13 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable15 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable17 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable19 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable21 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable23 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable25 ~ ~ http://www.schwabassetmanagement.com/20260728/role/RRRiskTable27 ~ AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception August 25, 2016. The Target 2010 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2010 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective July 1, 2020, the Dow Jones U.S. Select REIT Index was replaced with the Dow Jones Equity All REIT Capped Index. Effective February 1, 2025, the composite is derived using the following portion allocations: 23.5% Dow Jones U.S. Large Cap Total Stock Market Index, 1.3% Dow Jones U.S. Small Cap Total Stock Market Index, 7.3% FTSE Developed ex US Index (Net), 2.4% Dow Jones Equity All REIT Capped Index, 7.0% Bloomberg US Treasury 1-3 Year Index, 48.7% Bloomberg US Aggregate Bond Index, 6.6% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), and 3.2% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception August 25, 2016. The Target 2015 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2015 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective July 1, 2020, the Dow Jones U.S. Select REIT Index was replaced with the Dow Jones Equity All REIT Capped Index. Effective February 1, 2025, the composite is derived using the following portion allocations: 26.1% Dow Jones U.S. Large Cap Total Stock Market Index, 1.6% Dow Jones U.S. Small Cap Total Stock Market Index, 8.6% FTSE Developed ex US Index (Net), 2.7% Dow Jones Equity All REIT Capped Index, 6.5% Bloomberg US Treasury 1-3 Year Index, 45.8% Bloomberg US Aggregate Bond Index, 6.1% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), and 2.6% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception August 25, 2016. The Target 2020 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2020 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective July 1, 2020, the Dow Jones U.S. Select REIT Index was replaced with the Dow Jones Equity All REIT Capped Index. Effective February 1, 2025, the composite is derived using the following portion allocations: 27.7% Dow Jones U.S. Large Cap Total Stock Market Index, 1.7% Dow Jones U.S. Small Cap Total Stock Market Index, 9.6% FTSE Developed ex US Index (Net), 2.9% Dow Jones Equity All REIT Capped Index, 6.1% Bloomberg US Treasury 1-3 Year Index, 43.8% Bloomberg US Aggregate Bond Index, 5.8% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), and 2.3% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception August 25, 2016. The Target 2025 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2025 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective July 1, 2020, the Dow Jones U.S. Select REIT Index was replaced with the Dow Jones Equity All REIT Capped Index. Effective February 1, 2025, the composite is derived using the following portion allocations: 28.7% Dow Jones U.S. Large Cap Total Stock Market Index, 1.8% Dow Jones U.S. Small Cap Total Stock Market Index, 10.4% FTSE Developed ex US Index (Net), 3.1% Dow Jones Equity All REIT Capped Index, 5.9% Bloomberg US Treasury 1-3 Year Index, 42.5% Bloomberg US Aggregate Bond Index, 5.6% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), and 2.0% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception August 25, 2016. The Target 2030 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2030 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective July 1, 2020, the Dow Jones U.S. Select REIT Index was replaced with the Dow Jones Equity All REIT Capped Index. Effective February 1, 2025, the composite is derived using the following portion allocations: 36.2% Dow Jones U.S. Large Cap Total Stock Market Index, 2.7% Dow Jones U.S. Small Cap Total Stock Market Index, 14.1% FTSE Developed ex US Index (Net), 1.9% FTSE Emerging Index (Net), 3.9% Dow Jones Equity All REIT Capped Index, 2.8% Bloomberg US Treasury 1-3 Year Index, 34.8% Bloomberg US Aggregate Bond Index, 2.1% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), and 1.6% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception August 25, 2016. The Target 2035 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2035 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective July 1, 2020, the Dow Jones U.S. Select REIT Index was replaced with the Dow Jones Equity All REIT Capped Index. Effective February 1, 2025, the composite is derived using the following portion allocations: 41.6% Dow Jones U.S. Large Cap Total Stock Market Index, 3.4% Dow Jones U.S. Small Cap Total Stock Market Index, 17.1% FTSE Developed ex US Index (Net), 3.0% FTSE Emerging Index (Net), 4.5% Dow Jones Equity All REIT Capped Index, 1.2% Bloomberg US Treasury 1-3 Year Index, 27.4% Bloomberg US Aggregate Bond Index, 0.5% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), and 1.2% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception August 25, 2016. The Target 2040 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2040 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective July 1, 2020, the Dow Jones U.S. Select REIT Index was replaced with the Dow Jones Equity All REIT Capped Index. Effective February 1, 2025, the composite is derived using the following portion allocations: 45.4% Dow Jones U.S. Large Cap Total Stock Market Index, 4.3% Dow Jones U.S. Small Cap Total Stock Market Index, 19.4% FTSE Developed ex US Index (Net), 4.0% FTSE Emerging Index (Net), 4.9% Dow Jones Equity All REIT Capped Index, 0.6% Bloomberg US Treasury 1-3 Year Index, 20.4% Bloomberg US Aggregate Bond Index, and 1.0% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception August 25, 2016. The Target 2045 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2045 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective July 1, 2020, the Dow Jones U.S. Select REIT Index was replaced with the Dow Jones Equity All REIT Capped Index. Effective February 1, 2025, the composite is derived using the following portion allocations: 48.3% Dow Jones U.S. Large Cap Total Stock Market Index, 5.1% Dow Jones U.S. Small Cap Total Stock Market Index, 21.3% FTSE Developed ex US Index (Net), 5.0% FTSE Emerging Index (Net), 5.3% Dow Jones Equity All REIT Capped Index, 0.5% Bloomberg US Treasury 1-3 Year Index, 13.7% Bloomberg US Aggregate Bond Index, and 0.8% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception August 25, 2016. The Target 2050 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2050 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective July 1, 2020, the Dow Jones U.S. Select REIT Index was replaced with the Dow Jones Equity All REIT Capped Index. Effective February 1, 2025, the composite is derived using the following portion allocations: 50.1% Dow Jones U.S. Large Cap Total Stock Market Index, 5.8% Dow Jones U.S. Small Cap Total Stock Market Index, 22.8% FTSE Developed ex US Index (Net), 5.9% FTSE Emerging Index (Net), 5.5% Dow Jones Equity All REIT Capped Index, 9.2% Bloomberg US Aggregate Bond Index, and 0.6% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception August 25, 2016. The Target 2055 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2055 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective July 1, 2020, the Dow Jones U.S. Select REIT Index was replaced with the Dow Jones Equity All REIT Capped Index. Effective February 1, 2025, the composite is derived using the following portion allocations: 51.1% Dow Jones U.S. Large Cap Total Stock Market Index, 6.2% Dow Jones U.S. Small Cap Total Stock Market Index, 23.7% FTSE Developed ex US Index (Net), 6.5% FTSE Emerging Index (Net), 5.6% Dow Jones Equity All REIT Capped Index, 6.5% Bloomberg US Aggregate Bond Index, and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception August 25, 2016. The Target 2060 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2060 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective July 1, 2020, the Dow Jones U.S. Select REIT Index was replaced with the Dow Jones Equity All REIT Capped Index. Effective February 1, 2025, the composite is derived using the following portion allocations: 51.7% Dow Jones U.S. Large Cap Total Stock Market Index, 6.5% Dow Jones U.S. Small Cap Total Stock Market Index, 24.2% FTSE Developed ex US Index (Net), 6.9% FTSE Emerging Index (Net), 5.7% Dow Jones Equity All REIT Capped Index, 4.5% Bloomberg US Aggregate Bond Index, and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. AFFE reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The total annual fund operating expenses in the fee table may differ from the expense ratios in the fund’s “Financial Highlights” that include only the fund’s direct operating expenses and not AFFE. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees. Since inception February 25, 2021. The Target 2065 Passive Composite Index is a custom blended index developed by Schwab Asset Management based on the Schwab Target 2065 Index Fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective February 1, 2025, the composite is derived using the following portion allocations: 52.3% Dow Jones U.S. Large Cap Total Stock Market Index, 6.8% Dow Jones U.S. Small Cap Total Stock Market Index, 24.8% FTSE Developed ex US Index (Net), 7.3% FTSE Emerging Index (Net), 5.8% Dow Jones Equity All REIT Capped Index, 2.5% Bloomberg US Aggregate Bond Index, and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. Prior to February 1, 2025, the index had a different composition. See “Additional Information About the Funds’ Composite Indices” for additional detail. “Other expenses” is an estimate based on the expenses the fund expects to incur for its first full fiscal year. AFFE are an estimate based on the expenses the fund expects to incur for its first full fiscal year and reflect fees and expenses incurred indirectly by the fund through its investments in the underlying funds. The investment adviser and its affiliates have agreed to limit the total annual fund operating expenses (including AFFE but excluding taxes and certain non-routine expenses) of the fund to 0.08% for so long as the investment adviser serves as the adviser to the fund. This agreement may only be amended or terminated with the approval of the fund’s Board of Trustees.