NPORT-EX 2 NPORT_2MBC_24228471_1123.htm EDGAR HTML
Schwab Investments
Schwab Global Real Estate Fund
Portfolio Holdings as of November 30, 2023 (Unaudited)
  
The following are the portfolio holdings as of the report date. For more information, please refer to the fund’s semiannual or annual shareholder reports. You can also obtain this information at no cost by calling 1-866-414-6349 or by sending an email request to orders@mysummaryprospectus.com.  
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.8% OF NET ASSETS
 
Australia 4.8%
Goodman Group
87,185
1,309,899
HomeCo Daily Needs REIT
1,692,763
1,265,405
National Storage REIT
943,152
1,344,578
Scentre Group
2,054,605
3,592,935
Vicinity Ltd.
4,787,163
5,991,355
 
13,504,172
 
Austria 0.3%
Immofinanz AG *
42,830
884,054
 
Belgium 2.2%
Montea NV
7,004
606,681
Warehouses De Pauw CVA
203,644
5,722,674
 
6,329,355
 
Brazil 0.7%
Direcional Engenharia SA
137,054
555,506
Multiplan Empreendimentos Imobiliarios SA
247,541
1,367,446
 
1,922,952
 
Canada 2.6%
Choice Properties Real Estate Investment
Trust
118,024
1,144,623
First Capital Real Estate Investment Trust
25,177
259,572
H&R Real Estate Investment Trust
611,206
3,999,786
Primaris Real Estate Investment Trust
174,506
1,716,832
RioCan Real Estate Investment Trust
9,510
122,436
 
7,243,249
 
China 3.8%
China Overseas Property Holdings Ltd.
3,910,000
3,186,668
China Resources Land Ltd.
896,000
3,280,426
Greentown China Holdings Ltd.
230,000
244,664
Longfor Group Holdings Ltd.
855,083
1,511,881
Yuexiu Property Co. Ltd.
2,570,599
2,341,475
 
10,565,114
 
France 2.8%
Covivio SA
29,525
1,442,988
Gecina SA
24,373
2,698,731
ICADE
47,817
1,731,686
Unibail-Rodamco-Westfield *
33,204
2,115,665
 
7,989,070
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Germany 2.0%
Grand City Properties SA *
102,050
1,011,842
LEG Immobilien SE *
5,359
410,652
Sirius Real Estate Ltd.
2,122,538
2,361,070
TAG Immobilien AG *
133,549
1,829,783
 
5,613,347
 
Guernsey 0.1%
Shurgard Self Storage Ltd.
5,713
247,905
 
Hong Kong 1.1%
Fortune Real Estate Investment Trust
707,000
429,214
K Wah International Holdings Ltd.
501,000
118,615
Sun Hung Kai Properties Ltd.
109,000
1,068,709
Swire Properties Ltd.
211,000
409,755
Wharf Real Estate Investment Co. Ltd.
376,000
1,185,070
 
3,211,363
 
Indonesia 0.3%
Ciputra Development Tbk. PT
13,399,160
976,212
 
Japan 9.5%
Activia Properties, Inc.
490
1,344,683
CRE Logistics REIT, Inc.
153
169,633
Daiwa House Industry Co. Ltd.
80,200
2,278,837
Hulic Co. Ltd.
366,300
3,637,552
Hulic REIT, Inc.
1,173
1,228,321
Ichigo Office REIT Investment Corp.
3,211
1,837,008
Invincible Investment Corp.
8,738
3,538,635
Japan Excellent, Inc.
2,016
1,921,179
Mitsui Fudosan Co. Ltd.
30,500
716,973
Mori Trust Reit, Inc.
1,991
990,552
NTT UD REIT Investment Corp.
1,402
1,206,220
Sekisui House Ltd.
67,000
1,371,850
Sekisui House REIT, Inc.
1,457
833,254
Takara Leben Real Estate Investment Corp.
240
164,436
Tokyu Fudosan Holdings Corp.
414,300
2,563,668
Tokyu REIT, Inc.
2,350
2,861,403
 
26,664,204
 
Malaysia 0.5%
Mah Sing Group Bhd.
2,400,000
412,341
Sime Darby Property Bhd.
8,257,000
1,134,837
 
1,547,178
 
Mexico 0.6%
Fibra Uno Administracion SA de CV
993,690
1,599,081
 
  1
Schwab Global Real Estate Fund
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
Philippines 0.1%
Robinsons Land Corp.
1,245,500
325,878
 
Singapore 2.5%
AIMS APAC REIT
1,275,800
1,210,924
CapitaLand Ascendas REIT
1,095,100
2,325,880
CapitaLand Ascott Trust
2,029,100
1,402,219
CapitaLand China Trust
527,300
319,415
CDL Hospitality Trusts
889,200
669,983
ESR-LOGOS REIT
4,733,000
1,043,758
 
6,972,179
 
Spain 0.3%
Merlin Properties Socimi SA
73,526
742,938
 
Sweden 1.3%
Fastighets AB Balder, B Shares *
170,035
1,004,131
Nyfosa AB
46,927
311,669
Pandox AB
171,676
2,088,512
Sagax AB, B Shares
9,979
226,387
 
3,630,699
 
United Arab Emirates 2.0%
Emaar Development PJSC
718,139
1,333,667
Emaar Properties PJSC
2,063,914
4,263,316
 
5,596,983
 
United Kingdom 3.0%
British Land Co. PLC
350,120
1,559,219
Grainger PLC
588,166
1,886,026
Land Securities Group PLC
289,239
2,283,302
Safestore Holdings PLC
53,214
514,263
Target Healthcare REIT PLC
472,197
485,842
Tritax Big Box REIT PLC
593,446
1,151,187
Workspace Group PLC
105,382
703,463
 
8,583,302
 
United States 59.3%
Alexandria Real Estate Equities, Inc.
7,700
842,380
American Assets Trust, Inc.
125,336
2,524,267
American Homes 4 Rent, Class A
23,391
848,392
Apartment Income REIT Corp.
58,468
1,819,524
Armada Hoffler Properties, Inc.
402,969
4,424,600
AvalonBay Communities, Inc.
11,459
1,981,719
Brixmor Property Group, Inc.
282,747
6,084,715
SECURITY
NUMBER
OF SHARES
VALUE ($)
Broadstone Net Lease, Inc.
117,300
1,876,800
CareTrust REIT, Inc.
161,381
3,724,673
COPT Defense Properties
173,219
4,191,900
Crown Castle, Inc.
23,134
2,713,156
CubeSmart
77,136
3,066,927
Digital Realty Trust, Inc.
43,118
5,983,916
EastGroup Properties, Inc.
23,479
4,079,476
Empire State Realty Trust, Inc., Class A
333,968
2,992,353
EPR Properties
131,617
5,872,751
Equinix, Inc.
18,773
15,300,183
Equity Residential
147,478
8,382,650
Essential Properties Realty Trust, Inc.
21,999
522,476
Essex Property Trust, Inc.
8,924
1,904,917
Gaming & Leisure Properties, Inc.
147,307
6,883,656
Healthpeak Properties, Inc.
132,689
2,298,173
Host Hotels & Resorts, Inc.
121,053
2,114,796
Invitation Homes, Inc.
50,226
1,675,539
Kilroy Realty Corp.
48,556
1,601,377
Kimco Realty Corp.
29,800
575,736
Kite Realty Group Trust
50,976
1,076,613
LXP Industrial Trust
96,651
848,596
Mid-America Apartment Communities, Inc.
56,027
6,974,241
National Health Investors, Inc.
15,987
867,455
NNN REIT, Inc.
106,841
4,339,881
Omega Healthcare Investors, Inc.
165,551
5,256,244
Physicians Realty Trust
24,035
280,729
Plymouth Industrial REIT, Inc.
22,800
495,900
Prologis, Inc.
176,921
20,333,531
Public Storage
28,099
7,270,897
Realty Income Corp.
24,979
1,347,867
Ryman Hospitality Properties, Inc.
61,507
6,172,227
Simon Property Group, Inc.
32,834
4,100,638
Sun Communities, Inc.
5,100
659,634
Tanger, Inc.
112,784
2,815,089
UDR, Inc.
118,150
3,946,210
Urban Edge Properties
45,830
767,653
Ventas, Inc.
65,128
2,985,468
VICI Properties, Inc.
12,110
361,968
Welltower, Inc.
19,984
1,780,574
 
166,968,467
Total Common Stocks
(Cost $271,320,485)
281,117,702
Total Investments in Securities
(Cost $271,320,485)
281,117,702
 
*
Non-income producing security.
 
CVA —
Dutch Certificate
REIT —
Real Estate Investment Trust
 
2  
Schwab Global Real Estate Fund
Portfolio Holdings (Unaudited) continued
The following is a summary of the inputs used to value the fund’s investments as of November 30, 2023 (see notes to portfolio holdings for additional information):  
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$178,957,866
$—
$—
$178,957,866
Australia
—
13,504,172
—
13,504,172
Austria
—
884,054
—
884,054
Belgium
—
6,329,355
—
6,329,355
China
—
10,565,114
—
10,565,114
France
—
7,989,070
—
7,989,070
Germany
—
5,613,347
—
5,613,347
Hong Kong
—
3,211,363
—
3,211,363
Japan
—
26,664,204
—
26,664,204
Malaysia
—
1,547,178
—
1,547,178
Philippines
—
325,878
—
325,878
Singapore
1,043,758
5,928,421
—
6,972,179
Spain
—
742,938
—
742,938
Sweden
—
3,630,699
—
3,630,699
United Arab Emirates
—
5,596,983
—
5,596,983
United Kingdom
2,886,131
5,697,171
—
8,583,302
Total
$182,887,755
$98,229,947
$—
$281,117,702
 
1
As categorized in the Portfolio Holdings.
  3
Schwab Global Real Estate Fund
Notes to Portfolio Holdings (Unaudited)
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees (the Board) has designated authority to a Valuation Designee, the fund’s investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities held in the fund’s portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
• Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.
• Foreign equity security fair valuation: The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of the fund’s holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter “arbitrage” market timers, who seek to exploit delays between the change in the value of the fund’s portfolio holdings and the net asset value (NAV) of the fund’s shares and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark.
• Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America (GAAP), the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
• Level 1 — quoted prices in active markets for identical investments— Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds (ETFs) and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the valuation of the fund’s holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.
4  
Schwab Global Real Estate Fund
Notes to Portfolio Holdings (Unaudited) (continued)
• Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the fund’s investments as of November 30, 2023, are disclosed in the fund’s Portfolio Holdings.
REG46025NOV23
  5