0001752724-24-068330.txt : 20240326 0001752724-24-068330.hdr.sgml : 20240326 20240326144122 ACCESSION NUMBER: 0001752724-24-068330 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240131 FILED AS OF DATE: 20240326 DATE AS OF CHANGE: 20240326 PERIOD START: 20241031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCHWAB CAPITAL TRUST CENTRAL INDEX KEY: 0000904333 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07704 FILM NUMBER: 24783012 BUSINESS ADDRESS: STREET 1: 211 MAIN STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 1-415-667-7000 MAIL ADDRESS: STREET 1: 211 MAIN STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 0000904333 S000020936 Schwab Target 2025 Fund C000059132 Schwab Target 2025 Fund SWHRX NPORT-P 1 primary_doc.xml NPORT-P false 0000904333 XXXXXXXX S000020936 C000059132 SCHWAB CAPITAL TRUST 811-07704 0000904333 549300PEK1H7N1HLC797 211 MAIN STREET SAN FRANCISCO 94105 800-648-5300 Schwab Target 2025 Fund S000020936 549300LYCLTE9KGC5T50 2024-10-31 2024-01-31 N 470955569.25 1522629.32 469432939.93 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1138858.68000000 N Baird Aggregate Bond Fund 549300NWEXVVDQ3ROW37 Baird Aggregate Bond Fund 057071854 4114244.19000000 NS USD 40401877.99000000 8.606528122211 Long EC RF US N 1 N N N Schwab International Core Equity Fund 549300O8SH1VZD5EOI67 Schwab International Core Equity Fund 808509210 2177660.42000000 NS USD 23758275.14000000 5.061058378975 Long EC RF US N 1 N N N Schwab Small-Cap Equity Fund 54930086LYMXICNS1162 Schwab Small-Cap Equity Fund 808509673 496496.25000000 NS USD 9671746.85000000 2.060304258035 Long EC RF US N 1 N N N Schwab Global Real Estate Fund 54930056NJ1FRH4T9924 Schwab Global Real Estate Fund 808517759 2529325.05000000 NS USD 15479469.28000000 3.297482550395 Long EC RF US N 1 N N N ClearBridge Small Cap Growth Fund 5493003T8SLPG056ZG32 ClearBridge Small Cap Growth Fund 52470H666 84485.35000000 NS USD 3290704.34000000 0.700995618349 Long EC RF US N 1 N N N Schwab Core Equity Fund 549300L2MFZ33S0CO521 Schwab Core Equity Fund 808509806 568961.68000000 NS USD 11652335.14000000 2.482215061801 Long EC RF US N 1 N N N Schwab Select Large Cap Growth Fund 54930017OMFIVKDL2J78 Schwab Select Large Cap Growth Fund 51855Q549 609084.04000000 NS USD 13314577.18000000 2.836310801279 Long EC RF US N 1 N N N ClearBridge Large Cap Growth Fund 549300PO07BEBIPVM094 ClearBridge Large Cap Growth Fund 52469H255 257386.45000000 NS USD 16467584.75000000 3.507973844454 Long EC RF US N 1 N N N Schwab International Opportunities Fund 5493000Y9R7KH3YK4711 Schwab International Opportunities Fund 808509640 1603561.45000000 NS USD 31333590.77000000 6.674774628016 Long EC RF US N 1 N N N Loomis Sayles Investment Grade Bond Fund LXBMZ6T88WCKRZUWOE84 Loomis Sayles Investment Grade Bond Fund 543487136 892591.22000000 NS USD 8845578.97000000 1.884311520899 Long EC RF US N 1 N N N PIMCO International Bond Fund U.S. Dollar-Hedged 549300NKY72DZUNDF872 PIMCO International Bond Fund U.S. Dollar-Hedged 693390882 1443527.71000000 NS USD 14189877.41000000 3.022769857632 Long EC RF US N 1 N N N Schwab Fundamental International Large Company Index Fund 549300LG0X7BXJAT9753 Schwab Fundamental International Large Company Index Fund 808509376 312327.24000000 NS USD 3229463.62000000 0.687949938170 Long EC RF US N 1 N N N Goldman Sachs Emerging Markets Equity Insights Fund 549300UHNMO4HOGWYU58 Goldman Sachs Emerging Markets Equity Insights Fund 38144N569 89739.82000000 NS USD 705355.02000000 0.150256822647 Long EC RF US N 1 N N N Schwab S&P 500 Index Fund 549300QXTQYX6BJFPP75 Schwab S&P 500 Index Fund 808509855 992730.20000000 NS USD 73779708.54000000 15.71677278356 Long EC RF US N 1 N N N Schwab U.S. Aggregate Bond Index Fund 549300TE25ZKVNXKCS55 Schwab U.S. Aggregate Bond Index Fund 808517718 10108818.81000000 NS USD 90575016.51000000 19.29455920232 Long EC RF US N 1 N N N Dodge & Cox Stock Fund 549300N2LAR50107F166 Dodge & Cox Stock Fund 256219106 69244.06000000 NS USD 16883085.98000000 3.596485151322 Long EC RF US N 1 N N N Western Asset Core Plus Bond Fund 549300M92SFKO7RZX103 Western Asset Core Plus Bond Fund 957663669 1803298.14000000 NS USD 17077233.37000000 3.637843005338 Long EC RF US N 1 N N N Schwab U.S. Mid-Cap Index Fund 54930023JW7XDBK5VU88 Schwab U.S. Mid-Cap Index Fund 80850L726 104757.04000000 NS USD 6098954.99000000 1.299217517822 Long EC RF US N 1 N N N Schwab Treasury Inflation Protected Securities Index Fund 5493000LZN1FM8F1C238 Schwab Treasury Inflation Protected Securities Index Fund 808517817 1919079.53000000 NS USD 19728137.60000000 4.202546502795 Long EC RF US N 1 N N N Schwab Short-Term Bond Index Fund 549300P4KD6GXEL7FV90 Schwab Short-Term Bond Index Fund 808517692 2837468.75000000 NS USD 27154575.93000000 5.784548466933 Long EC RF US N 1 N N N Schwab Fundamental US Large Company Index Fund 5493000DZZS8PWI2NO50 Schwab Fundamental US Large Company Index Fund 808509442 468603.22000000 NS USD 11447976.62000000 2.438682002525 Long EC RF US N 1 N N N Schwab Variable Share Price Money Fund 5493007W93Q67BM3O338 Schwab Variable Share Price Money Fund 808515597 12748592.91000000 NS USD 12754967.21000000 2.717101022331 Long EC RF US N 1 N N N 2024-02-26 SCHWAB CAPITAL TRUST Dana Smith Dana Smith CFO XXXX NPORT-EX 2 NPORT_2MQ2_43395104_0124.htm EDGAR HTML
Schwab Capital Trust
Schwab Target 2010 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 74.3% OF NET ASSETS
 
U.S. Stocks 20.3%
Large-Cap 17.7%
Schwab Core Equity Fund
$696,522
$21,896
($71,708
)
$13,939
$62,667
$723,316
35,318
$21,896
Schwab Fundamental US Large Company
Index Fund
864,797
17,978
(132,229
)
6,192
101,562
858,300
35,133
17,978
Schwab S&P 500 Index Fund
5,404,074
82,968
(909,512
)
348,024
408,226
5,333,780
71,768
82,968
Schwab Select Large Cap Growth Fund *
922,814
158,966
(161,664
)
(39,070
)
64,993
946,039
43,277
158,966
 
7,861,435
Mid-Cap 1.2%
Schwab U.S. Mid-Cap Index Fund
545,289
8,855
(109,999
)
9,067
72,648
525,860
9,032
8,855
Small-Cap 1.4%
Schwab Small-Cap Equity Fund
615,495
2,284
(100,001
)
7,261
90,061
615,100
31,576
2,284
 
9,002,395
 
International Stocks 7.4%
Developed Markets 7.4%
Schwab Fundamental International Large
Company Index Fund
129,077
4,613
—
—
10,153
143,843
13,911
4,613
Schwab International Core Equity Fund
1,307,705
38,553
(155,647
)
11,948
128,347
1,330,906
121,990
38,553
Schwab International Opportunities Fund
1,872,303
34,660
(295,000
)
(28,085
)
244,951
1,828,829
93,594
34,660
 
3,303,578
 
Real Estate 2.4%
Global Real Estate 2.4%
Schwab Global Real Estate Fund
1,033,398
42,502
(132,638
)
(29,475
)
154,221
1,068,008
174,511
7,502
 
Fixed Income 41.8%
Inflation-Protected Bond 6.8%
Schwab Treasury Inflation Protected
Securities Index Fund
2,904,874
61,661
(80,000
)
(10,167
)
147,938
3,024,306
294,193
26,054
Intermediate-Term Bond 26.9%
Schwab U.S. Aggregate Bond Index Fund
11,197,786
378,844
(425,000
)
(55,370
)
857,075
11,953,335
1,334,078
104,122
Short-Term Bond 8.1%
Schwab Short-Term Bond Index Fund
3,530,392
88,294
(120,000
)
(7,881
)
104,554
3,595,359
375,691
33,315
 
18,573,000
 
  1
Schwab Target 2010 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
Money Market Funds 2.4%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.37% (b)
$1,790,671
$23,407
($750,000
)
$235
$109
$1,064,422
1,063,890
$19,182
Total Affiliated Underlying Funds
(Cost $28,815,786)
$32,815,197
$965,481
($3,443,398
)
$226,618
$2,447,505
$33,011,403
$560,948
 
UNAFFILIATED UNDERLYING FUNDS 25.0% OF NET ASSETS
 
U.S. Stocks 5.7%
Large-Cap 5.3%
ClearBridge Large Cap Growth Fund, Class IS
*
$1,167,710
18,251
Dodge & Cox Stock Fund, Class I
1,182,941
4,852
 
2,350,651
Small-Cap 0.4%
ClearBridge Small Cap Growth Fund, Class IS
*
194,692
4,999
 
2,545,343
 
Fixed Income 19.3%
Intermediate-Term Bond 17.2%
Baird Aggregate Bond Fund, Institutional
Class
6,626,009
674,746
Loomis Sayles Investment Grade Bond Fund,
Class Y
328,229
33,121
Western Asset Core Plus Bond Fund, Class I
677,809
71,574
 
7,632,047
International Bond 2.1%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional Class
923,550
93,952
 
8,555,597
Total Unaffiliated Underlying Funds
(Cost $10,958,634)
$11,100,940
Total Investments in Securities
(Cost $39,774,420)
$44,112,343
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
(b)
The rate shown is the annualized 7-day yield.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
2  
Schwab Capital Trust
Schwab Target 2015 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 74.4% OF NET ASSETS
 
U.S. Stocks 22.4%
Large-Cap 19.5%
Schwab Core Equity Fund
$898,561
$26,800
($102,000
)
$28,580
$71,218
$923,159
45,076
$26,800
Schwab Fundamental US Large Company
Index Fund
1,070,958
21,318
(114,152
)
6,086
127,766
1,111,976
45,517
21,318
Schwab S&P 500 Index Fund
6,649,359
103,610
(859,565
)
581,883
354,622
6,829,909
91,899
103,610
Schwab Select Large Cap Growth Fund *
1,106,101
191,888
(109,999
)
(25,053
)
56,715
1,219,652
55,794
191,888
 
10,084,696
Mid-Cap 1.4%
Schwab U.S. Mid-Cap Index Fund
640,834
11,149
(50,000
)
2,476
95,855
700,314
12,029
11,149
Small-Cap 1.5%
Schwab Small-Cap Equity Fund
715,135
2,932
(80,000
)
17,768
103,870
759,705
38,999
2,932
 
11,544,715
 
International Stocks 8.6%
Developed Markets 8.6%
Schwab Fundamental International Large
Company Index Fund
185,282
6,621
—
—
14,574
206,477
19,969
6,621
Schwab International Core Equity Fund
1,765,110
50,313
(253,359
)
22,766
167,123
1,751,953
160,582
50,313
Schwab International Opportunities Fund
2,343,895
44,318
(200,999
)
4,680
269,284
2,461,178
125,956
44,318
 
4,419,608
 
Real Estate 2.6%
Global Real Estate 2.6%
Schwab Global Real Estate Fund
1,279,836
9,490
(96,000
)
(2,946
)
160,643
1,351,023
220,755
9,490
 
Fixed Income 38.9%
Inflation-Protected Bond 6.5%
Schwab Treasury Inflation Protected
Securities Index Fund
3,129,036
143,095
(90,000
)
(9,079
)
158,120
3,331,172
324,044
28,096
Intermediate-Term Bond 24.8%
Schwab U.S. Aggregate Bond Index Fund
11,920,212
517,106
(470,001
)
(69,512
)
915,868
12,813,673
1,430,097
110,905
Short-Term Bond 7.6%
Schwab Short-Term Bond Index Fund
3,780,174
173,301
(155,000
)
(10,669
)
114,114
3,901,920
407,724
35,482
 
20,046,765
 
  3
Schwab Target 2015 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
Money Market Funds 1.9%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.37% (b)
$2,002,488
$25,352
($1,020,000
)
$449
($88
)
$1,008,201
1,007,697
$20,627
Total Affiliated Underlying Funds
(Cost $32,931,646)
$37,486,981
$1,327,293
($3,601,075
)
$547,429
$2,609,684
$38,370,312
$663,549
 
UNAFFILIATED UNDERLYING FUNDS 25.0% OF NET ASSETS
 
U.S. Stocks 6.3%
Large-Cap 5.8%
ClearBridge Large Cap Growth Fund, Class IS
*
$1,477,048
23,086
Dodge & Cox Stock Fund, Class I
1,540,576
6,318
 
3,017,624
Small-Cap 0.5%
ClearBridge Small Cap Growth Fund, Class IS
*
258,556
6,638
 
3,276,180
 
Fixed Income 18.7%
Intermediate-Term Bond 16.5%
Baird Aggregate Bond Fund, Institutional
Class
6,823,598
694,867
Loomis Sayles Investment Grade Bond Fund,
Class Y
525,434
53,021
Western Asset Core Plus Bond Fund, Class I
1,174,103
123,981
 
8,523,135
International Bond 2.2%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional Class
1,104,600
112,370
 
9,627,735
Total Unaffiliated Underlying Funds
(Cost $12,759,171)
$12,903,915
Total Investments in Securities
(Cost $45,690,817)
$51,274,227
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
(b)
The rate shown is the annualized 7-day yield.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
4  
Schwab Capital Trust
Schwab Target 2020 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS
 
U.S. Stocks 23.8%
Large-Cap 20.8%
Schwab Core Equity Fund
$6,574,804
$191,570
($960,618
)
$240,684
$476,737
$6,523,177
318,515
$191,570
Schwab Fundamental US Large Company
Index Fund
6,754,892
140,423
—
—
860,378
7,755,693
317,466
140,423
Schwab S&P 500 Index Fund
46,319,918
713,554
(5,777,610
)
4,150,345
2,358,182
47,764,389
642,686
713,554
Schwab Select Large Cap Growth Fund *
7,895,948
1,354,415
(1,153,153
)
(272,514
)
497,074
8,321,770
380,685
1,354,415
 
70,365,029
Mid-Cap 1.5%
Schwab U.S. Mid-Cap Index Fund
4,482,021
77,974
(220,000
)
11,467
676,605
5,028,067
86,363
77,974
Small-Cap 1.5%
Schwab Small-Cap Equity Fund
4,782,101
20,914
(350,000
)
70,238
768,161
5,291,414
271,633
20,914
 
80,684,510
 
International Stocks 9.6%
Developed Markets 9.6%
Schwab Fundamental International Large
Company Index Fund
1,687,098
60,289
(200,000
)
6,932
125,195
1,679,514
162,429
60,289
Schwab International Core Equity Fund
12,544,720
349,505
(1,322,738
)
110,999
1,245,430
12,927,916
1,184,960
349,505
Schwab International Opportunities Fund
16,743,158
322,477
(1,327,251
)
54,298
1,914,225
17,706,907
906,188
322,477
 
32,314,337
 
Real Estate 2.8%
Global Real Estate 2.8%
Schwab Global Real Estate Fund
8,684,495
64,153
(280,000
)
(71,905
)
1,127,080
9,523,823
1,556,180
64,153
 
Fixed Income 36.9%
Inflation-Protected Bond 6.2%
Schwab Treasury Inflation Protected
Securities Index Fund
19,638,546
490,153
(250,000
)
(27,477
)
970,753
20,821,975
2,025,484
179,103
Intermediate-Term Bond 23.5%
Schwab U.S. Aggregate Bond Index Fund
73,955,359
1,695,954
(1,350,000
)
(215,883
)
5,485,884
79,571,314
8,880,727
689,719
Short-Term Bond 7.2%
Schwab Short-Term Bond Index Fund
23,322,277
994,830
(600,000
)
(39,659
)
684,988
24,362,436
2,545,709
221,040
 
124,755,725
 
  5
Schwab Target 2020 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
Money Market Funds 1.7%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.37% (b)
$12,045,067
$154,539
($6,450,000
)
$2,773
($559
)
$5,751,820
5,748,945
$126,120
Total Affiliated Underlying Funds
(Cost $212,518,460)
$245,430,404
$6,630,750
($20,241,370
)
$4,020,298
$17,190,133
$253,030,215
$4,511,256
 
UNAFFILIATED UNDERLYING FUNDS 24.9% OF NET ASSETS
 
U.S. Stocks 6.6%
Large-Cap 6.1%
ClearBridge Large Cap Growth Fund,
Class IS *
$10,038,989
156,908
Dodge & Cox Stock Fund, Class I
10,604,631
43,494
 
20,643,620
Small-Cap 0.5%
ClearBridge Small Cap Growth Fund,
Class IS *
1,571,364
40,343
 
22,214,984
 
Fixed Income 18.3%
Intermediate-Term Bond 16.1%
Baird Aggregate Bond Fund, Institutional
Class
41,073,416
4,182,629
Loomis Sayles Investment Grade Bond
Fund, Class Y
4,177,989
421,593
Western Asset Core Plus Bond Fund,
Class I
9,359,144
988,294
 
54,610,549
International Bond 2.2%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
7,382,198
750,987
 
61,992,747
Total Unaffiliated Underlying Funds
(Cost $83,496,136)
$84,207,731
Total Investments in Securities
(Cost $296,014,596)
$337,237,946
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
(b)
The rate shown is the annualized 7-day yield.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
6  
Schwab Capital Trust
Schwab Target 2025 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 73.6% OF NET ASSETS
 
U.S. Stocks 25.3%
Large-Cap 22.2%
Schwab Core Equity Fund
$11,017,365
$334,698
($2,294,542
)
$463,995
$736,277
$10,257,793
500,869
$334,698
Schwab Fundamental US Large Company
Index Fund
9,970,719
207,275
—
—
1,269,983
11,447,977
468,603
207,275
Schwab S&P 500 Index Fund
70,842,643
1,079,557
(11,839,808
)
6,068,668
3,851,222
70,002,282
941,904
1,079,557
Schwab Select Large Cap Growth Fund *
12,088,560
2,102,243
(2,071,619
)
(698,326
)
1,060,970
12,481,828
570,989
2,102,243
 
104,189,880
Mid-Cap 1.3%
Schwab U.S. Mid-Cap Index Fund
5,210,346
90,645
—
—
797,964
6,098,955
104,757
90,645
Small-Cap 1.8%
Schwab Small-Cap Equity Fund
8,210,775
35,910
(1,391,119
)
288,602
1,136,460
8,280,628
425,084
35,910
 
118,569,463
 
International Stocks 11.7%
Developed Markets 11.7%
Schwab Fundamental International Large
Company Index Fund
2,897,948
103,559
(467,311
)
18,844
209,112
2,762,152
267,133
103,559
Schwab International Core Equity Fund
23,027,458
634,936
(3,971,031
)
336,628
2,137,753
22,165,744
2,031,691
634,936
Schwab International Opportunities Fund
29,379,192
578,513
(3,325,451
)
(511,005
)
3,956,891
30,078,140
1,539,311
578,513
 
55,006,036
 
Real Estate 3.2%
Global Real Estate 3.2%
Schwab Global Real Estate Fund
14,866,550
113,205
(1,859,684
)
(502,689
)
2,352,404
14,969,786
2,446,043
113,205
 
Fixed Income 32.0%
Inflation-Protected Bond 5.0%
Schwab Treasury Inflation Protected
Securities Index Fund
18,662,483
4,208,394
—
—
895,961
23,766,838
2,311,949
169,693
Intermediate-Term Bond 20.6%
Schwab U.S. Aggregate Bond Index Fund
85,090,151
6,536,848
(1,125,000
)
(225,161
)
6,294,590
96,571,428
10,778,061
795,538
Short-Term Bond 6.4%
Schwab Short-Term Bond Index Fund
26,893,365
3,497,997
(1,220,000
)
(84,029
)
818,778
29,906,111
3,124,986
252,243
 
150,244,377
 
  7
Schwab Target 2025 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
Money Market Funds 1.4%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.37% (b)
$13,377,675
$174,772
($6,960,000
)
$1,443
$1,077
$6,594,967
6,591,671
$143,209
Total Affiliated Underlying Funds
(Cost $291,310,445)
$331,535,230
$19,698,552
($36,525,565
)
$5,156,970
$25,519,442
$345,384,629
$6,641,224
 
UNAFFILIATED UNDERLYING FUNDS 25.9% OF NET ASSETS
 
U.S. Stocks 7.3%
Large-Cap 6.6%
ClearBridge Large Cap Growth Fund,
Class IS *
$15,205,593
237,662
Dodge & Cox Stock Fund, Class I
16,003,962
65,638
 
31,209,555
Small-Cap 0.7%
ClearBridge Small Cap Growth Fund,
Class IS *
3,290,704
84,485
 
34,500,259
 
International Stocks 0.1%
Emerging Markets 0.1%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
388,589
49,439
 
Fixed Income 18.5%
Intermediate-Term Bond 15.5%
Baird Aggregate Bond Fund, Institutional
Class
46,413,152
4,726,390
Loomis Sayles Investment Grade Bond
Fund, Class Y
8,845,579
892,591
Western Asset Core Plus Bond Fund,
Class I
17,141,745
1,810,110
 
72,400,476
International Bond 3.0%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
14,221,410
1,446,736
 
86,621,886
Total Unaffiliated Underlying Funds
(Cost $119,869,004)
$121,510,734
Total Investments in Securities
(Cost $411,179,449)
$466,895,363
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
(b)
The rate shown is the annualized 7-day yield.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
8  
Schwab Capital Trust
Schwab Target 2030 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 72.5% OF NET ASSETS
 
U.S. Stocks 31.3%
Large-Cap 27.1%
Schwab Core Equity Fund
$30,597,308
$921,469
($3,935,033
)
$813,494
$2,576,860
$30,974,098
1,512,407
$921,469
Schwab Fundamental US Large Company
Index Fund
22,808,021
474,142
—
—
2,905,085
26,187,248
1,071,930
474,142
Schwab S&P 500 Index Fund
163,455,782
2,574,955
(18,864,047
)
8,852,755
14,319,276
170,338,721
2,291,963
2,574,955
Schwab Select Large Cap Growth Fund *
35,523,998
6,129,004
(7,059,158
)
(2,184,297
)
3,259,875
35,669,422
1,631,721
6,129,004
 
263,169,489
Mid-Cap 1.4%
Schwab U.S. Mid-Cap Index Fund
11,573,644
201,347
—
—
1,772,502
13,547,493
232,695
201,347
Small-Cap 2.8%
Schwab Small-Cap Equity Fund
24,722,458
108,124
(1,604,232
)
194,602
4,096,229
27,517,181
1,412,586
108,124
 
304,234,163
 
International Stocks 15.7%
Developed Markets 15.7%
Schwab Fundamental International Large
Company Index Fund
7,671,890
274,156
(870,843
)
32,175
571,307
7,678,685
742,619
274,156
Schwab International Core Equity Fund
57,973,490
1,709,157
(4,387,202
)
253,869
6,059,409
61,608,723
5,646,996
1,709,157
Schwab International Opportunities Fund
74,970,383
1,476,261
(1,479,286
)
(291,466
)
9,091,689
83,767,581
4,286,980
1,476,261
 
153,054,989
 
Real Estate 4.2%
Global Real Estate 4.2%
Schwab Global Real Estate Fund
35,934,062
273,626
—
—
4,413,183
40,620,871
6,637,397
273,626
 
Fixed Income 20.3%
Inflation-Protected Bond 1.9%
Schwab Treasury Inflation Protected
Securities Index Fund
12,655,801
4,796,420
—
—
626,944
18,079,165
1,758,674
123,669
Intermediate-Term Bond 14.2%
Schwab U.S. Aggregate Bond Index Fund
115,450,990
15,157,648
(1,100,000
)
(259,507
)
8,543,967
137,793,098
15,378,694
1,091,935
Short-Term Bond 4.2%
Schwab Short-Term Bond Index Fund
35,929,245
5,422,105
(1,000,000
)
(70,766
)
1,052,266
41,332,850
4,319,002
337,040
 
197,205,113
 
  9
Schwab Target 2030 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
Money Market Funds 1.0%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.37% (b)
$18,056,147
$246,790
($8,670,000
)
$2,094
$1,524
$9,636,555
9,631,739
$204,188
Total Affiliated Underlying Funds
(Cost $542,278,486)
$647,323,219
$39,765,204
($48,969,801
)
$7,342,953
$59,290,116
$704,751,691
$15,899,073
 
UNAFFILIATED UNDERLYING FUNDS 27.0% OF NET ASSETS
 
U.S. Stocks 9.4%
Large-Cap 8.5%
ClearBridge Large Cap Growth Fund,
Class IS *
$37,223,781
581,803
Dodge & Cox Stock Fund, Class I
46,077,937
188,983
 
83,301,718
Small-Cap 0.9%
ClearBridge Small Cap Growth Fund,
Class IS *
8,603,236
220,879
 
91,904,954
 
International Stocks 0.9%
Emerging Markets 0.9%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
8,698,211
1,106,643
 
Fixed Income 16.7%
Intermediate-Term Bond 12.7%
Baird Aggregate Bond Fund, Institutional
Class
60,578,799
6,168,920
Loomis Sayles Investment Grade Bond
Fund, Class Y
25,147,607
2,537,599
Western Asset Core Plus Bond Fund,
Class I
37,664,819
3,977,278
 
123,391,225
International Bond 4.0%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
39,097,369
3,977,352
 
162,488,594
Total Unaffiliated Underlying Funds
(Cost $255,459,542)
$263,091,759
Total Investments in Securities
(Cost $797,738,028)
$967,843,450
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
(b)
The rate shown is the annualized 7-day yield.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
10  
Schwab Capital Trust
Schwab Target 2035 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 72.7% OF NET ASSETS
 
U.S. Stocks 35.9%
Large-Cap 30.8%
Schwab Core Equity Fund
$19,214,257
$586,798
($1,422,941
)
$88,006
$2,036,695
$20,502,815
1,001,114
$586,798
Schwab Fundamental US Large Company
Index Fund
21,285,325
442,488
(1,970,633
)
140,407
2,565,560
22,463,147
919,490
442,488
Schwab S&P 500 Index Fund
95,209,261
1,532,017
(5,364,232
)
932,314
12,706,953
105,016,313
1,413,029
1,532,017
Schwab Select Large Cap Growth Fund *
23,044,554
4,048,250
(2,526,332
)
(823,881
)
1,504,443
25,247,034
1,154,942
4,048,250
 
173,229,309
Mid-Cap 1.6%
Schwab U.S. Mid-Cap Index Fund
7,830,282
136,223
—
—
1,199,207
9,165,712
157,432
136,223
Small-Cap 3.5%
Schwab Small-Cap Equity Fund
16,703,087
73,050
—
—
2,898,989
19,675,126
1,010,017
73,050
 
202,070,147
 
International Stocks 18.7%
Developed Markets 18.7%
Schwab Fundamental International Large
Company Index Fund
4,885,973
174,601
—
—
384,338
5,444,912
526,587
174,601
Schwab International Core Equity Fund
38,431,082
1,133,015
(1,420,798
)
43,444
4,165,769
42,352,512
3,881,990
1,133,015
Schwab International Opportunities Fund
50,227,617
989,044
—
—
5,895,851
57,112,512
2,922,851
989,044
 
104,909,936
 
Real Estate 4.7%
Global Real Estate 4.7%
Schwab Global Real Estate Fund
23,523,708
179,125
—
—
2,889,026
26,591,859
4,345,075
179,125
 
Fixed Income 12.7%
Intermediate-Term Bond 9.8%
Schwab U.S. Aggregate Bond Index Fund
45,364,622
6,346,360
—
—
3,255,704
54,966,686
6,134,675
432,721
Short-Term Bond 2.9%
Schwab Short-Term Bond Index Fund
14,351,870
1,579,764
—
—
401,469
16,333,103
1,706,698
137,988
 
71,299,789
 
Money Market Funds 0.7%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.37% (b)
7,366,320
100,682
(3,610,000
)
477
999
3,858,478
3,856,550
83,302
Total Affiliated Underlying Funds
(Cost $325,941,786)
$367,437,958
$17,321,417
($16,314,936
)
$380,767
$39,905,003
$408,730,209
$9,948,622
 
  11
Schwab Target 2035 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
UNAFFILIATED UNDERLYING FUNDS 26.8% OF NET ASSETS
 
U.S. Stocks 10.6%
Large-Cap 9.6%
ClearBridge Large Cap Growth Fund,
Class IS *
$25,736,313
402,256
Dodge & Cox Stock Fund, Class I
28,218,502
115,735
 
53,954,815
Small-Cap 1.0%
ClearBridge Small Cap Growth Fund,
Class IS *
6,022,845
154,630
 
59,977,660
 
International Stocks 1.8%
Emerging Markets 1.8%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
9,974,680
1,269,043
 
Fixed Income 14.4%
Intermediate-Term Bond 10.3%
Baird Aggregate Bond Fund, Institutional
Class
21,912,268
2,231,392
Loomis Sayles Investment Grade Bond
Fund, Class Y
16,178,329
1,632,526
Western Asset Core Plus Bond Fund,
Class I
19,846,296
2,095,702
 
57,936,893
International Bond 4.1%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
22,905,712
2,330,184
 
80,842,605
Total Unaffiliated Underlying Funds
(Cost $146,553,809)
$150,794,945
Total Investments in Securities
(Cost $472,495,595)
$559,525,154
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
(b)
The rate shown is the annualized 7-day yield.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
12  
Schwab Capital Trust
Schwab Target 2040 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 73.9% OF NET ASSETS
 
U.S. Stocks 39.1%
Large-Cap 33.3%
Schwab Core Equity Fund
$42,905,831
$1,348,801
($5,132,189
)
$544,875
$4,149,739
$43,817,057
2,139,505
$1,348,801
Schwab Fundamental US Large
Company Index Fund
42,471,374
882,911
—
—
5,409,629
48,763,914
1,996,067
882,911
Schwab S&P 500 Index Fund
196,624,321
3,163,889
(13,725,987
)
3,601,496
24,488,768
214,152,487
2,881,492
3,163,889
Schwab Select Large Cap Growth Fund *
55,208,972
9,736,058
(7,568,131
)
(2,392,064
)
3,943,741
58,928,576
2,695,726
9,736,058
 
365,662,034
Mid-Cap 1.7%
Schwab U.S. Mid-Cap Index Fund
15,551,496
270,550
—
—
2,381,710
18,203,756
312,672
270,550
Small-Cap 4.1%
Schwab Small-Cap Equity Fund
38,654,439
169,056
—
—
6,708,867
45,532,362
2,337,390
169,056
 
429,398,152
 
International Stocks 20.9%
Developed Markets 20.9%
Schwab Fundamental International
Large Company Index Fund
10,780,472
385,242
—
—
848,008
12,013,722
1,161,869
385,242
Schwab International Core Equity Fund
84,354,423
2,486,912
(1,185,073
)
33,673
9,211,744
94,901,679
8,698,596
2,486,912
Schwab International Opportunities
Fund
107,881,670
2,124,325
—
—
12,663,437
122,669,432
6,277,862
2,124,325
 
229,584,833
 
Real Estate 5.1%
Global Real Estate 5.1%
Schwab Global Real Estate Fund
48,984,436
373,001
—
—
6,015,942
55,373,379
9,047,938
373,001
 
Fixed Income 8.4%
Intermediate-Term Bond 6.4%
Schwab U.S. Aggregate Bond Index Fund
59,127,698
7,669,178
(1,000,000
)
(249,710
)
4,457,052
70,004,218
7,812,971
550,960
Short-Term Bond 2.0%
Schwab Short-Term Bond Index Fund
18,999,539
2,993,546
(1,000,000
)
(69,516
)
582,886
21,506,455
2,247,278
174,698
 
91,510,673
 
  13
Schwab Target 2040 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
Money Market Funds 0.4%
Schwab Variable Share Price Money
Fund, Ultra Shares, 5.37% (b)
$8,510,295
$116,318
($3,800,000
)
$1,030
$675
$4,828,318
4,825,905
$96,239
Total Affiliated Underlying Funds
(Cost $592,405,215)
$730,054,966
$31,719,787
($33,411,380
)
$1,469,784
$80,862,198
$810,695,355
$21,762,642
 
UNAFFILIATED UNDERLYING FUNDS 25.6% OF NET ASSETS
 
U.S. Stocks 12.1%
Large-Cap 10.8%
ClearBridge Large Cap Growth Fund,
Class IS *
$54,719,182
855,254
Dodge & Cox Stock Fund, Class I
63,419,132
260,106
 
118,138,314
Small-Cap 1.3%
ClearBridge Small Cap Growth Fund,
Class IS *
14,638,751
375,834
 
132,777,065
 
International Stocks 2.7%
Emerging Markets 2.7%
Goldman Sachs Emerging Markets
Equity Insights Fund, Institutional
Class
29,170,091
3,711,208
 
Fixed Income 10.8%
Intermediate-Term Bond 7.8%
Baird Aggregate Bond Fund, Institutional
Class
29,686,899
3,023,106
Loomis Sayles Investment Grade Bond
Fund, Class Y
31,359,187
3,164,398
Western Asset Core Plus Bond Fund,
Class I
25,276,294
2,669,091
 
86,322,380
International Bond 3.0%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
32,621,504
3,318,566
 
118,943,884
Total Unaffiliated Underlying Funds
(Cost $268,082,787)
$280,891,040
Total Investments in Securities
(Cost $860,488,002)
$1,091,586,395
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
(b)
The rate shown is the annualized 7-day yield.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
14  
Schwab Capital Trust
Schwab Target 2045 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 76.3% OF NET ASSETS
 
U.S. Stocks 42.6%
Large-Cap 36.0%
Schwab Core Equity Fund
$10,062,252
$316,320
$—
$—
$1,117,325
$11,495,897
561,323
$316,320
Schwab Fundamental US Large Company
Index Fund
11,448,767
238,001
—
—
1,458,243
13,145,011
538,068
238,001
Schwab S&P 500 Index Fund
47,875,368
765,832
(2,816,584
)
154,348
6,668,880
52,647,844
708,394
765,832
Schwab Select Large Cap Growth Fund *
16,926,076
2,998,810
(2,026,770
)
(751,368
)
1,182,117
18,328,865
838,466
2,998,810
 
95,617,617
Mid-Cap 1.9%
Schwab U.S. Mid-Cap Index Fund
4,245,948
73,867
—
—
650,267
4,970,082
85,367
73,867
Small-Cap 4.7%
Schwab Small-Cap Equity Fund
10,622,768
46,459
—
—
1,843,688
12,512,915
642,347
46,459
 
113,100,614
 
International Stocks 22.8%
Developed Markets 22.8%
Schwab Fundamental International Large
Company Index Fund
2,589,862
92,549
—
—
203,722
2,886,133
279,123
92,549
Schwab International Core Equity Fund
21,403,189
631,003
—
—
2,345,832
24,380,024
2,234,649
631,003
Schwab International Opportunities Fund
28,878,682
918,657
—
—
3,384,913
33,182,252
1,698,171
568,657
 
60,448,409
 
Real Estate 5.7%
Global Real Estate 5.7%
Schwab Global Real Estate Fund
13,017,321
399,123
—
—
1,587,380
15,003,824
2,451,605
99,123
 
Fixed Income 5.0%
Intermediate-Term Bond 3.8%
Schwab U.S. Aggregate Bond Index Fund
8,561,779
1,282,136
(450,000
)
(119,832
)
717,167
9,991,250
1,115,095
79,348
Short-Term Bond 1.2%
Schwab Short-Term Bond Index Fund
2,915,054
632,763
(300,000
)
(31,536
)
106,730
3,323,011
347,232
26,207
 
13,314,261
 
Money Market Funds 0.2%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.37% (b)
1,455,186
16,357
(840,000
)
135
87
631,765
631,450
12,924
Total Affiliated Underlying Funds
(Cost $174,592,169)
$180,002,252
$8,411,877
($6,433,354
)
($748,253
)
$21,266,351
$202,498,873
$5,949,100
 
  15
Schwab Target 2045 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
UNAFFILIATED UNDERLYING FUNDS 23.2% OF NET ASSETS
 
U.S. Stocks 12.1%
Large-Cap 10.7%
ClearBridge Large Cap Growth Fund,
Class IS *
$12,055,035
188,419
Dodge & Cox Stock Fund, Class I
16,245,884
66,631
 
28,300,919
Small-Cap 1.4%
ClearBridge Small Cap Growth Fund,
Class IS *
3,819,972
98,074
 
32,120,891
 
International Stocks 3.6%
Emerging Markets 3.6%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
9,582,115
1,219,099
 
Fixed Income 7.5%
Intermediate-Term Bond 5.5%
Baird Aggregate Bond Fund, Institutional
Class
4,071,937
414,658
Loomis Sayles Investment Grade Bond
Fund, Class Y
6,776,986
683,853
Western Asset Core Plus Bond Fund,
Class I
3,797,026
400,953
 
14,645,949
International Bond 2.0%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
5,358,657
545,133
 
20,004,606
Total Unaffiliated Underlying Funds
(Cost $59,119,473)
$61,707,612
Total Investments in Securities
(Cost $233,711,642)
$264,206,485
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
(b)
The rate shown is the annualized 7-day yield.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
16  
Schwab Capital Trust
Schwab Target 2050 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 78.2% OF NET ASSETS
 
U.S. Stocks 45.4%
Large-Cap 38.2%
Schwab Core Equity Fund
$10,771,769
$338,625
$—
$—
$1,196,109
$12,306,503
600,903
$338,625
Schwab Fundamental US Large Company
Index Fund
12,648,413
517,746
—
—
1,621,733
14,787,892
605,317
267,747
Schwab S&P 500 Index Fund
45,964,192
739,611
—
—
6,606,279
53,310,082
717,305
739,611
Schwab Select Large Cap Growth Fund *
20,644,563
3,699,860
(1,337,118
)
(542,560
)
1,077,737
23,542,482
1,076,966
3,699,860
 
103,946,959
Mid-Cap 2.0%
Schwab U.S. Mid-Cap Index Fund
4,510,975
78,478
—
—
690,855
5,280,308
90,696
78,478
Small-Cap 5.2%
Schwab Small-Cap Equity Fund
12,038,788
52,651
—
—
2,089,453
14,180,892
727,972
52,651
 
123,408,159
 
International Stocks 23.7%
Developed Markets 23.7%
Schwab Fundamental International Large
Company Index Fund
2,712,446
296,929
—
—
213,753
3,223,128
311,715
96,930
Schwab International Core Equity Fund
22,664,587
976,464
—
—
2,495,448
26,136,499
2,395,646
676,464
Schwab International Opportunities Fund
30,970,472
609,847
—
—
3,635,397
35,215,716
1,802,237
609,847
 
64,575,343
 
Real Estate 6.0%
Global Real Estate 6.0%
Schwab Global Real Estate Fund
13,950,532
608,361
—
—
1,722,876
16,281,769
2,660,420
108,360
 
Fixed Income 3.0%
Intermediate-Term Bond 2.2%
Schwab U.S. Aggregate Bond Index Fund
5,428,219
51,828
—
—
389,989
5,870,036
655,138
51,293
Short-Term Bond 0.8%
Schwab Short-Term Bond Index Fund
1,847,955
316,814
—
—
51,693
2,216,462
231,605
17,768
 
8,086,498
 
Money Market Funds 0.1%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.37% (b)
632,912
8,650
(370,000
)
106
21
271,689
271,553
7,157
Total Affiliated Underlying Funds
(Cost $185,142,413)
$184,785,823
$8,295,864
($1,707,118
)
($542,454
)
$21,791,343
$212,623,458
$6,744,791
 
  17
Schwab Target 2050 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
UNAFFILIATED UNDERLYING FUNDS 21.3% OF NET ASSETS
 
U.S. Stocks 11.8%
Large-Cap 10.1%
ClearBridge Large Cap Growth Fund,
Class IS *
$11,237,515
175,641
Dodge & Cox Stock Fund, Class I
16,294,241
66,829
 
27,531,756
Small-Cap 1.7%
ClearBridge Small Cap Growth Fund,
Class IS *
4,523,807
116,144
 
32,055,563
 
International Stocks 4.4%
Emerging Markets 4.4%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
11,900,044
1,514,001
 
Fixed Income 5.1%
Intermediate-Term Bond 3.7%
Baird Aggregate Bond Fund, Institutional
Class
2,612,618
266,051
Loomis Sayles Investment Grade Bond
Fund, Class Y
5,343,298
539,182
Western Asset Core Plus Bond Fund,
Class I
2,222,102
234,647
 
10,178,018
International Bond 1.4%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
3,703,243
376,729
 
13,881,261
Total Unaffiliated Underlying Funds
(Cost $54,998,571)
$57,836,868
Total Investments in Securities
(Cost $240,140,984)
$270,460,326
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
(b)
The rate shown is the annualized 7-day yield.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
18  
Schwab Capital Trust
Schwab Target 2055 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 79.9% OF NET ASSETS
 
U.S. Stocks 47.0%
Large-Cap 39.5%
Schwab Core Equity Fund
$7,498,275
$235,718
$—
$—
$832,618
$8,566,611
418,292
$235,718
Schwab Fundamental US Large Company
Index Fund
9,454,173
396,537
—
—
1,206,927
11,057,637
452,625
196,537
Schwab S&P 500 Index Fund
31,364,164
1,655,883
—
—
4,573,496
37,593,543
505,833
515,883
Schwab Select Large Cap Growth Fund *
15,261,893
2,735,193
(800,000
)
(373,329
)
735,049
17,558,806
803,239
2,735,193
 
74,776,597
Mid-Cap 2.0%
Schwab U.S. Mid-Cap Index Fund
3,157,764
54,936
—
—
483,611
3,696,311
63,489
54,936
Small-Cap 5.5%
Schwab Small-Cap Equity Fund
8,507,687
483,551
(123,000
)
(18,856
)
1,532,460
10,381,842
532,949
38,551
 
88,854,750
 
International Stocks 24.4%
Developed Markets 24.4%
Schwab Fundamental International Large
Company Index Fund
1,995,714
271,317
—
—
156,407
2,423,438
234,375
71,317
Schwab International Core Equity Fund
15,984,339
1,192,645
(630,000
)
(40,456
)
1,803,276
18,309,804
1,678,259
482,644
Schwab International Opportunities Fund
21,742,468
1,104,950
—
—
2,564,602
25,412,020
1,300,513
434,950
 
46,145,262
 
Real Estate 6.2%
Global Real Estate 6.2%
Schwab Global Real Estate Fund
10,063,672
587,726
(200,000
)
(63,886
)
1,296,625
11,684,137
1,909,173
77,726
 
Fixed Income 2.3%
Intermediate-Term Bond 1.7%
Schwab U.S. Aggregate Bond Index Fund
2,893,538
228,322
—
—
207,218
3,329,078
371,549
28,038
Short-Term Bond 0.6%
Schwab Short-Term Bond Index Fund
936,183
149,421
—
—
26,335
1,111,939
116,190
9,443
 
4,441,017
Total Affiliated Underlying Funds
(Cost $133,927,517)
$128,859,870
$9,096,199
($1,753,000
)
($496,527
)
$15,418,624
$151,125,166
$4,880,936
 
  19
Schwab Target 2055 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
UNAFFILIATED UNDERLYING FUNDS 19.6% OF NET ASSETS
 
U.S. Stocks 11.3%
Large-Cap 9.5%
ClearBridge Large Cap Growth Fund,
Class IS *
$6,422,706
100,386
Dodge & Cox Stock Fund, Class I
11,572,363
47,463
 
17,995,069
Small-Cap 1.8%
ClearBridge Small Cap Growth Fund,
Class IS *
3,266,283
83,858
 
21,261,352
 
International Stocks 4.9%
Emerging Markets 4.9%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
9,302,608
1,183,538
 
Fixed Income 3.4%
Intermediate-Term Bond 2.5%
Baird Aggregate Bond Fund, Institutional
Class
399,592
40,692
Loomis Sayles Investment Grade Bond
Fund, Class Y
3,086,621
311,465
Western Asset Core Plus Bond Fund,
Class I
1,237,969
130,725
 
4,724,182
International Bond 0.9%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
1,763,722
179,422
 
6,487,904
Total Unaffiliated Underlying Funds
(Cost $35,505,469)
$37,051,864
Total Investments in Securities
(Cost $169,432,986)
$188,177,030
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
20  
Schwab Capital Trust
Schwab Target 2060 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 81.2% OF NET ASSETS
 
U.S. Stocks 47.8%
Large-Cap 40.2%
Schwab Core Equity Fund
$2,513,046
$361,942
$—
$—
$289,686
$3,164,674
154,525
$81,942
Schwab Fundamental US Large Company
Index Fund
3,252,899
142,622
—
—
414,820
3,810,341
155,970
67,622
Schwab S&P 500 Index Fund
10,798,358
541,303
(50,000
)
1,805
1,562,993
12,854,459
172,961
176,303
Schwab Select Large Cap Growth Fund *
5,231,858
995,712
(140,000
)
(77,707
)
218,191
6,228,054
284,906
930,712
 
26,057,528
Mid-Cap 2.0%
Schwab U.S. Mid-Cap Index Fund
1,088,306
58,934
—
—
166,916
1,314,156
22,572
18,933
Small-Cap 5.6%
Schwab Small-Cap Equity Fund
2,964,767
293,511
(150,000
)
(9,941
)
545,801
3,644,138
187,071
13,512
 
31,015,822
 
International Stocks 25.3%
Developed Markets 25.3%
Schwab Fundamental International Large
Company Index Fund
638,893
134,498
—
—
50,166
823,557
79,648
24,498
Schwab International Core Equity Fund
5,604,520
365,230
—
—
617,744
6,587,494
603,803
165,231
Schwab International Opportunities Fund
7,319,619
770,816
—
—
867,555
8,957,990
458,444
148,816
 
16,369,041
 
Real Estate 6.4%
Global Real Estate 6.4%
Schwab Global Real Estate Fund
3,465,840
344,634
(60,000
)
(26,769
)
448,960
4,172,665
681,808
26,634
 
Fixed Income 1.7%
Intermediate-Term Bond 1.1%
Schwab U.S. Aggregate Bond Index Fund
619,239
67,255
—
—
45,597
732,091
81,707
6,194
Short-Term Bond 0.6%
Schwab Short-Term Bond Index Fund
281,318
67,902
—
—
7,937
357,157
37,320
2,910
 
1,089,248
Total Affiliated Underlying Funds
(Cost $48,377,324)
$43,778,663
$4,144,359
($400,000
)
($112,612
)
$5,236,366
$52,646,776
$1,663,307
 
  21
Schwab Target 2060 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
UNAFFILIATED UNDERLYING FUNDS 18.3% OF NET ASSETS
 
U.S. Stocks 11.0%
Large-Cap 9.1%
ClearBridge Large Cap Growth Fund, Class IS
*
$1,894,259
29,607
Dodge & Cox Stock Fund, Class I
4,000,641
16,408
 
5,894,900
Small-Cap 1.9%
ClearBridge Small Cap Growth Fund, Class IS
*
1,249,206
32,072
 
7,144,106
 
International Stocks 5.3%
Emerging Markets 5.3%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
3,463,533
440,653
 
Fixed Income 2.0%
Intermediate-Term Bond 1.4%
Loomis Sayles Investment Grade Bond Fund,
Class Y
741,040
74,777
Western Asset Core Plus Bond Fund, Class I
151,778
16,027
 
892,818
International Bond 0.6%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional Class
377,741
38,427
 
1,270,559
Total Unaffiliated Underlying Funds
(Cost $11,423,304)
$11,878,198
Total Investments in Securities
(Cost $59,800,628)
$64,524,974
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
22  
Schwab Capital Trust
Schwab Target 2065 Fund
Portfolio Holdings as of January 31, 2024 (Unaudited)
 
The following are the portfolio holdings as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period. 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
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 81.5% OF NET ASSETS
 
U.S. Stocks 48.2%
Large-Cap 40.4%
Schwab Core Equity Fund
$582,206
$125,200
$—
$—
$67,447
$774,853
37,835
$20,200
Schwab Fundamental US Large Company
Index Fund
748,089
128,554
—
—
98,350
974,993
39,910
16,555
Schwab S&P 500 Index Fund
2,486,454
338,652
—
—
366,801
3,191,907
42,948
41,652
Schwab Select Large Cap Growth Fund *
1,244,400
357,370
—
—
32,002
1,633,772
74,738
229,370
 
6,575,525
Mid-Cap 2.0%
Schwab U.S. Mid-Cap Index Fund
261,864
24,556
—
—
40,200
326,620
5,610
4,556
Small-Cap 5.8%
Schwab Small-Cap Equity Fund
706,178
111,368
—
—
128,846
946,392
48,583
3,368
 
7,848,537
 
International Stocks 25.6%
Developed Markets 25.6%
Schwab Fundamental International Large
Company Index Fund
156,185
37,981
—
—
12,020
206,186
19,941
5,980
Schwab International Core Equity Fund
1,260,255
271,693
—
—
144,927
1,676,875
153,701
39,693
Schwab International Opportunities Fund
1,737,438
339,261
—
—
206,428
2,283,127
116,844
36,261
 
4,166,188
 
Real Estate 6.6%
Global Real Estate 6.6%
Schwab Global Real Estate Fund
791,831
180,503
—
—
98,209
1,070,543
174,925
6,502
 
Fixed Income 1.1%
Intermediate-Term Bond 0.6%
Schwab U.S. Aggregate Bond Index Fund
63,104
21,732
—
—
5,136
89,972
10,042
726
Short-Term Bond 0.5%
Schwab Short-Term Bond Index Fund
69,925
15,716
—
—
2,003
87,644
9,158
717
 
177,616
Total Affiliated Underlying Funds
(Cost $13,033,932)
$10,107,929
$1,952,586
$—
$—
$1,202,369
$13,262,884
$405,580
 
  23
Schwab Target 2065 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/23
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
1/31/24
BALANCE
OF SHARES
HELD AT
1/31/24
DISTRIBUTIONS
RECEIVED (a)
UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS
 
U.S. Stocks 10.9%
Large-Cap 9.0%
ClearBridge Large Cap Growth Fund, Class IS
*
$432,782
6,764
Dodge & Cox Stock Fund, Class I
1,026,856
4,212
 
1,459,638
Small-Cap 1.9%
ClearBridge Small Cap Growth Fund, Class IS
*
312,378
8,020
 
1,772,016
 
International Stocks 5.6%
Emerging Markets 5.6%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
905,468
115,199
 
Fixed Income 1.4%
Intermediate-Term Bond 0.9%
Loomis Sayles Investment Grade Bond Fund,
Class Y
154,300
15,570
International Bond 0.5%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional Class
73,955
7,523
 
228,255
Total Unaffiliated Underlying Funds
(Cost $2,942,370)
$2,905,739
Total Investments in Securities
(Cost $15,976,302)
$16,168,623
 
*
Non-income producing security.
(a)
Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only
presented for affiliated underlying funds.
At January 31, 2024, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional
information).
24  
Schwab Target Funds
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 funds’ investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities held in the funds’ portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
• Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes.
• Mutual funds: Mutual funds are valued at their respective net asset values (NAVs).
• Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value a fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America (GAAP), the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
• Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, 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.
• Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the funds’ investments as of January 31, 2024, are disclosed in each fund’s Portfolio Holdings.
REG87628JAN24
  25