Schwab Capital TrustSchwab Target 2010 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS | ||||||||
U.S. Stocks 20.9% | ||||||||
Large-Cap 18.1% | ||||||||
Schwab Core Equity Fund | $696,522 | $21,896 | ($201,708 ) | $56,518 | $111,703 | $684,931 | 29,358 | $21,896 |
Schwab Fundamental US Large Company Index Fund | 864,797 | 17,978 | (246,251 ) | 20,548 | 187,972 | 845,044 | 30,729 | 17,978 |
Schwab S&P 500 Index Fund | 5,404,074 | 122,968 | (1,889,471 ) | 1,134,117 | 349,155 | 5,120,843 | 60,047 | 82,968 |
Schwab Select Large Cap Growth Fund * | 922,814 | 158,966 | (231,664 ) | (50,633 ) | 218,827 | 1,018,310 | 40,297 | 158,966 |
7,669,128 | ||||||||
Mid-Cap 1.3% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 545,289 | 8,855 | (152,246 ) | 16,636 | 124,999 | 543,533 | 8,374 | 8,855 |
Small-Cap 1.5% | ||||||||
Schwab Small-Cap Equity Fund | 615,495 | 42,283 | (216,386 ) | 31,057 | 162,774 | 635,223 | 27,996 | 2,284 |
8,847,884 | ||||||||
International Stocks 7.5% | ||||||||
Developed Markets 7.5% | ||||||||
Schwab Fundamental International Large Company Index Fund | 129,077 | 4,613 | — | — | 24,343 | 158,033 | 13,911 | 4,613 |
Schwab International Core Equity Fund | 1,307,705 | 38,553 | (335,647 ) | 42,902 | 247,345 | 1,300,858 | 106,453 | 38,553 |
Schwab International Opportunities Fund | 1,872,303 | 34,660 | (505,000 ) | (17,465 ) | 361,149 | 1,745,647 | 83,364 | 34,660 |
3,204,538 | ||||||||
Real Estate 2.1% | ||||||||
Global Real Estate 2.1% | ||||||||
Schwab Global Real Estate Fund | 1,033,398 | 61,221 | (380,491 ) | (80,283 ) | 241,917 | 875,762 | 136,411 | 26,222 |
Fixed Income 41.7% | ||||||||
Inflation-Protected Bond 6.6% | ||||||||
Schwab Treasury Inflation Protected Securities Index Fund | 2,904,874 | 116,377 | (365,000 ) | (42,056 ) | 184,437 | 2,798,632 | 271,448 | 80,772 |
Intermediate-Term Bond 27.1% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 11,197,786 | 788,203 | (1,303,000 ) | (191,176 ) | 975,908 | 11,467,721 | 1,279,880 | 323,860 |
Short-Term Bond 8.0% | ||||||||
Schwab Short-Term Bond Index Fund | 3,530,392 | 234,306 | (450,000 ) | (28,565 ) | 125,382 | 3,411,515 | 356,108 | 101,452 |
17,677,868 | ||||||||
Money Market Funds 2.6% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.22% (b) | 1,790,671 | 52,970 | (750,000 ) | 235 | (104 ) | 1,093,772 | 1,093,444 | 51,400 |
Total Affiliated Underlying Funds (Cost $26,635,905) | $32,815,197 | $1,703,849 | ($7,026,864 ) | $891,835 | $3,315,807 | $31,699,824 | $954,479 | |
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
UNAFFILIATED UNDERLYING FUNDS 24.7% OF NET ASSETS | ||||||||
U.S. Stocks 5.5% | ||||||||
Large-Cap 5.0% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $928,778 | 12,852 | ||||||
Dodge & Cox Stock Fund, Class I | 1,174,340 | 4,379 | ||||||
2,103,118 | ||||||||
Small-Cap 0.5% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 208,288 | 4,999 | ||||||
2,311,406 | ||||||||
Fixed Income 19.2% | ||||||||
Intermediate-Term Bond 17.2% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 6,391,675 | 648,901 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 336,375 | 33,909 | ||||||
Western Asset Core Plus Bond Fund, Class I | 577,024 | 61,648 | ||||||
7,305,074 | ||||||||
International Bond 2.0% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 848,555 | 85,626 | ||||||
8,153,629 | ||||||||
Total Unaffiliated Underlying Funds (Cost $10,116,437) | $10,465,035 | |||||||
Total Investments in Securities (Cost $36,752,342) | $42,164,859 | |||||||
* | 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 July 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 TrustSchwab Target 2015 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 75.2% OF NET ASSETS | ||||||||
U.S. Stocks 23.0% | ||||||||
Large-Cap 19.9% | ||||||||
Schwab Core Equity Fund | $898,561 | $26,800 | ($218,185 ) | $77,102 | $142,031 | $926,309 | 39,705 | $26,800 |
Schwab Fundamental US Large Company Index Fund | 1,070,958 | 21,318 | (267,918 ) | 26,894 | 237,871 | 1,089,123 | 39,604 | 21,318 |
Schwab S&P 500 Index Fund | 6,649,359 | 103,610 | (2,002,529 ) | 1,493,056 | 397,101 | 6,640,597 | 77,868 | 103,610 |
Schwab Select Large Cap Growth Fund * | 1,106,101 | 191,888 | (250,000 ) | (48,137 ) | 259,485 | 1,259,337 | 49,835 | 191,888 |
9,915,366 | ||||||||
Mid-Cap 1.4% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 640,834 | 11,149 | (131,697 ) | 12,167 | 164,043 | 696,496 | 10,730 | 11,149 |
Small-Cap 1.7% | ||||||||
Schwab Small-Cap Equity Fund | 715,135 | 2,932 | (130,000 ) | 32,242 | 209,106 | 829,415 | 36,554 | 2,932 |
11,441,277 | ||||||||
International Stocks 8.8% | ||||||||
Developed Markets 8.8% | ||||||||
Schwab Fundamental International Large Company Index Fund | 185,282 | 6,621 | — | — | 34,943 | 226,846 | 19,969 | 6,621 |
Schwab International Core Equity Fund | 1,765,110 | 50,313 | (428,360 ) | 55,819 | 338,558 | 1,781,440 | 145,781 | 50,313 |
Schwab International Opportunities Fund | 2,343,895 | 44,318 | (462,493 ) | 42,580 | 406,237 | 2,374,537 | 113,397 | 44,318 |
4,382,823 | ||||||||
Real Estate 2.4% | ||||||||
Global Real Estate 2.4% | ||||||||
Schwab Global Real Estate Fund | 1,279,836 | 34,273 | (345,999 ) | (1,233 ) | 210,732 | 1,177,609 | 183,428 | 34,273 |
Fixed Income 38.9% | ||||||||
Inflation-Protected Bond 6.3% | ||||||||
Schwab Treasury Inflation Protected Securities Index Fund | 3,129,036 | 203,882 | (360,292 ) | (34,434 ) | 189,989 | 3,128,181 | 303,412 | 88,882 |
Intermediate-Term Bond 25.1% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 11,920,212 | 907,730 | (1,160,945 ) | (171,219 ) | 1,010,465 | 12,506,243 | 1,395,786 | 348,769 |
Short-Term Bond 7.5% | ||||||||
Schwab Short-Term Bond Index Fund | 3,780,174 | 247,676 | (417,032 ) | (25,869 ) | 131,180 | 3,716,129 | 387,905 | 109,473 |
19,350,553 | ||||||||
Money Market Funds 2.1% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.22% (b) | 2,002,488 | 53,922 | (1,020,000 ) | 449 | (290 ) | 1,036,569 | 1,036,258 | 51,713 |
Total Affiliated Underlying Funds (Cost $30,828,398) | $37,486,981 | $1,906,432 | ($7,195,450 ) | $1,459,417 | $3,731,451 | $37,388,831 | $1,092,059 | |
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
UNAFFILIATED UNDERLYING FUNDS 24.4% OF NET ASSETS | ||||||||
U.S. Stocks 6.0% | ||||||||
Large-Cap 5.6% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $1,233,711 | 17,071 | ||||||
Dodge & Cox Stock Fund, Class I | 1,540,942 | 5,747 | ||||||
2,774,653 | ||||||||
Small-Cap 0.4% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 231,622 | 5,558 | ||||||
3,006,275 | ||||||||
Fixed Income 18.4% | ||||||||
Intermediate-Term Bond 16.3% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 6,647,404 | 674,863 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 437,134 | 44,066 | ||||||
Western Asset Core Plus Bond Fund, Class I | 1,044,995 | 111,645 | ||||||
8,129,533 | ||||||||
International Bond 2.1% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 1,020,428 | 102,970 | ||||||
9,149,961 | ||||||||
Total Unaffiliated Underlying Funds (Cost $11,749,195) | $12,156,236 | |||||||
Total Investments in Securities (Cost $42,577,593) | $49,545,067 | |||||||
* | 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 July 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 TrustSchwab Target 2020 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 75.4% OF NET ASSETS | ||||||||
U.S. Stocks 24.1% | ||||||||
Large-Cap 20.9% | ||||||||
Schwab Core Equity Fund | $6,574,804 | $191,570 | ($2,120,618 ) | $698,944 | $874,702 | $6,219,402 | 266,584 | $191,570 |
Schwab Fundamental US Large Company Index Fund | 6,754,892 | 140,423 | (1,411,985 ) | 182,458 | 1,570,404 | 7,236,192 | 263,134 | 140,423 |
Schwab S&P 500 Index Fund | 46,319,918 | 1,063,554 | (14,952,793 ) | 11,550,240 | 1,568,628 | 45,549,547 | 534,118 | 713,554 |
Schwab Select Large Cap Growth Fund * | 7,895,948 | 1,354,415 | (2,053,153 ) | (437,217 ) | 1,876,900 | 8,636,893 | 341,784 | 1,354,415 |
67,642,034 | ||||||||
Mid-Cap 1.5% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 4,482,021 | 77,974 | (944,436 ) | 93,679 | 1,144,808 | 4,854,046 | 74,781 | 77,974 |
Small-Cap 1.7% | ||||||||
Schwab Small-Cap Equity Fund | 4,782,101 | 20,914 | (850,000 ) | 181,963 | 1,468,661 | 5,603,639 | 246,965 | 20,914 |
78,099,719 | ||||||||
International Stocks 9.8% | ||||||||
Developed Markets 9.8% | ||||||||
Schwab Fundamental International Large Company Index Fund | 1,687,098 | 60,289 | (429,524 ) | 37,117 | 260,080 | 1,615,060 | 142,171 | 60,289 |
Schwab International Core Equity Fund | 12,544,720 | 349,505 | (3,032,739 ) | 418,119 | 2,411,283 | 12,690,888 | 1,038,534 | 349,505 |
Schwab International Opportunities Fund | 16,743,158 | 572,477 | (3,002,252 ) | 250,745 | 2,962,911 | 17,527,039 | 837,012 | 322,477 |
31,832,987 | ||||||||
Real Estate 2.6% | ||||||||
Global Real Estate 2.6% | ||||||||
Schwab Global Real Estate Fund | 8,684,495 | 241,322 | (1,862,925 ) | (360,967 ) | 1,815,165 | 8,517,090 | 1,326,650 | 241,322 |
Fixed Income 37.1% | ||||||||
Inflation-Protected Bond 6.0% | ||||||||
Schwab Treasury Inflation Protected Securities Index Fund | 19,638,546 | 1,176,320 | (2,225,000 ) | (223,381 ) | 1,199,440 | 19,565,925 | 1,897,762 | 565,269 |
Intermediate-Term Bond 23.9% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 73,955,359 | 3,665,386 | (5,244,919 ) | (796,137 ) | 6,016,858 | 77,596,547 | 8,660,329 | 2,159,151 |
Short-Term Bond 7.2% | ||||||||
Schwab Short-Term Bond Index Fund | 23,322,277 | 1,452,740 | (2,250,762 ) | (133,205 ) | 789,034 | 23,180,084 | 2,419,633 | 676,537 |
120,342,556 | ||||||||
Money Market Funds 1.8% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.22% (b) | 12,045,067 | 317,164 | (6,450,000 ) | 2,773 | (1,710 ) | 5,913,294 | 5,911,520 | 303,104 |
Total Affiliated Underlying Funds (Cost $197,426,860) | $245,430,404 | $10,684,053 | ($46,831,106 ) | $11,465,131 | $23,957,164 | $244,705,646 | $7,176,504 | |
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
UNAFFILIATED UNDERLYING FUNDS 24.2% OF NET ASSETS | ||||||||
U.S. Stocks 6.3% | ||||||||
Large-Cap 5.8% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $8,514,752 | 117,819 | ||||||
Dodge & Cox Stock Fund, Class I | 10,323,718 | 38,500 | ||||||
18,838,470 | ||||||||
Small-Cap 0.5% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 1,681,097 | 40,343 | ||||||
20,519,567 | ||||||||
Fixed Income 17.9% | ||||||||
Intermediate-Term Bond 15.8% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 38,943,972 | 3,953,703 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 4,110,953 | 414,411 | ||||||
Western Asset Core Plus Bond Fund, Class I | 8,274,067 | 883,982 | ||||||
51,328,992 | ||||||||
International Bond 2.1% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 6,712,536 | 677,350 | ||||||
58,041,528 | ||||||||
Total Unaffiliated Underlying Funds (Cost $76,073,328) | $78,561,095 | |||||||
Total Investments in Securities (Cost $273,500,188) | $323,266,741 | |||||||
* | 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 July 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 TrustSchwab Target 2025 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 74.8% OF NET ASSETS | ||||||||
U.S. Stocks 26.0% | ||||||||
Large-Cap 22.5% | ||||||||
Schwab Core Equity Fund | $11,017,365 | $334,698 | ($3,853,142 ) | $975,065 | $1,591,050 | $10,065,036 | 431,420 | $334,698 |
Schwab Fundamental US Large Company Index Fund | 9,970,719 | 207,275 | (1,662,531 ) | 243,968 | 2,403,318 | 11,162,749 | 405,918 | 207,275 |
Schwab S&P 500 Index Fund | 70,842,643 | 1,079,557 | (23,081,396 ) | 13,203,049 | 6,520,144 | 68,563,997 | 803,987 | 1,079,557 |
Schwab Select Large Cap Growth Fund * | 12,088,560 | 2,102,243 | (3,321,618 ) | (950,388 ) | 3,163,351 | 13,082,148 | 517,695 | 2,102,243 |
102,873,930 | ||||||||
Mid-Cap 1.5% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 5,210,346 | 90,645 | — | — | 1,498,788 | 6,799,779 | 104,757 | 90,645 |
Small-Cap 2.0% | ||||||||
Schwab Small-Cap Equity Fund | 8,210,775 | 35,910 | (1,941,120 ) | 427,111 | 2,302,226 | 9,034,902 | 398,189 | 35,910 |
118,708,611 | ||||||||
International Stocks 11.9% | ||||||||
Developed Markets 11.9% | ||||||||
Schwab Fundamental International Large Company Index Fund | 2,897,948 | 103,559 | (467,311 ) | 18,844 | 481,588 | 3,034,628 | 267,133 | 103,559 |
Schwab International Core Equity Fund | 23,027,458 | 634,936 | (6,951,031 ) | 842,897 | 4,120,861 | 21,675,121 | 1,773,742 | 634,936 |
Schwab International Opportunities Fund | 29,379,192 | 978,512 | (6,010,451 ) | (676,229 ) | 6,242,842 | 29,913,866 | 1,428,551 | 578,513 |
54,623,615 | ||||||||
Real Estate 2.9% | ||||||||
Global Real Estate 2.9% | ||||||||
Schwab Global Real Estate Fund | 14,866,550 | 392,178 | (4,417,420 ) | (909,504 ) | 3,381,763 | 13,313,567 | 2,073,764 | 392,178 |
Fixed Income 32.5% | ||||||||
Inflation-Protected Bond 4.9% | ||||||||
Schwab Treasury Inflation Protected Securities Index Fund | 18,662,483 | 4,654,791 | (1,675,000 ) | (341,156 ) | 1,289,206 | 22,590,324 | 2,191,108 | 616,090 |
Intermediate-Term Bond 21.3% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 85,090,151 | 8,881,263 | (2,825,000 ) | (514,276 ) | 6,604,916 | 97,237,054 | 10,852,350 | 2,620,368 |
Short-Term Bond 6.3% | ||||||||
Schwab Short-Term Bond Index Fund | 26,893,365 | 4,072,190 | (2,744,724 ) | (169,053 ) | 925,407 | 28,977,185 | 3,024,758 | 823,693 |
148,804,563 | ||||||||
Money Market Funds 1.5% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.22% (b) | 13,377,675 | 363,450 | (6,960,000 ) | 1,443 | (242 ) | 6,782,326 | 6,780,292 | 348,356 |
Total Affiliated Underlying Funds (Cost $273,152,722) | $331,535,230 | $23,931,207 | ($65,910,744 ) | $12,151,771 | $40,525,218 | $342,232,682 | $9,968,021 | |
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
UNAFFILIATED UNDERLYING FUNDS 24.8% OF NET ASSETS | ||||||||
U.S. Stocks 7.0% | ||||||||
Large-Cap 6.4% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $13,234,543 | 183,126 | ||||||
Dodge & Cox Stock Fund, Class I | 16,143,554 | 60,203 | ||||||
29,378,097 | ||||||||
Small-Cap 0.6% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 2,623,176 | 62,951 | ||||||
32,001,273 | ||||||||
International Stocks 0.1% | ||||||||
Emerging Markets 0.1% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 443,466 | 49,439 | ||||||
Fixed Income 17.7% | ||||||||
Intermediate-Term Bond 15.1% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 47,135,441 | 4,785,324 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 7,228,580 | 728,688 | ||||||
Western Asset Core Plus Bond Fund, Class I | 14,851,942 | 1,586,746 | ||||||
69,215,963 | ||||||||
International Bond 2.6% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 12,073,072 | 1,218,272 | ||||||
81,289,035 | ||||||||
Total Unaffiliated Underlying Funds (Cost $108,880,212) | $113,733,774 | |||||||
Total Investments in Securities (Cost $382,032,934) | $455,966,456 | |||||||
* | 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 July 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 TrustSchwab Target 2030 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 73.3% OF NET ASSETS | ||||||||
U.S. Stocks 32.1% | ||||||||
Large-Cap 27.7% | ||||||||
Schwab Core Equity Fund | $30,597,308 | $921,469 | ($7,555,266 ) | $2,044,254 | $5,536,964 | $31,544,729 | 1,352,110 | $921,469 |
Schwab Fundamental US Large Company Index Fund | 22,808,021 | 474,142 | — | — | 6,195,910 | 29,478,073 | 1,071,930 | 474,142 |
Schwab S&P 500 Index Fund | 163,455,782 | 2,574,955 | (38,890,806 ) | 21,892,513 | 25,648,674 | 174,681,118 | 2,048,325 | 2,574,955 |
Schwab Select Large Cap Growth Fund * | 35,523,998 | 6,129,004 | (9,859,158 ) | (2,595,487 ) | 9,070,427 | 38,268,784 | 1,514,396 | 6,129,004 |
273,972,704 | ||||||||
Mid-Cap 1.5% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 11,573,644 | 201,347 | — | — | 3,329,231 | 15,104,222 | 232,695 | 201,347 |
Small-Cap 2.9% | ||||||||
Schwab Small-Cap Equity Fund | 24,722,458 | 108,124 | (4,397,976 ) | 911,131 | 7,638,551 | 28,982,288 | 1,277,315 | 108,124 |
318,059,214 | ||||||||
International Stocks 15.9% | ||||||||
Developed Markets 15.9% | ||||||||
Schwab Fundamental International Large Company Index Fund | 7,671,890 | 274,156 | (870,843 ) | 32,175 | 1,328,779 | 8,436,157 | 742,619 | 274,156 |
Schwab International Core Equity Fund | 57,973,490 | 1,709,157 | (9,387,202 ) | 952,087 | 12,452,247 | 63,699,779 | 5,212,748 | 1,709,157 |
Schwab International Opportunities Fund | 74,970,383 | 1,476,261 | (5,725,660 ) | (792,165 ) | 15,578,286 | 85,507,105 | 4,083,434 | 1,476,261 |
157,643,041 | ||||||||
Real Estate 3.9% | ||||||||
Global Real Estate 3.9% | ||||||||
Schwab Global Real Estate Fund | 35,934,062 | 1,063,668 | (4,741,718 ) | (1,380,286 ) | 7,629,794 | 38,505,520 | 5,997,745 | 1,063,668 |
Fixed Income 20.4% | ||||||||
Inflation-Protected Bond 1.9% | ||||||||
Schwab Treasury Inflation Protected Securities Index Fund | 12,655,801 | 5,148,725 | — | — | 685,435 | 18,489,961 | 1,793,401 | 475,973 |
Intermediate-Term Bond 14.3% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 115,450,990 | 20,408,590 | (2,200,000 ) | (487,833 ) | 8,846,819 | 142,018,566 | 15,850,286 | 3,714,214 |
Short-Term Bond 4.2% | ||||||||
Schwab Short-Term Bond Index Fund | 35,929,245 | 7,524,942 | (3,300,000 ) | (207,792 ) | 1,222,943 | 41,169,338 | 4,297,426 | 1,136,118 |
201,677,865 | ||||||||
Money Market Funds 1.0% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.22% (b) | 18,056,147 | 521,740 | (8,670,000 ) | 2,094 | (404 ) | 9,909,577 | 9,906,605 | 503,199 |
Total Affiliated Underlying Funds (Cost $517,448,472) | $647,323,219 | $48,536,280 | ($95,598,629 ) | $20,370,691 | $105,163,656 | $725,795,217 | $20,761,787 | |
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
UNAFFILIATED UNDERLYING FUNDS 26.2% OF NET ASSETS | ||||||||
U.S. Stocks 8.9% | ||||||||
Large-Cap 8.0% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $34,214,228 | 473,422 | ||||||
Dodge & Cox Stock Fund, Class I | 44,875,970 | 167,354 | ||||||
79,090,198 | ||||||||
Small-Cap 0.9% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 9,204,027 | 220,879 | ||||||
88,294,225 | ||||||||
International Stocks 0.9% | ||||||||
Emerging Markets 0.9% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 9,280,903 | 1,034,660 | ||||||
Fixed Income 16.4% | ||||||||
Intermediate-Term Bond 12.6% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 62,933,795 | 6,389,218 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 24,426,151 | 2,462,314 | ||||||
Western Asset Core Plus Bond Fund, Class I | 37,014,791 | 3,954,572 | ||||||
124,374,737 | ||||||||
International Bond 3.8% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 37,780,936 | 3,812,405 | ||||||
162,155,673 | ||||||||
Total Unaffiliated Underlying Funds (Cost $244,022,875) | $259,730,801 | |||||||
Total Investments in Securities (Cost $761,471,347) | $985,526,018 | |||||||
* | 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 July 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 TrustSchwab Target 2035 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 73.3% OF NET ASSETS | ||||||||
U.S. Stocks 36.6% | ||||||||
Large-Cap 31.2% | ||||||||
Schwab Core Equity Fund | $19,214,257 | $586,798 | ($2,912,941 ) | $334,410 | $4,570,261 | $21,792,785 | 934,110 | $586,798 |
Schwab Fundamental US Large Company Index Fund | 21,285,325 | 442,488 | (2,620,633 ) | 234,073 | 5,268,670 | 24,609,923 | 894,906 | 442,488 |
Schwab S&P 500 Index Fund | 95,209,261 | 1,532,017 | (12,202,124 ) | 4,429,198 | 24,483,211 | 113,451,563 | 1,330,342 | 1,532,017 |
Schwab Select Large Cap Growth Fund * | 23,044,554 | 4,048,250 | (3,759,032 ) | (1,023,114 ) | 5,552,663 | 27,863,321 | 1,102,624 | 4,048,250 |
187,717,592 | ||||||||
Mid-Cap 1.7% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 7,830,282 | 136,223 | — | — | 2,252,430 | 10,218,935 | 157,432 | 136,223 |
Small-Cap 3.7% | ||||||||
Schwab Small-Cap Equity Fund | 16,703,087 | 73,050 | (889,334 ) | 129,971 | 5,940,516 | 21,957,290 | 967,708 | 73,050 |
219,893,817 | ||||||||
International Stocks 18.6% | ||||||||
Developed Markets 18.6% | ||||||||
Schwab Fundamental International Large Company Index Fund | 4,885,973 | 174,601 | — | — | 921,456 | 5,982,030 | 526,587 | 174,601 |
Schwab International Core Equity Fund | 38,431,082 | 1,133,015 | (3,920,798 ) | 378,447 | 8,804,933 | 44,826,679 | 3,668,304 | 1,133,015 |
Schwab International Opportunities Fund | 50,227,617 | 989,044 | — | — | 9,987,843 | 61,204,504 | 2,922,851 | 989,044 |
112,013,213 | ||||||||
Real Estate 4.6% | ||||||||
Global Real Estate 4.6% | ||||||||
Schwab Global Real Estate Fund | 23,523,708 | 723,475 | (500,001 ) | (161,251 ) | 4,355,569 | 27,941,500 | 4,352,259 | 723,475 |
Fixed Income 12.8% | ||||||||
Intermediate-Term Bond 9.9% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 45,364,622 | 10,421,018 | — | — | 3,329,697 | 59,115,337 | 6,597,694 | 1,500,559 |
Short-Term Bond 2.9% | ||||||||
Schwab Short-Term Bond Index Fund | 14,351,870 | 2,787,796 | — | — | 432,078 | 17,571,744 | 1,834,211 | 469,741 |
76,687,081 | ||||||||
Money Market Funds 0.7% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.22% (b) | 7,366,320 | 211,085 | (3,610,000 ) | 477 | 227 | 3,968,109 | 3,966,918 | 203,339 |
Total Affiliated Underlying Funds (Cost $321,720,746) | $367,437,958 | $23,258,860 | ($30,414,863 ) | $4,322,211 | $75,899,554 | $440,503,720 | $12,012,600 | |
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
UNAFFILIATED UNDERLYING FUNDS 26.1% OF NET ASSETS | ||||||||
U.S. Stocks 10.1% | ||||||||
Large-Cap 9.0% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $24,583,369 | 340,160 | ||||||
Dodge & Cox Stock Fund, Class I | 29,913,304 | 111,554 | ||||||
54,496,673 | ||||||||
Small-Cap 1.1% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 6,443,439 | 154,630 | ||||||
60,940,112 | ||||||||
International Stocks 1.9% | ||||||||
Emerging Markets 1.9% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 11,383,319 | 1,269,043 | ||||||
Fixed Income 14.1% | ||||||||
Intermediate-Term Bond 10.2% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 23,577,205 | 2,393,625 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 17,083,018 | 1,722,078 | ||||||
Western Asset Core Plus Bond Fund, Class I | 20,321,645 | 2,171,116 | ||||||
60,981,868 | ||||||||
International Bond 3.9% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 23,590,686 | 2,380,493 | ||||||
84,572,554 | ||||||||
Total Unaffiliated Underlying Funds (Cost $145,055,732) | $156,895,985 | |||||||
Total Investments in Securities (Cost $466,776,478) | $597,399,705 | |||||||
* | 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 July 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 TrustSchwab Target 2040 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 74.5% OF NET ASSETS | ||||||||
U.S. Stocks 39.6% | ||||||||
Large-Cap 33.4% | ||||||||
Schwab Core Equity Fund | $42,905,831 | $1,348,801 | ($8,122,229 ) | $1,342,148 | $9,325,667 | $46,800,218 | 2,006,010 | $1,348,801 |
Schwab Fundamental US Large Company Index Fund | 42,471,374 | 882,911 | — | — | 11,537,554 | 54,891,839 | 1,996,067 | 882,911 |
Schwab S&P 500 Index Fund | 196,624,321 | 3,163,889 | (31,377,287 ) | 14,313,772 | 44,590,474 | 227,315,169 | 2,665,516 | 3,163,889 |
Schwab Select Large Cap Growth Fund * | 55,208,972 | 9,736,058 | (10,527,810 ) | (2,783,259 ) | 13,308,578 | 64,942,539 | 2,569,946 | 9,736,058 |
393,949,765 | ||||||||
Mid-Cap 1.8% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 15,551,496 | 1,270,550 | — | — | 4,526,705 | 21,348,751 | 328,898 | 270,550 |
Small-Cap 4.4% | ||||||||
Schwab Small-Cap Equity Fund | 38,654,439 | 169,056 | (781,389 ) | 106,972 | 14,019,751 | 52,168,829 | 2,299,199 | 169,056 |
467,467,345 | ||||||||
International Stocks 21.0% | ||||||||
Developed Markets 21.0% | ||||||||
Schwab Fundamental International Large Company Index Fund | 10,780,472 | 385,242 | — | — | 2,033,113 | 13,198,827 | 1,161,869 | 385,242 |
Schwab International Core Equity Fund | 84,354,423 | 2,486,912 | (6,982,702 ) | 864,556 | 19,623,466 | 100,346,655 | 8,211,674 | 2,486,912 |
Schwab International Opportunities Fund | 107,881,670 | 4,624,326 | — | — | 21,446,489 | 133,952,485 | 6,396,967 | 2,124,325 |
247,497,967 | ||||||||
Real Estate 5.2% | ||||||||
Global Real Estate 5.2% | ||||||||
Schwab Global Real Estate Fund | 48,984,436 | 3,517,851 | — | — | 8,887,100 | 61,389,387 | 9,562,210 | 1,517,851 |
Fixed Income 8.3% | ||||||||
Intermediate-Term Bond 6.4% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 59,127,698 | 14,119,875 | (2,500,000 ) | (592,858 ) | 4,865,971 | 75,020,686 | 8,372,844 | 1,901,657 |
Short-Term Bond 1.9% | ||||||||
Schwab Short-Term Bond Index Fund | 18,999,539 | 5,348,754 | (2,000,000 ) | (127,717 ) | 676,052 | 22,896,628 | 2,390,045 | 602,747 |
97,917,314 | ||||||||
Money Market Funds 0.4% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.22% (b) | 8,510,295 | 252,851 | (3,800,000 ) | 1,030 | (290 ) | 4,963,886 | 4,962,398 | 244,826 |
Total Affiliated Underlying Funds (Cost $586,967,327) | $730,054,966 | $47,307,076 | ($66,091,417 ) | $13,124,644 | $154,840,630 | $879,235,899 | $24,834,825 | |
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
UNAFFILIATED UNDERLYING FUNDS 25.0% OF NET ASSETS | ||||||||
U.S. Stocks 11.6% | ||||||||
Large-Cap 10.3% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $55,195,043 | 763,734 | ||||||
Dodge & Cox Stock Fund, Class I | 65,834,803 | 245,515 | ||||||
121,029,846 | ||||||||
Small-Cap 1.3% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 15,661,020 | 375,834 | ||||||
136,690,866 | ||||||||
International Stocks 2.8% | ||||||||
Emerging Markets 2.8% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 32,456,082 | 3,618,292 | ||||||
Fixed Income 10.6% | ||||||||
Intermediate-Term Bond 7.8% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 31,770,751 | 3,225,457 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 34,006,735 | 3,428,098 | ||||||
Western Asset Core Plus Bond Fund, Class I | 26,392,672 | 2,819,730 | ||||||
92,170,158 | ||||||||
International Bond 2.8% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 33,192,830 | 3,349,428 | ||||||
125,362,988 | ||||||||
Total Unaffiliated Underlying Funds (Cost $264,282,263) | $294,509,936 | |||||||
Total Investments in Securities (Cost $851,249,590) | $1,173,745,835 | |||||||
* | 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 July 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 TrustSchwab Target 2045 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 77.0% OF NET ASSETS | ||||||||
U.S. Stocks 43.2% | ||||||||
Large-Cap 36.4% | ||||||||
Schwab Core Equity Fund | $10,062,252 | $316,320 | ($400,000 ) | $14,294 | $2,688,230 | $12,681,096 | 543,553 | $316,320 |
Schwab Fundamental US Large Company Index Fund | 11,448,767 | 238,001 | — | — | 3,110,113 | 14,796,881 | 538,068 | 238,001 |
Schwab S&P 500 Index Fund | 47,875,368 | 765,832 | (3,566,584 ) | 307,578 | 14,230,650 | 59,612,844 | 699,025 | 765,832 |
Schwab Select Large Cap Growth Fund * | 16,926,076 | 2,998,810 | (2,531,769 ) | (839,553 ) | 4,091,236 | 20,644,800 | 816,969 | 2,998,810 |
107,735,621 | ||||||||
Mid-Cap 1.9% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 4,245,948 | 73,867 | — | — | 1,221,374 | 5,541,189 | 85,367 | 73,867 |
Small-Cap 4.9% | ||||||||
Schwab Small-Cap Equity Fund | 10,622,768 | 46,459 | — | — | 3,905,621 | 14,574,848 | 642,347 | 46,459 |
127,851,658 | ||||||||
International Stocks 22.7% | ||||||||
Developed Markets 22.7% | ||||||||
Schwab Fundamental International Large Company Index Fund | 2,589,862 | 92,549 | — | — | 488,428 | 3,170,839 | 279,123 | 92,549 |
Schwab International Core Equity Fund | 21,403,189 | 631,003 | — | — | 5,273,223 | 27,307,415 | 2,234,649 | 631,003 |
Schwab International Opportunities Fund | 28,878,682 | 2,148,658 | — | — | 5,738,165 | 36,765,505 | 1,755,755 | 568,657 |
67,243,759 | ||||||||
Real Estate 5.7% | ||||||||
Global Real Estate 5.7% | ||||||||
Schwab Global Real Estate Fund | 13,017,321 | 1,417,187 | — | — | 2,392,684 | 16,827,192 | 2,621,058 | 417,186 |
Fixed Income 5.2% | ||||||||
Intermediate-Term Bond 4.0% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 8,561,779 | 3,285,467 | (800,001 ) | (191,089 ) | 828,079 | 11,684,235 | 1,304,044 | 282,679 |
Short-Term Bond 1.2% | ||||||||
Schwab Short-Term Bond Index Fund | 2,915,054 | 951,037 | (300,000 ) | (31,536 ) | 114,699 | 3,649,254 | 380,924 | 94,188 |
15,333,489 | ||||||||
Money Market Funds 0.2% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.22% (b) | 1,455,186 | 34,205 | (840,000 ) | 135 | (39 ) | 649,487 | 649,293 | 32,350 |
Total Affiliated Underlying Funds (Cost $177,182,769) | $180,002,252 | $12,999,395 | ($8,438,354 ) | ($740,171 ) | $44,082,463 | $227,905,585 | $6,557,901 | |
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
UNAFFILIATED UNDERLYING FUNDS 22.5% OF NET ASSETS | ||||||||
U.S. Stocks 11.8% | ||||||||
Large-Cap 10.4% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $12,391,898 | 171,467 | ||||||
Dodge & Cox Stock Fund, Class I | 18,384,337 | 68,560 | ||||||
30,776,235 | ||||||||
Small-Cap 1.4% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 4,086,733 | 98,074 | ||||||
34,862,968 | ||||||||
International Stocks 3.6% | ||||||||
Emerging Markets 3.6% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 10,508,172 | 1,171,480 | ||||||
Fixed Income 7.1% | ||||||||
Intermediate-Term Bond 5.3% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 4,474,703 | 454,285 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 7,201,513 | 725,959 | ||||||
Western Asset Core Plus Bond Fund, Class I | 4,150,174 | 443,395 | ||||||
15,826,390 | ||||||||
International Bond 1.8% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 5,264,830 | 531,264 | ||||||
21,091,220 | ||||||||
Total Unaffiliated Underlying Funds (Cost $58,828,492) | $66,462,360 | |||||||
Total Investments in Securities (Cost $236,011,261) | $294,367,945 | |||||||
* | 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 July 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 TrustSchwab Target 2050 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 78.7% OF NET ASSETS | ||||||||
U.S. Stocks 45.9% | ||||||||
Large-Cap 38.6% | ||||||||
Schwab Core Equity Fund | $10,771,769 | $338,625 | $— | $— | $2,908,684 | $14,019,078 | 600,903 | $338,625 |
Schwab Fundamental US Large Company Index Fund | 12,648,413 | 517,746 | — | — | 3,480,056 | 16,646,215 | 605,317 | 267,747 |
Schwab S&P 500 Index Fund | 45,964,192 | 739,611 | — | — | 14,467,938 | 61,171,741 | 717,305 | 739,611 |
Schwab Select Large Cap Growth Fund * | 20,644,563 | 3,699,860 | (1,337,118 ) | (542,560 ) | 4,750,192 | 27,214,937 | 1,076,966 | 3,699,860 |
119,051,971 | ||||||||
Mid-Cap 1.9% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 4,510,975 | 78,478 | — | — | 1,297,610 | 5,887,063 | 90,696 | 78,478 |
Small-Cap 5.4% | ||||||||
Schwab Small-Cap Equity Fund | 12,038,788 | 52,651 | — | — | 4,426,243 | 16,517,682 | 727,972 | 52,651 |
141,456,716 | ||||||||
International Stocks 23.9% | ||||||||
Developed Markets 23.9% | ||||||||
Schwab Fundamental International Large Company Index Fund | 2,712,446 | 296,929 | — | — | 531,702 | 3,541,077 | 311,715 | 96,930 |
Schwab International Core Equity Fund | 22,664,587 | 1,436,464 | — | — | 5,633,744 | 29,734,795 | 2,433,289 | 676,464 |
Schwab International Opportunities Fund | 30,970,472 | 3,059,848 | — | — | 6,206,328 | 40,236,648 | 1,921,521 | 609,847 |
73,512,520 | ||||||||
Real Estate 5.7% | ||||||||
Global Real Estate 5.7% | ||||||||
Schwab Global Real Estate Fund | 13,950,532 | 1,147,264 | — | — | 2,555,129 | 17,652,925 | 2,749,677 | 447,264 |
Fixed Income 3.1% | ||||||||
Intermediate-Term Bond 2.4% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 5,428,219 | 1,380,741 | — | — | 417,376 | 7,226,336 | 806,511 | 170,206 |
Short-Term Bond 0.7% | ||||||||
Schwab Short-Term Bond Index Fund | 1,847,955 | 360,258 | — | — | 54,512 | 2,262,725 | 236,193 | 61,019 |
9,489,061 | ||||||||
Money Market Funds 0.1% | ||||||||
Schwab Variable Share Price Money Fund, Ultra Shares, 5.22% (b) | 632,912 | 16,685 | (370,000 ) | 106 | (33 ) | 279,670 | 279,586 | 15,872 |
Total Affiliated Underlying Funds (Cost $189,971,709) | $184,785,823 | $13,125,160 | ($1,707,118 ) | ($542,454 ) | $46,729,481 | $242,390,892 | $7,254,574 | |
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
UNAFFILIATED UNDERLYING FUNDS 20.8% OF NET ASSETS | ||||||||
U.S. Stocks 11.2% | ||||||||
Large-Cap 9.5% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $10,814,915 | 149,646 | ||||||
Dodge & Cox Stock Fund, Class I | 18,439,059 | 68,764 | ||||||
29,253,974 | ||||||||
Small-Cap 1.7% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 5,305,423 | 127,320 | ||||||
34,559,397 | ||||||||
International Stocks 4.6% | ||||||||
Emerging Markets 4.6% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 14,032,095 | 1,564,336 | ||||||
Fixed Income 5.0% | ||||||||
Intermediate-Term Bond 3.8% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 2,671,153 | 271,183 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 6,147,656 | 619,723 | ||||||
Western Asset Core Plus Bond Fund, Class I | 2,757,493 | 294,604 | ||||||
11,576,302 | ||||||||
International Bond 1.2% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 3,813,985 | 384,862 | ||||||
15,390,287 | ||||||||
Total Unaffiliated Underlying Funds (Cost $56,059,258) | $63,981,779 | |||||||
Total Investments in Securities (Cost $246,030,967) | $306,372,671 | |||||||
* | 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 July 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 TrustSchwab Target 2055 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 79.8% OF NET ASSETS | ||||||||
U.S. Stocks 47.1% | ||||||||
Large-Cap 39.5% | ||||||||
Schwab Core Equity Fund | $7,498,275 | $235,718 | $— | $— | $2,024,749 | $9,758,742 | 418,292 | $235,718 |
Schwab Fundamental US Large Company Index Fund | 9,454,173 | 396,537 | — | — | 2,596,487 | 12,447,197 | 452,625 | 196,537 |
Schwab S&P 500 Index Fund | 31,364,164 | 2,500,883 | (676,000 ) | 56,210 | 10,047,462 | 43,292,719 | 507,654 | 515,883 |
Schwab Select Large Cap Growth Fund * | 15,261,893 | 2,735,193 | (800,000 ) | (373,329 ) | 3,474,094 | 20,297,851 | 803,239 | 2,735,193 |
85,796,509 | ||||||||
Mid-Cap 1.9% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 3,157,764 | 54,936 | — | — | 908,350 | 4,121,050 | 63,489 | 54,936 |
Small-Cap 5.7% | ||||||||
Schwab Small-Cap Equity Fund | 8,507,687 | 793,552 | (123,000 ) | (18,856 ) | 3,274,511 | 12,433,894 | 547,990 | 38,551 |
102,351,453 | ||||||||
International Stocks 24.2% | ||||||||
Developed Markets 24.2% | ||||||||
Schwab Fundamental International Large Company Index Fund | 1,995,714 | 271,317 | — | — | 395,470 | 2,662,501 | 234,375 | 71,317 |
Schwab International Core Equity Fund | 15,984,339 | 1,802,644 | (630,000 ) | (40,456 ) | 4,057,561 | 21,174,088 | 1,732,740 | 482,644 |
Schwab International Opportunities Fund | 21,742,468 | 2,704,950 | — | — | 4,409,529 | 28,856,947 | 1,378,078 | 434,950 |
52,693,536 | ||||||||
Real Estate 6.3% | ||||||||
Global Real Estate 6.3% | ||||||||
Schwab Global Real Estate Fund | 10,063,672 | 1,972,468 | (200,000 ) | (63,886 ) | 1,952,333 | 13,724,587 | 2,137,786 | 337,468 |
Fixed Income 2.2% | ||||||||
Intermediate-Term Bond 1.6% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 2,893,538 | 291,085 | — | — | 208,433 | 3,393,056 | 378,689 | 90,800 |
Short-Term Bond 0.6% | ||||||||
Schwab Short-Term Bond Index Fund | 936,183 | 441,216 | — | — | 27,749 | 1,405,148 | 146,675 | 31,127 |
4,798,204 | ||||||||
Total Affiliated Underlying Funds (Cost $138,412,027) | $128,859,870 | $14,200,499 | ($2,429,000 ) | ($440,317 ) | $33,376,728 | $173,567,780 | $5,225,124 | |
UNAFFILIATED UNDERLYING FUNDS 19.7% OF NET ASSETS | ||||||||
U.S. Stocks 11.2% | ||||||||
Large-Cap 9.3% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $6,943,085 | 96,071 | ||||||
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
Dodge & Cox Stock Fund, Class I | $13,337,456 | 49,739 | ||||||
20,280,541 | ||||||||
Small-Cap 1.9% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 4,012,835 | 96,300 | ||||||
24,293,376 | ||||||||
International Stocks 5.1% | ||||||||
Emerging Markets 5.1% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 11,127,120 | 1,240,482 | ||||||
Fixed Income 3.4% | ||||||||
Intermediate-Term Bond 2.6% | ||||||||
Baird Aggregate Bond Fund, Institutional Class | 667,846 | 67,802 | ||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 3,420,073 | 344,765 | ||||||
Western Asset Core Plus Bond Fund, Class I | 1,462,233 | 156,221 | ||||||
5,550,152 | ||||||||
International Bond 0.8% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 1,816,464 | 183,296 | ||||||
7,366,616 | ||||||||
Total Unaffiliated Underlying Funds (Cost $37,623,784) | $42,787,112 | |||||||
Total Investments in Securities (Cost $176,035,811) | $216,354,892 | |||||||
* | 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 July 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 TrustSchwab Target 2060 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 80.9% OF NET ASSETS | ||||||||
U.S. Stocks 47.6% | ||||||||
Large-Cap 39.5% | ||||||||
Schwab Core Equity Fund | $2,513,046 | $651,942 | ($100,000 ) | ($666 ) | $735,820 | $3,800,142 | 162,887 | $81,942 |
Schwab Fundamental US Large Company Index Fund | 3,252,899 | 662,622 | — | — | 921,749 | 4,837,270 | 175,901 | 67,622 |
Schwab S&P 500 Index Fund | 10,798,358 | 1,721,303 | (50,000 ) | 1,805 | 3,522,017 | 15,993,483 | 187,541 | 176,303 |
Schwab Select Large Cap Growth Fund * | 5,231,858 | 1,625,712 | (140,000 ) | (77,707 ) | 1,206,802 | 7,846,665 | 310,513 | 930,712 |
32,477,560 | ||||||||
Mid-Cap 2.0% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 1,088,306 | 243,934 | — | — | 329,570 | 1,661,810 | 25,602 | 18,933 |
Small-Cap 6.1% | ||||||||
Schwab Small-Cap Equity Fund | 2,964,767 | 1,018,511 | (150,000 ) | (9,941 ) | 1,210,512 | 5,033,849 | 221,853 | 13,512 |
39,173,219 | ||||||||
International Stocks 25.4% | ||||||||
Developed Markets 25.4% | ||||||||
Schwab Fundamental International Large Company Index Fund | 638,893 | 219,498 | — | — | 131,934 | 990,325 | 87,176 | 24,498 |
Schwab International Core Equity Fund | 5,604,520 | 1,514,231 | (120,000 ) | 3,388 | 1,419,654 | 8,421,793 | 689,181 | 165,231 |
Schwab International Opportunities Fund | 7,319,619 | 2,600,816 | — | — | 1,551,079 | 11,471,514 | 547,828 | 148,816 |
20,883,632 | ||||||||
Real Estate 6.4% | ||||||||
Global Real Estate 6.4% | ||||||||
Schwab Global Real Estate Fund | 3,465,840 | 1,246,921 | (60,000 ) | (26,769 ) | 693,511 | 5,319,503 | 828,583 | 120,921 |
Fixed Income 1.5% | ||||||||
Intermediate-Term Bond 1.1% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 619,239 | 198,107 | — | — | 47,334 | 864,680 | 96,504 | 22,046 |
Short-Term Bond 0.4% | ||||||||
Schwab Short-Term Bond Index Fund | 281,318 | 74,902 | — | — | 8,391 | 364,611 | 38,060 | 9,875 |
1,229,291 | ||||||||
Total Affiliated Underlying Funds (Cost $55,794,186) | $43,778,663 | $11,778,499 | ($620,000 ) | ($109,890 ) | $11,778,373 | $66,605,645 | $1,780,411 | |
UNAFFILIATED UNDERLYING FUNDS 18.6% OF NET ASSETS | ||||||||
U.S. Stocks 10.9% | ||||||||
Large-Cap 8.9% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $1,981,700 | 27,421 | ||||||
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
Dodge & Cox Stock Fund, Class I | $5,343,058 | 19,926 | ||||||
7,324,758 | ||||||||
Small-Cap 2.0% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 1,630,853 | 39,137 | ||||||
8,955,611 | ||||||||
International Stocks 5.4% | ||||||||
Emerging Markets 5.4% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 4,475,245 | 498,912 | ||||||
Fixed Income 2.3% | ||||||||
Intermediate-Term Bond 1.7% | ||||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 1,229,303 | 123,922 | ||||||
Western Asset Core Plus Bond Fund, Class I | 153,553 | 16,405 | ||||||
1,382,856 | ||||||||
International Bond 0.6% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 464,407 | 46,862 | ||||||
1,847,263 | ||||||||
Total Unaffiliated Underlying Funds (Cost $13,529,341) | $15,278,119 | |||||||
Total Investments in Securities (Cost $69,323,527) | $81,883,764 | |||||||
* | 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 July 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 TrustSchwab Target 2065 Fund
Portfolio Holdings as of July 31, 2024 (Unaudited)
SECURITY | VALUE AT 10/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
AFFILIATED UNDERLYING FUNDS 82.0% OF NET ASSETS | ||||||||
U.S. Stocks 48.7% | ||||||||
Large-Cap 40.3% | ||||||||
Schwab Core Equity Fund | $582,206 | $280,466 | $— | $— | $181,960 | $1,044,632 | 44,776 | $20,200 |
Schwab Fundamental US Large Company Index Fund | 748,089 | 398,555 | (30,000 ) | 776 | 235,669 | 1,353,089 | 49,203 | 16,555 |
Schwab S&P 500 Index Fund | 2,486,454 | 1,165,652 | (180,001 ) | 2,982 | 880,956 | 4,356,043 | 51,079 | 41,652 |
Schwab Select Large Cap Growth Fund * | 1,244,400 | 799,370 | (120,000 ) | (36,360 ) | 340,496 | 2,227,906 | 88,164 | 229,370 |
8,981,670 | ||||||||
Mid-Cap 2.1% | ||||||||
Schwab U.S. Mid-Cap Index Fund | 261,864 | 124,822 | — | — | 82,971 | 469,657 | 7,236 | 4,556 |
Small-Cap 6.3% | ||||||||
Schwab Small-Cap Equity Fund | 706,178 | 383,369 | — | — | 315,806 | 1,405,353 | 61,937 | 3,368 |
10,856,680 | ||||||||
International Stocks 25.9% | ||||||||
Developed Markets 25.9% | ||||||||
Schwab Fundamental International Large Company Index Fund | 156,185 | 97,981 | — | — | 34,331 | 288,497 | 25,396 | 5,980 |
Schwab International Core Equity Fund | 1,260,255 | 764,959 | (74,999 ) | (381 ) | 358,964 | 2,308,798 | 188,936 | 39,693 |
Schwab International Opportunities Fund | 1,737,438 | 1,135,526 | (90,000 ) | (39,150 ) | 425,507 | 3,169,321 | 151,353 | 36,261 |
5,766,616 | ||||||||
Real Estate 6.6% | ||||||||
Global Real Estate 6.6% | ||||||||
Schwab Global Real Estate Fund | 791,831 | 520,495 | — | — | 168,183 | 1,480,509 | 230,609 | 32,495 |
Fixed Income 0.8% | ||||||||
Intermediate-Term Bond 0.3% | ||||||||
Schwab U.S. Aggregate Bond Index Fund | 63,104 | 42,915 | (40,000 ) | (1,602 ) | 5,986 | 70,403 | 7,857 | 1,908 |
Short-Term Bond 0.5% | ||||||||
Schwab Short-Term Bond Index Fund | 69,925 | 37,532 | — | — | 2,305 | 109,762 | 11,457 | 2,527 |
180,165 | ||||||||
Total Affiliated Underlying Funds (Cost $16,224,253) | $10,107,929 | $5,751,642 | ($535,000 ) | ($73,735 ) | $3,033,134 | $18,283,970 | $434,565 | |
UNAFFILIATED UNDERLYING FUNDS 17.6% OF NET ASSETS | ||||||||
U.S. Stocks 10.6% | ||||||||
Large-Cap 8.6% | ||||||||
ClearBridge Large Cap Growth Fund, Class IS * | $488,858 | 6,764 | ||||||
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 7/31/24 | BALANCE OF SHARES HELD AT 7/31/24 | DISTRIBUTIONS RECEIVED (a) |
Dodge & Cox Stock Fund, Class I | $1,437,478 | 5,361 | ||||||
1,926,336 | ||||||||
Small-Cap 2.0% | ||||||||
ClearBridge Small Cap Growth Fund, Class IS * | 435,099 | 10,442 | ||||||
2,361,435 | ||||||||
International Stocks 5.8% | ||||||||
Emerging Markets 5.8% | ||||||||
Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class | 1,284,750 | 143,227 | ||||||
Fixed Income 1.2% | ||||||||
Intermediate-Term Bond 0.9% | ||||||||
Loomis Sayles Investment Grade Bond Fund, Class Y | 194,563 | 19,613 | ||||||
International Bond 0.3% | ||||||||
PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class | 76,167 | 7,686 | ||||||
270,730 | ||||||||
Total Unaffiliated Underlying Funds (Cost $3,598,504) | $3,916,915 | |||||||
Total Investments in Securities (Cost $19,822,757) | $22,200,885 | |||||||
* | 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 July 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 forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
● 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 July 31, 2024, are disclosed in each fund’s Portfolio Holdings.
REG87628JUL24
25