0001752724-23-214109.txt : 20230925 0001752724-23-214109.hdr.sgml : 20230925 20230925160327 ACCESSION NUMBER: 0001752724-23-214109 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230731 FILED AS OF DATE: 20230925 DATE AS OF CHANGE: 20230925 PERIOD START: 20231031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCHWAB CAPITAL TRUST CENTRAL INDEX KEY: 0000904333 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: 231275855 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 S000071107 Schwab Target 2065 Fund C000225748 Schwab Target 2065 Fund SWQRX NPORT-P 1 primary_doc.xml NPORT-P false 0000904333 XXXXXXXX S000071107 C000225748 SCHWAB CAPITAL TRUST 811-07704 0000904333 549300PEK1H7N1HLC797 211 MAIN STREET SAN FRANCISCO 94105 800-648-5300 Schwab Target 2065 Fund S000071107 549300HRWF9HC3H07P48 2023-10-31 2023-07-31 N 12598757.56 19204.73 12579552.83 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 87809.90000000 N Schwab International Core Equity Fund 549300O8SH1VZD5EOI67 Schwab International Core Equity Fund 808509210 119328.18000000 NS USD 1285164.44000000 10.21629669486 Long EC RF US N 1 N N N Schwab Small-Cap Equity Fund 54930086LYMXICNS1162 Schwab Small-Cap Equity Fund 808509673 38458.11000000 NS USD 743010.74000000 5.906495644487 Long EC RF US N 1 N N N Schwab Global Real Estate Fund 54930056NJ1FRH4T9924 Schwab Global Real Estate Fund 808517759 135424.65000000 NS USD 853175.31000000 6.782238776924 Long EC RF US N 1 N N N ClearBridge Small Cap Growth Fund 5493003T8SLPG056ZG32 ClearBridge Small Cap Growth Fund 52470H666 5863.49000000 NS USD 243393.64000000 1.934835389534 Long EC RF US N 1 N N N Schwab Core Equity Fund 549300L2MFZ33S0CO521 Schwab Core Equity Fund 808509806 30051.00000000 NS USD 600118.37000000 4.770585871453 Long EC RF US N 1 N N N Schwab Select Large Cap Growth Fund 54930017OMFIVKDL2J78 Schwab Select Large Cap Growth Fund 51855Q549 53209.11000000 NS USD 1244029.06000000 9.889294769152 Long EC RF US N 1 N N N ClearBridge Large Cap Growth Fund 549300PO07BEBIPVM094 ClearBridge Large Cap Growth Fund 52469H255 4872.89000000 NS USD 303776.15000000 2.414840607652 Long EC RF US N 1 N N N Schwab International Opportunities Fund 5493000Y9R7KH3YK4711 Schwab International Opportunities Fund 808509640 84964.43000000 NS USD 1755365.14000000 13.95411397942 Long EC RF US N 1 N N N Loomis Sayles Investment Grade Bond Fund LXBMZ6T88WCKRZUWOE84 Loomis Sayles Investment Grade Bond Fund 543487136 11954.00000000 NS USD 115953.82000000 0.921764243665 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 6280.85000000 NS USD 59668.08000000 0.474325922442 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 16727.43000000 NS USD 175805.32000000 1.397548246554 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 88907.73000000 NS USD 749492.18000000 5.958019256555 Long EC RF US N 1 N N N Schwab S&P 500 Index Fund 549300QXTQYX6BJFPP75 Schwab S&P 500 Index Fund 808509855 34537.98000000 NS USD 2448051.67000000 19.46056193795 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 7462.33000000 NS USD 66041.65000000 0.524992031851 Long EC RF US N 1 N N N Dodge & Cox Stock Fund 549300N2LAR50107F166 Dodge & Cox Stock Fund 256219106 3275.08000000 NS USD 781598.56000000 6.213245975930 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 4322.29000000 NS USD 250736.27000000 1.993204952421 Long EC RF US N 1 N N N Schwab Short-Term Bond Index Fund 549300P4KD6GXEL7FV90 Schwab Short-Term Bond Index Fund 808517692 6042.23000000 NS USD 56857.37000000 0.451982441414 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 32494.01000000 NS USD 768483.24000000 6.108986944013 Long EC RF US N 1 N N N 2023-08-23 SCHWAB CAPITAL TRUST Dana Smith Dana Smith CFO XXXX NPORT-EX 2 NPORT_2MR0_42885788_0723.htm EDGAR HTML
Schwab Capital Trust
Schwab Target 2010 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 75.5% OF NET ASSETS
 
U.S. Stocks 20.9%
Large-Cap 18.3%
Schwab Core Equity Fund
$826,164
$118,325
($161,546)
$10,659
$12,745
$806,347
40,378
$118,325
Schwab Fundamental US Large Company Index
Fund
978,652
20,220
(163,552)
(6,141)
110,569
939,748
39,736
20,220
Schwab S&P 500 Index Fund
5,568,093
674,527
(1,448,978)
365,836
602,553
5,762,031
81,293
94,527
Schwab Select Large Cap Growth Fund *
1,015,537
118,747
(308,375)
(103,952)
283,420
1,005,377
43,002
118,747
 
8,513,503
Mid-Cap 1.2%
Schwab U.S. Mid-Cap Index Fund
310,945
285,648
(81,720)
5,851
59,084
579,808
9,995
5,647
Small-Cap 1.4%
Schwab Small-Cap Equity Fund
705,428
161,624
(229,103)
(1,723)
24,035
660,261
34,175
60,625
 
9,753,572
 
International Stocks 7.9%
Developed Markets 7.9%
Schwab Fundamental International Large
Company Index Fund
—
191,482
—
—
13,038
204,520
19,460
—
Schwab International Core Equity Fund
1,678,548
126,142
(734,561)
(7,384)
368,554
1,431,299
132,897
56,142
Schwab International Opportunities Fund
2,348,144
88,168
(893,421)
(173,851)
652,726
2,021,766
97,859
88,168
 
3,657,585
 
Real Estate 2.5%
Global Real Estate 2.5%
Schwab Global Real Estate Fund
1,180,683
122,207
(203,102)
(50,948)
136,394
1,185,234
188,132
32,207
 
Fixed Income 40.4%
Inflation-Protected Bond 6.6%
Schwab Treasury Inflation Protected Securities
Index Fund
3,062,555
371,818
(290,000)
(32,553)
(20,127)
3,091,693
301,335
139,967
Intermediate-Term Bond 25.8%
Schwab U.S. Aggregate Bond Index Fund
11,807,858
1,252,952
(1,391,000)
(204,124)
541,772
12,007,458
1,356,775
277,416
Short-Term Bond 8.0%
Schwab Short-Term Bond Index Fund
4,518,216
371,121
(1,215,000)
(73,506)
121,849
3,722,680
395,609
82,907
 
18,821,831
 
  1
Schwab Target 2010 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
Money Market Funds 3.8%
Schwab Variable Share Price Money Fund, Ultra
Shares, 5.24% (b)
$1,707,758
$58,759
$—
$—
$338
$1,766,855
1,766,501
$60,349
Total Affiliated Underlying Funds
(Cost $31,083,784)
$35,708,581
$3,961,740
($7,120,358
)
($271,836
)
$2,906,950
$35,185,077
$1,155,247
 
UNAFFILIATED UNDERLYING FUNDS 23.6% OF NET ASSETS
 
U.S. Stocks 5.6%
Large-Cap 5.1%
ClearBridge Large Cap Growth Fund, Class IS *
$1,147,661
18,410
Dodge & Cox Stock Fund, Class I
1,226,677
5,140
 
2,374,338
Small-Cap 0.5%
ClearBridge Small Cap Growth Fund, Class IS *
221,459
5,335
 
2,595,797
 
Fixed Income 18.0%
Intermediate-Term Bond 15.9%
Baird Aggregate Bond Fund, Institutional Class
6,274,969
650,256
Loomis Sayles Investment Grade Bond Fund,
Class Y
395,475
40,771
Western Asset Core Plus Bond Fund, Class I
759,164
80,250
 
7,429,608
International Bond 2.1%
PIMCO International Bond Fund (U.S. Dollar-
Hedged), Institutional Class
979,201
103,074
 
8,408,809
Total Unaffiliated Underlying Funds
(Cost $11,159,658)
$11,004,606
Total Investments in Securities
(Cost $42,243,442)
$46,189,683
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
2  
Schwab Capital Trust
Schwab Target 2015 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 75.8% OF NET ASSETS
 
U.S. Stocks 22.7%
Large-Cap 20.0%
Schwab Core Equity Fund
$1,110,851
$159,098
($248,866)
$26,663
($1,506)
$1,046,240
52,391
$159,098
Schwab Fundamental US Large Company Index
Fund
1,306,242
25,381
(300,000)
(4,758)
140,869
1,167,734
49,376
25,381
Schwab S&P 500 Index Fund
7,789,834
124,070
(1,721,099)
1,181,070
108,183
7,482,058
105,560
124,070
Schwab Select Large Cap Growth Fund *
1,064,728
124,499
(150,519)
(31,680)
260,688
1,267,716
54,222
124,499
 
10,963,748
Mid-Cap 1.2%
Schwab U.S. Mid-Cap Index Fund
446,819
131,149
—
—
59,700
637,668
10,992
6,995
Small-Cap 1.5%
Schwab Small-Cap Equity Fund
925,566
83,154
(192,847)
9,801
6,640
832,314
43,080
83,154
 
12,433,730
 
International Stocks 9.0%
Developed Markets 9.0%
Schwab Fundamental International Large
Company Index Fund
—
265,514
(80,001)
4,598
12,945
203,056
19,320
—
Schwab International Core Equity Fund
2,398,451
79,244
(1,004,921)
(1,426)
503,970
1,975,318
183,409
79,244
Schwab International Opportunities Fund
3,360,046
123,136
(1,407,831)
5,527
683,774
2,764,652
133,817
123,136
 
4,943,026
 
Real Estate 2.8%
Global Real Estate 2.8%
Schwab Global Real Estate Fund
1,613,749
43,106
(228,689)
(35,490)
153,577
1,546,253
245,437
43,106
 
Fixed Income 37.6%
Inflation-Protected Bond 6.3%
Schwab Treasury Inflation Protected Securities
Index Fund
3,659,414
234,129
(381,001)
(26,697)
(28,064)
3,457,781
337,016
157,180
Intermediate-Term Bond 23.9%
Schwab U.S. Aggregate Bond Index Fund
13,464,248
693,050
(1,478,000)
(185,074)
584,749
13,078,973
1,477,850
309,805
Short-Term Bond 7.4%
Schwab Short-Term Bond Index Fund
5,279,826
187,049
(1,450,000)
(88,851)
144,275
4,072,299
432,763
91,547
 
20,609,053
 
  3
Schwab Target 2015 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
Money Market Funds 3.7%
Schwab Variable Share Price Money Fund, Ultra
Shares, 5.24% (b)
$1,957,711
$67,358
$—
$—
$388
$2,025,457
2,025,052
$69,182
Total Affiliated Underlying Funds
(Cost $35,893,668)
$44,377,485
$2,339,937
($8,643,774
)
$853,683
$2,630,188
$41,557,519
$1,396,397
 
UNAFFILIATED UNDERLYING FUNDS 23.8% OF NET ASSETS
 
U.S. Stocks 6.2%
Large-Cap 5.7%
ClearBridge Large Cap Growth Fund, Class IS *
$1,542,556
24,744
Dodge & Cox Stock Fund, Class I
1,568,216
6,571
 
3,110,772
Small-Cap 0.5%
ClearBridge Small Cap Growth Fund, Class IS *
274,473
6,612
 
3,385,245
 
Fixed Income 17.6%
Intermediate-Term Bond 15.4%
Baird Aggregate Bond Fund, Institutional Class
6,504,449
674,036
Loomis Sayles Investment Grade Bond Fund,
Class Y
620,603
63,980
Western Asset Core Plus Bond Fund, Class I
1,325,802
140,148
 
8,450,854
International Bond 2.2%
PIMCO International Bond Fund (U.S. Dollar-
Hedged), Institutional Class
1,190,103
125,274
 
9,640,957
Total Unaffiliated Underlying Funds
(Cost $13,212,348)
$13,026,202
Total Investments in Securities
(Cost $49,106,016)
$54,583,721
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
4  
Schwab Capital Trust
Schwab Target 2020 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 76.0% OF NET ASSETS
 
U.S. Stocks 23.9%
Large-Cap 20.8%
Schwab Core Equity Fund
$8,292,907
$1,107,502
($2,305,909)
$350,784
($108,905)
$7,336,379
367,370
$1,107,502
Schwab Fundamental US Large Company
Index Fund
6,138,957
126,835
—
—
727,478
6,993,270
295,699
126,835
Schwab S&P 500 Index Fund
55,195,348
901,683
(12,860,189)
9,563,894
(472,392)
52,328,344
738,267
901,683
Schwab Select Large Cap Growth Fund *
6,434,942
752,441
—
—
1,415,006
8,602,389
367,938
752,441
 
75,260,382
Mid-Cap 1.5%
Schwab U.S. Mid-Cap Index Fund
3,310,975
1,963,003
(300,000)
7,182
474,634
5,455,794
94,049
51,830
Small-Cap 1.6%
Schwab Small-Cap Equity Fund
6,086,616
546,831
(868,685)
89,431
67,939
5,922,132
306,529
546,831
 
86,638,308
 
International Stocks 9.9%
Developed Markets 9.9%
Schwab Fundamental International Large
Company Index Fund
—
1,930,731
(210,000)
10,348
117,868
1,848,947
175,923
—
Schwab International Core Equity Fund
17,430,537
565,034
(7,265,653)
52,338
3,615,171
14,397,427
1,336,809
565,034
Schwab International Opportunities Fund
24,565,295
867,821
(10,666,910)
(575,149)
5,586,738
19,777,795
957,299
867,821
 
36,024,169
 
Real Estate 3.0%
Global Real Estate 3.0%
Schwab Global Real Estate Fund
11,428,058
295,037
(1,635,921)
(399,658)
1,198,659
10,886,175
1,727,964
295,037
 
Fixed Income 35.7%
Inflation-Protected Bond 6.1%
Schwab Treasury Inflation Protected
Securities Index Fund
23,534,113
1,506,975
(2,592,567)
(212,311)
(156,604)
22,079,606
2,152,008
1,012,615
Intermediate-Term Bond 22.5%
Schwab U.S. Aggregate Bond Index Fund
85,184,431
4,551,380
(10,403,706)
(1,324,995)
3,846,538
81,853,648
9,249,000
1,943,537
Short-Term Bond 7.1%
Schwab Short-Term Bond Index Fund
32,998,417
1,153,185
(8,840,000)
(528,870)
886,797
25,669,529
2,727,899
575,605
 
129,602,783
 
  5
Schwab Target 2020 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
Money Market Funds 3.5%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.24% (b)
$12,062,266
$415,024
$—
$—
$2,389
$12,479,679
12,477,184
$426,258
Total Affiliated Underlying Funds
(Cost $233,062,318)
$292,662,862
$16,683,482
($57,949,540
)
$7,032,994
$17,201,316
$275,631,114
$9,173,029
 
UNAFFILIATED UNDERLYING FUNDS 23.7% OF NET ASSETS
 
U.S. Stocks 6.5%
Large-Cap 5.9%
ClearBridge Large Cap Growth Fund,
Class IS *
$10,491,305
168,292
Dodge & Cox Stock Fund, Class I
10,965,405
45,948
 
21,456,710
Small-Cap 0.6%
ClearBridge Small Cap Growth Fund,
Class IS *
1,993,921
48,035
 
23,450,631
 
Fixed Income 17.2%
Intermediate-Term Bond 15.0%
Baird Aggregate Bond Fund, Institutional
Class
39,665,500
4,110,415
Loomis Sayles Investment Grade Bond
Fund, Class Y
4,645,749
478,943
Western Asset Core Plus Bond Fund,
Class I
10,141,744
1,072,066
 
54,452,993
International Bond 2.2%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
8,115,685
854,283
 
62,568,678
Total Unaffiliated Underlying Funds
(Cost $87,416,383)
$86,019,309
Total Investments in Securities
(Cost $320,478,701)
$361,650,423
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
6  
Schwab Capital Trust
Schwab Target 2025 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 74.3% OF NET ASSETS
 
U.S. Stocks 26.5%
Large-Cap 23.3%
Schwab Core Equity Fund
$14,329,466
$2,052,295
($4,145,710)
$210,989
($3,311)
$12,443,729
623,121
$2,052,295
Schwab Fundamental US Large Company
Index Fund
8,345,262
172,419
—
—
988,930
9,506,611
401,971
172,419
Schwab S&P 500 Index Fund
83,904,912
1,370,689
(19,148,013)
8,310,675
5,191,469
79,629,732
1,123,444
1,370,689
Schwab Select Large Cap Growth Fund *
10,638,293
1,243,941
(473,780)
(150,294)
2,476,684
13,734,844
587,461
1,243,941
 
115,314,916
Mid-Cap 1.2%
Schwab U.S. Mid-Cap Index Fund
5,264,531
82,411
—
—
635,880
5,982,822
103,134
82,411
Small-Cap 2.0%
Schwab Small-Cap Equity Fund
10,592,938
951,687
(1,678,203)
120,193
77,426
10,064,041
520,913
951,687
 
131,361,779
 
International Stocks 12.7%
Developed Markets 12.7%
Schwab Fundamental International Large
Company Index Fund
—
3,271,375
(300,000)
2,119
202,464
3,175,958
302,184
—
Schwab International Core Equity Fund
28,797,712
970,651
(10,770,985)
(133,450)
6,199,275
25,063,203
2,327,131
970,651
Schwab International Opportunities Fund
41,541,259
1,552,392
(16,997,650)
(3,396,547)
12,004,611
34,704,065
1,679,771
1,552,392
 
62,943,226
 
Real Estate 3.5%
Global Real Estate 3.5%
Schwab Global Real Estate Fund
17,761,496
471,102
(1,963,127)
(385,508)
1,693,703
17,577,666
2,790,106
471,102
 
Fixed Income 28.9%
Inflation-Protected Bond 4.2%
Schwab Treasury Inflation Protected
Securities Index Fund
17,537,680
5,251,227
(1,655,000)
(306,095)
(
8,920)
20,818,892
2,029,132
796,673
Intermediate-Term Bond 18.9%
Schwab U.S. Aggregate Bond Index Fund
85,748,757
11,936,075
(6,650,000)
(1,174,340)
3,535,516
93,396,008
10,553,221
2,099,123
Short-Term Bond 5.8%
Schwab Short-Term Bond Index Fund
32,760,535
1,602,327
(5,825,000)
(478,150)
811,118
28,870,830
3,068,101
618,770
 
143,085,730
 
  7
Schwab Target 2025 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
Money Market Funds 2.7%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.24% (b)
$12,758,249
$438,971
$—
$—
$2,527
$13,199,747
13,197,108
$450,852
Total Affiliated Underlying Funds
(Cost $312,066,086)
$369,981,090
$31,367,562
($69,607,468
)
$2,619,592
$33,807,372
$368,168,148
$12,833,005
 
UNAFFILIATED UNDERLYING FUNDS 25.1% OF NET ASSETS
 
U.S. Stocks 7.8%
Large-Cap 7.1%
ClearBridge Large Cap Growth Fund,
Class IS *
$17,224,652
276,302
Dodge & Cox Stock Fund, Class I
17,865,189
74,859
 
35,089,841
Small-Cap 0.7%
ClearBridge Small Cap Growth Fund,
Class IS *
3,493,279
84,155
 
38,583,120
 
International Stocks 0.3%
Emerging Markets 0.3%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
1,452,920
172,351
 
Fixed Income 17.0%
Intermediate-Term Bond 13.9%
Baird Aggregate Bond Fund, Institutional
Class
41,129,222
4,262,096
Loomis Sayles Investment Grade Bond
Fund, Class Y
8,845,837
911,942
Western Asset Core Plus Bond Fund,
Class I
18,618,880
1,968,169
 
68,593,939
International Bond 3.1%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
15,509,628
1,632,592
 
84,103,567
Total Unaffiliated Underlying Funds
(Cost $124,745,224)
$124,139,607
Total Investments in Securities
(Cost $436,811,310)
$492,307,755
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
8  
Schwab Capital Trust
Schwab Target 2030 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 73.1% OF NET ASSETS
 
U.S. Stocks 32.5%
Large-Cap 28.2%
Schwab Core Equity Fund
$32,445,258
$4,646,875
($5,116,033)
$334,582
$807,380
$33,118,062
1,658,391
$4,646,875
Schwab Fundamental US Large Company
Index Fund
21,830,992
451,043
—
—
2,587,016
24,869,051
1,051,545
451,043
Schwab S&P 500 Index Fund
171,179,899
2,796,433
(24,010,933)
7,510,455
22,083,579
179,559,433
2,533,288
2,796,433
Schwab Select Large Cap Growth Fund *
29,002,992
4,539,521
(1,453,392)
(461,050)
7,074,216
38,702,287
1,655,359
3,391,334
 
276,248,833
Mid-Cap 1.4%
Schwab U.S. Mid-Cap Index Fund
11,694,004
183,057
—
—
1,412,469
13,289,530
229,090
183,057
Small-Cap 2.9%
Schwab Small-Cap Equity Fund
26,985,882
2,424,455
(1,400,000)
84,872
678,158
28,773,367
1,489,305
2,424,455
 
318,311,730
 
International Stocks 16.5%
Developed Markets 16.5%
Schwab Fundamental International Large
Company Index Fund
—
7,871,887
—
—
535,992
8,407,879
799,989
—
Schwab International Core Equity Fund
65,372,837
2,259,746
(17,467,671)
(859,184)
15,160,854
64,466,582
5,985,755
2,259,746
Schwab International Opportunities Fund
93,059,884
3,544,258
(27,701,562)
(5,797,382)
25,453,299
88,558,497
4,286,471
3,544,258
 
161,432,958
 
Real Estate 4.2%
Global Real Estate 4.2%
Schwab Global Real Estate Fund
39,349,502
1,087,773
(2,009,844)
(394,683)
3,181,060
41,213,808
6,541,874
1,087,773
 
Fixed Income 18.1%
Inflation-Protected Bond 1.4%
Schwab Treasury Inflation Protected
Securities Index Fund
10,878,574
3,741,359
(630,000)
(105,184)
(98,627)
13,786,122
1,343,677
500,633
Intermediate-Term Bond 12.8%
Schwab U.S. Aggregate Bond Index Fund
105,717,569
18,482,218
(1,840,000)
(378,122)
3,117,076
125,098,741
14,135,451
2,695,272
Short-Term Bond 3.9%
Schwab Short-Term Bond Index Fund
40,460,152
2,049,877
(5,110,000)
(480,898)
881,593
37,800,724
4,017,080
796,259
 
176,685,587
 
  9
Schwab Target 2030 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
Money Market Funds 1.8%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.24% (b)
$14,781,105
$3,031,961
$—
$—
$2,928
$17,815,994
17,812,431
$551,087
Total Affiliated Underlying Funds
(Cost $551,279,431)
$662,758,650
$57,110,463
($86,739,435
)
($546,594
)
$82,876,993
$715,460,077
$25,328,225
 
UNAFFILIATED UNDERLYING FUNDS 26.2% OF NET ASSETS
 
U.S. Stocks 9.5%
Large-Cap 8.6%
ClearBridge Large Cap Growth Fund,
Class IS *
$38,017,321
609,838
Dodge & Cox Stock Fund, Class I
46,256,336
193,825
 
84,273,657
Small-Cap 0.9%
ClearBridge Small Cap Growth Fund,
Class IS *
9,132,849
220,016
 
93,406,506
 
International Stocks 1.1%
Emerging Markets 1.1%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
11,148,081
1,322,430
 
Fixed Income 15.6%
Intermediate-Term Bond 11.5%
Baird Aggregate Bond Fund, Institutional
Class
48,115,723
4,986,085
Loomis Sayles Investment Grade Bond
Fund, Class Y
25,780,598
2,657,794
Western Asset Core Plus Bond Fund,
Class I
37,978,320
4,014,622
 
111,874,641
International Bond 4.1%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
40,274,446
4,239,415
 
152,149,087
Total Unaffiliated Underlying Funds
(Cost $254,054,064)
$256,703,674
Total Investments in Securities
(Cost $805,333,495)
$972,163,751
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
10  
Schwab Capital Trust
Schwab Target 2035 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 73.5% OF NET ASSETS
 
U.S. Stocks 36.8%
Large-Cap 31.7%
Schwab Core Equity Fund
$19,218,390
$2,752,496
($1,917,980)
($17,079)
$761,394
$20,797,221
1,041,423
$2,752,496
Schwab Fundamental US Large Company
Index Fund
20,875,291
431,298
(550,567)
3,625
2,449,110
23,208,757
981,343
431,298
Schwab S&P 500 Index Fund
94,686,248
1,546,815
(9,338,250)
1,340,314
15,539,014
103,774,141
1,464,082
1,546,815
Schwab Select Large Cap Growth Fund *
19,285,660
3,627,112
(2,275,964)
(767,005)
5,236,519
25,106,322
1,073,838
2,255,082
 
172,886,441
Mid-Cap 1.5%
Schwab U.S. Mid-Cap Index Fund
7,498,973
117,388
—
—
905,769
8,522,130
146,908
117,388
Small-Cap 3.6%
Schwab Small-Cap Equity Fund
19,558,178
1,670,444
(2,269,288)
(131,111)
611,755
19,439,978
1,006,210
1,670,444
 
200,848,549
 
International Stocks 19.3%
Developed Markets 19.3%
Schwab Fundamental International Large
Company Index Fund
—
5,013,344
—
—
341,356
5,354,700
509,486
—
Schwab International Core Equity Fund
39,543,453
1,426,849
(7,796,151)
(1,136,956)
10,026,094
42,063,289
3,905,598
1,426,849
Schwab International Opportunities Fund
55,559,513
2,134,222
(12,080,993)
(3,047,930)
15,171,706
57,736,518
2,794,604
2,134,222
 
105,154,507
 
Real Estate 4.7%
Global Real Estate 4.7%
Schwab Global Real Estate Fund
23,285,865
1,042,956
—
—
1,574,346
25,903,167
4,111,614
673,089
 
Fixed Income 11.6%
Intermediate-Term Bond 8.9%
Schwab U.S. Aggregate Bond Index Fund
41,403,828
6,740,436
(540,001)
(99,601)
1,179,930
48,684,592
5,501,084
1,063,853
Short-Term Bond 2.7%
Schwab Short-Term Bond Index Fund
15,749,824
999,946
(2,532,793)
(242,871)
404,407
14,378,513
1,528,003
298,732
 
63,063,105
 
Money Market Funds 1.1%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.24% (b)
6,066,373
208,725
—
—
1,202
6,276,300
6,275,045
214,374
Total Affiliated Underlying Funds
(Cost $321,269,155)
$362,731,596
$27,712,031
($39,301,987
)
($4,098,614
)
$54,202,602
$401,245,628
$14,584,642
 
  11
Schwab Target 2035 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
UNAFFILIATED UNDERLYING FUNDS 25.8% OF NET ASSETS
 
U.S. Stocks 10.7%
Large-Cap 9.5%
ClearBridge Large Cap Growth Fund,
Class IS *
$25,059,578
401,982
Dodge & Cox Stock Fund, Class I
26,977,042
113,040
 
52,036,620
Small-Cap 1.2%
ClearBridge Small Cap Growth Fund,
Class IS *
6,393,610
154,026
 
58,430,230
 
International Stocks 2.0%
Emerging Markets 2.0%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
10,857,031
1,287,904
 
Fixed Income 13.1%
Intermediate-Term Bond 9.2%
Baird Aggregate Bond Fund, Institutional
Class
16,701,264
1,730,701
Loomis Sayles Investment Grade Bond
Fund, Class Y
15,485,897
1,596,484
Western Asset Core Plus Bond Fund,
Class I
18,149,136
1,918,513
 
50,336,297
International Bond 3.9%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
20,874,960
2,197,364
 
71,211,257
Total Unaffiliated Underlying Funds
(Cost $138,637,178)
$140,498,518
Total Investments in Securities
(Cost $459,906,333)
$541,744,146
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
12  
Schwab Capital Trust
Schwab Target 2040 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 74.4% OF NET ASSETS
 
U.S. Stocks 39.7%
Large-Cap 33.9%
Schwab Core Equity Fund
$41,499,241
$5,943,604
($2,729,194)
$220,309
$1,506,660
$46,440,620
2,325,519
$5,943,604
Schwab Fundamental US Large
Company Index Fund
40,652,024
839,899
—
—
4,817,344
46,309,267
1,958,109
839,899
Schwab S&P 500 Index Fund
202,140,292
3,302,208
(24,486,050)
2,982,531
32,079,311
216,018,292
3,047,662
3,302,208
Schwab Select Large Cap Growth Fund *
45,175,783
8,280,877
(3,832,216)
(1,246,558)
11,770,566
60,148,452
2,572,645
5,282,426
 
368,916,631
Mid-Cap 1.7%
Schwab U.S. Mid-Cap Index Fund
15,713,224
245,974
—
—
1,897,933
17,857,131
307,828
245,974
Small-Cap 4.1%
Schwab Small-Cap Equity Fund
43,425,211
3,901,391
(3,461,958)
157,185
966,350
44,988,179
2,328,581
3,901,391
 
431,761,941
 
International Stocks 21.3%
Developed Markets 21.3%
Schwab Fundamental International
Large Company Index Fund
—
11,061,506
—
—
753,172
11,814,678
1,124,137
—
Schwab International Core Equity Fund
83,038,692
2,999,273
(12,620,128)
(1,367,800)
20,276,908
92,326,945
8,572,604
2,999,273
Schwab International Opportunities
Fund
121,426,506
4,613,596
(25,044,499)
(5,978,652)
32,417,886
127,434,837
6,168,192
4,613,596
 
231,576,460
 
Real Estate 5.2%
Global Real Estate 5.2%
Schwab Global Real Estate Fund
51,215,066
1,465,069
—
—
3,501,521
56,181,656
8,917,723
1,465,069
 
Fixed Income 7.5%
Intermediate-Term Bond 5.8%
Schwab U.S. Aggregate Bond Index Fund
58,426,328
3,631,502
(600,000)
(131,377)
1,762,094
63,088,547
7,128,649
1,418,545
Short-Term Bond 1.7%
Schwab Short-Term Bond Index Fund
21,059,178
1,206,377
(3,470,001)
(300,904)
540,158
19,034,808
2,022,828
403,070
 
82,123,355
 
  13
Schwab Target 2040 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
Money Market Funds 0.7%
Schwab Variable Share Price Money
Fund, Ultra Shares, 5.24% (b)
$4,918,529
$2,187,943
$—
$—
$974
$7,107,446
7,106,025
$196,812
Total Affiliated Underlying Funds
(Cost $592,769,382)
$728,690,074
$49,679,219
($76,244,046
)
($5,665,266
)
$112,290,877
$808,750,858
$30,611,867
 
UNAFFILIATED UNDERLYING FUNDS 24.9% OF NET ASSETS
 
U.S. Stocks 12.3%
Large-Cap 10.9%
ClearBridge Large Cap Growth Fund,
Class IS *
$55,908,780
896,836
Dodge & Cox Stock Fund, Class I
62,287,993
261,001
 
118,196,773
Small-Cap 1.4%
ClearBridge Small Cap Growth Fund,
Class IS *
15,539,909
374,365
 
133,736,682
 
International Stocks 2.8%
Emerging Markets 2.8%
Goldman Sachs Emerging Markets
Equity Insights Fund, Institutional
Class
31,002,087
3,677,590
 
Fixed Income 9.8%
Intermediate-Term Bond 7.0%
Baird Aggregate Bond Fund, Institutional
Class
23,990,607
2,486,073
Loomis Sayles Investment Grade Bond
Fund, Class Y
29,684,352
3,060,242
Western Asset Core Plus Bond Fund,
Class I
22,519,763
2,380,525
 
76,194,722
International Bond 2.8%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
29,988,332
3,156,667
 
106,183,054
Total Unaffiliated Underlying Funds
(Cost $261,799,139)
$270,921,823
Total Investments in Securities
(Cost $854,568,521)
$1,079,672,681
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
14  
Schwab Capital Trust
Schwab Target 2045 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 76.6% OF NET ASSETS
 
U.S. Stocks 43.6%
Large-Cap 36.9%
Schwab Core Equity Fund
$9,148,532
$1,310,271
$—
$—
$432,426
$10,891,229
545,380
$1,310,271
Schwab Fundamental US Large Company
Index Fund
10,321,556
863,250
—
—
1,298,520
12,483,326
527,836
213,250
Schwab S&P 500 Index Fund
42,795,978
1,980,780
(500,000)
(199)
7,905,605
52,182,164
736,204
699,125
Schwab Select Large Cap Growth Fund *
13,457,746
2,743,275
(1,056,778)
(321,201)
3,617,389
18,440,431
788,727
1,573,621
 
93,997,150
Mid-Cap 1.9%
Schwab U.S. Mid-Cap Index Fund
3,472,391
926,184
—
—
476,869
4,875,444
84,045
54,356
Small-Cap 4.8%
Schwab Small-Cap Equity Fund
11,345,497
2,286,095
(1,713,025)
(303,234)
748,033
12,363,366
639,926
986,096
 
111,235,960
 
International Stocks 22.5%
Developed Markets 22.5%
Schwab Fundamental International Large
Company Index Fund
—
2,657,377
—
—
180,938
2,838,315
270,059
—
Schwab International Core Equity Fund
18,951,106
1,006,900
(1,465,320)
(208,408)
4,706,182
22,990,460
2,134,676
691,900
Schwab International Opportunities Fund
28,764,281
1,964,930
(5,539,893)
(2,191,997)
8,551,366
31,548,687
1,527,042
1,104,930
 
57,377,462
 
Real Estate 5.7%
Global Real Estate 5.7%
Schwab Global Real Estate Fund
11,818,634
1,915,800
—
—
806,264
14,540,698
2,308,047
363,577
 
Fixed Income 4.6%
Intermediate-Term Bond 3.5%
Schwab U.S. Aggregate Bond Index Fund
6,926,746
2,085,753
(270,000)
(66,196)
213,038
8,889,341
1,004,445
187,024
Short-Term Bond 1.1%
Schwab Short-Term Bond Index Fund
2,687,055
57,283
—
—
25,661
2,769,999
294,368
57,287
 
11,659,340
 
Money Market Funds 0.2%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.24% (b)
428,943
14,758
—
—
85
443,786
443,698
15,158
Total Affiliated Underlying Funds
(Cost $168,952,585)
$160,118,465
$19,812,656
($10,545,016
)
($3,091,235
)
$28,962,376
$195,257,246
$7,256,595
 
  15
Schwab Target 2045 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
UNAFFILIATED UNDERLYING FUNDS 22.6% OF NET ASSETS
 
U.S. Stocks 12.0%
Large-Cap 10.4%
ClearBridge Large Cap Growth Fund,
Class IS *
$11,065,497
177,502
Dodge & Cox Stock Fund, Class I
15,531,154
65,079
 
26,596,651
Small-Cap 1.6%
ClearBridge Small Cap Growth Fund,
Class IS *
4,055,129
97,690
 
30,651,780
 
International Stocks 3.9%
Emerging Markets 3.9%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
9,877,371
1,171,693
 
Fixed Income 6.7%
Intermediate-Term Bond 4.8%
Baird Aggregate Bond Fund, Institutional
Class
3,162,188
327,688
Loomis Sayles Investment Grade Bond
Fund, Class Y
6,180,513
637,166
Western Asset Core Plus Bond Fund,
Class I
2,930,114
309,737
 
12,272,815
International Bond 1.9%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional
Class
4,757,297
500,768
 
17,030,112
Total Unaffiliated Underlying Funds
(Cost $55,291,128)
$57,559,263
Total Investments in Securities
(Cost $224,243,713)
$252,816,509
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
16  
Schwab Capital Trust
Schwab Target 2050 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 78.3% OF NET ASSETS
 
U.S. Stocks 45.8%
Large-Cap 38.3%
Schwab Core Equity Fund
$9,356,146
$1,806,569
$—
$—
$496,484
$11,659,199
583,836
$1,340,006
Schwab Fundamental US Large Company
Index Fund
10,937,885
625,984
—
—
1,336,619
12,900,488
545,475
225,984
Schwab S&P 500 Index Fund
41,211,669
1,773,243
(600,000)
(19,751)
7,733,900
50,099,061
706,815
673,243
Schwab Select Large Cap Growth Fund *
15,306,770
3,558,708
(350,000)
(188,577)
4,164,706
22,491,607
962,002
1,789,828
 
97,150,355
Mid-Cap 2.0%
Schwab U.S. Mid-Cap Index Fund
3,531,016
945,695
—
—
486,759
4,963,470
85,562
55,274
Small-Cap 5.5%
Schwab Small-Cap Equity Fund
11,977,527
2,224,751
(695,601)
(142,729)
647,460
14,011,408
725,228
1,054,752
 
116,125,233
 
International Stocks 23.4%
Developed Markets 23.4%
Schwab Fundamental International Large
Company Index Fund
—
2,783,156
—
—
189,504
2,972,660
282,841
—
Schwab International Core Equity Fund
20,423,982
745,675
(2,213,632)
(391,847)
5,105,856
23,670,034
2,197,775
745,675
Schwab International Opportunities Fund
29,636,568
1,768,437
(5,145,171)
(2,260,358)
8,732,977
32,732,453
1,584,339
1,138,437
 
59,375,147
 
Real Estate 6.1%
Global Real Estate 6.1%
Schwab Global Real Estate Fund
12,421,900
2,129,068
—
—
857,402
15,408,370
2,445,773
384,683
 
Fixed Income 3.0%
Intermediate-Term Bond 2.3%
Schwab U.S. Aggregate Bond Index Fund
5,588,502
308,121
(350,000)
(79,234)
228,130
5,695,519
643,561
128,132
Short-Term Bond 0.7%
Schwab Short-Term Bond Index Fund
1,651,101
444,341
(260,000)
(12,694)
28,638
1,851,386
196,747
34,343
 
7,546,905
 
Money Market Funds 0.0%
Schwab Variable Share Price Money Fund,
Ultra Shares, 5.24% (b)
28,287
973
—
—
6
29,266
29,260
1,000
Total Affiliated Underlying Funds
(Cost $172,142,318)
$162,071,353
$19,114,721
($9,614,404
)
($3,095,190
)
$30,008,441
$198,484,921
$7,571,357
 
  17
Schwab Target 2050 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
UNAFFILIATED UNDERLYING FUNDS 21.0% OF NET ASSETS
 
U.S. Stocks 11.7%
Large-Cap 10.1%
ClearBridge Large Cap Growth Fund,
Class IS *
$10,081,096
161,712
Dodge & Cox Stock Fund, Class I
15,577,383
65,273
 
25,658,479
Small-Cap 1.6%
ClearBridge Small Cap Growth Fund,
Class IS *
4,023,604
96,931
 
29,682,083
 
International Stocks 4.6%
Emerging Markets 4.6%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
11,787,705
1,398,304
 
Fixed Income 4.7%
Intermediate-Term Bond 3.5%
Baird Aggregate Bond Fund, Institutional
Class
1,856,349
192,368
Loomis Sayles Investment Grade Bond
Fund, Class Y
4,818,130
496,714
Western Asset Core Plus Bond Fund, Class I
2,168,434
229,221
 
8,842,913
International Bond 1.2%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional Class
3,103,994
326,736
 
11,946,907
Total Unaffiliated Underlying Funds
(Cost $50,502,789)
$53,416,695
Total Investments in Securities
(Cost $222,645,107)
$251,901,616
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
18  
Schwab Capital Trust
Schwab Target 2055 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 79.8% OF NET ASSETS
 
U.S. Stocks 46.4%
Large-Cap 38.8%
Schwab Core Equity Fund
$6,240,346
$1,496,436
$—
$—
$379,238
$8,116,020
406,411
$893,754
Schwab Fundamental US Large Company
Index Fund
7,508,334
911,972
—
—
944,191
9,364,497
395,962
161,971
Schwab S&P 500 Index Fund
27,114,769
1,512,953
—
—
5,162,301
33,790,023
476,722
442,953
Schwab Select Large Cap Growth Fund *
11,008,755
2,722,315
—
—
2,896,286
16,627,356
711,179
1,287,259
 
67,897,896
Mid-Cap 2.0%
Schwab U.S. Mid-Cap Index Fund
2,273,781
849,196
—
—
326,427
3,449,404
59,462
35,594
Small-Cap 5.6%
Schwab Small-Cap Equity Fund
8,219,833
1,834,804
(542,427)
(119,873)
509,380
9,901,717
512,511
722,804
 
81,249,017
 
International Stocks 24.7%
Developed Markets 24.7%
Schwab Fundamental International Large
Company Index Fund
—
1,909,148
—
—
129,993
2,039,141
194,019
—
Schwab International Core Equity Fund
14,069,333
1,398,152
(1,383,489)
(263,184)
3,537,112
17,357,924
1,611,692
508,152
Schwab International Opportunities Fund
20,055,778
2,590,408
(3,317,915)
(1,406,054)
5,898,891
23,821,108
1,153,006
770,408
 
43,218,173
 
Real Estate 6.4%
Global Real Estate 6.4%
Schwab Global Real Estate Fund
8,520,415
2,073,491
—
—
604,102
11,198,008
1,777,462
262,559
 
Fixed Income 2.3%
Intermediate-Term Bond 1.7%
Schwab U.S. Aggregate Bond Index Fund
2,198,825
782,631
—
—
54,567
3,036,023
343,053
62,637
Short-Term Bond 0.6%
Schwab Short-Term Bond Index Fund
1,152,808
117,613
(340,000)
(31,257)
38,757
937,921
99,673
17,615
 
3,973,944
Total Affiliated Underlying Funds
(Cost $123,239,150)
$108,362,977
$18,199,119
($5,583,831
)
($1,820,368
)
$20,481,245
$139,639,142
$5,165,706
 
  19
Schwab Target 2055 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
UNAFFILIATED UNDERLYING FUNDS 19.7% OF NET ASSETS
 
U.S. Stocks 11.2%
Large-Cap 9.4%
ClearBridge Large Cap Growth Fund,
Class IS *
$5,761,765
92,425
Dodge & Cox Stock Fund, Class I
10,754,176
45,063
 
16,515,941
Small-Cap 1.8%
ClearBridge Small Cap Growth Fund,
Class IS *
3,165,210
76,252
 
19,681,151
 
International Stocks 5.1%
Emerging Markets 5.1%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
8,833,150
1,047,823
 
Fixed Income 3.4%
Intermediate-Term Bond 2.5%
Baird Aggregate Bond Fund, Institutional
Class
385,110
39,908
Loomis Sayles Investment Grade Bond
Fund, Class Y
2,834,438
292,210
Western Asset Core Plus Bond Fund, Class I
1,208,070
127,703
 
4,427,618
International Bond 0.9%
PIMCO International Bond Fund
(U.S. Dollar-Hedged), Institutional Class
1,556,702
163,863
 
5,984,320
Total Unaffiliated Underlying Funds
(Cost $32,734,658)
$34,498,621
Total Investments in Securities
(Cost $155,973,808)
$174,137,763
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
20  
Schwab Capital Trust
Schwab Target 2060 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 80.9% OF NET ASSETS
 
U.S. Stocks 47.3%
Large-Cap 39.5%
Schwab Core Equity Fund
$1,906,023
$547,985
$—
$—
$128,457
$2,582,465
129,317
$272,984
Schwab Fundamental US Large Company Index
Fund
2,379,828
626,169
—
—
331,740
3,337,737
141,131
49,169
Schwab S&P 500 Index Fund
7,909,075
1,547,735
(120,000)
(12,447)
1,644,391
10,968,754
154,751
132,735
Schwab Select Large Cap Growth Fund *
3,813,622
740,928
—
—
945,014
5,499,564
235,225
445,929
 
22,388,520
Mid-Cap 2.0%
Schwab U.S. Mid-Cap Index Fund
752,172
285,774
—
—
115,850
1,153,796
19,890
11,774
Small-Cap 5.8%
Schwab Small-Cap Equity Fund
2,301,005
943,071
(88,344)
(21,148)
171,951
3,306,535
171,146
218,071
 
26,848,851
 
International Stocks 25.3%
Developed Markets 25.3%
Schwab Fundamental International Large
Company Index Fund
—
656,113
—
—
44,071
700,184
66,621
—
Schwab International Core Equity Fund
4,161,272
941,479
(382,901)
(69,399)
1,091,073
5,741,524
533,103
156,480
Schwab International Opportunities Fund
6,142,873
1,448,248
(1,074,981)
(513,330)
1,902,740
7,905,550
382,650
235,248
 
14,347,258
 
Real Estate 6.7%
Global Real Estate 6.7%
Schwab Global Real Estate Fund
2,650,647
951,005
—
—
204,597
3,806,249
604,166
86,005
 
Fixed Income 1.6%
Intermediate-Term Bond 1.1%
Schwab U.S. Aggregate Bond Index Fund
436,257
204,221
—
—
9,254
649,732
73,416
12,404
Short-Term Bond 0.5%
Schwab Short-Term Bond Index Fund
200,989
79,566
—
—
1,285
281,840
29,951
4,566
 
931,572
Total Affiliated Underlying Funds
(Cost $41,963,934)
$32,653,763
$8,972,294
($1,666,226
)
($616,324
)
$6,590,423
$45,933,930
$1,625,365
 
  21
Schwab Target 2060 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
UNAFFILIATED UNDERLYING FUNDS 18.5% OF NET ASSETS
 
U.S. Stocks 10.8%
Large-Cap 8.9%
ClearBridge Large Cap Growth Fund, Class IS *
$1,537,600
24,665
Dodge & Cox Stock Fund, Class I
3,512,978
14,720
 
5,050,578
Small-Cap 1.9%
ClearBridge Small Cap Growth Fund, Class IS *
1,075,620
25,912
 
6,126,198
 
International Stocks 5.6%
Emerging Markets 5.6%
Goldman Sachs Emerging Markets Equity
Insights Fund, Institutional Class
3,202,861
379,936
 
Fixed Income 2.1%
Intermediate-Term Bond 1.4%
Loomis Sayles Investment Grade Bond Fund,
Class Y
708,022
72,992
Western Asset Core Plus Bond Fund, Class I
101,729
10,754
 
809,751
International Bond 0.7%
PIMCO International Bond Fund (U.S. Dollar-
Hedged), Institutional Class
359,179
37,808
 
1,168,930
Total Unaffiliated Underlying Funds
(Cost $9,955,232)
$10,497,989
Total Investments in Securities
(Cost $51,919,166)
$56,431,919
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
22  
Schwab Capital Trust
Schwab Target 2065 Fund
Portfolio Holdings as of July 31, 2023 (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
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
AFFILIATED UNDERLYING FUNDS 81.5% OF NET ASSETS
 
U.S. Stocks 48.0%
Large-Cap 40.1%
Schwab Core Equity Fund
$320,507
$245,117
$—
$—
$34,495
$600,119
30,051
$48,117
Schwab Fundamental US Large Company Index
Fund
395,448
303,658
—
—
69,377
768,483
32,494
8,658
Schwab S&P 500 Index Fund
1,318,648
839,533
(43,896)
(3,359)
337,126
2,448,052
34,538
23,131
Schwab Select Large Cap Growth Fund *
623,625
415,406
—
—
204,998
1,244,029
53,209
79,406
 
5,060,683
Mid-Cap 2.0%
Schwab U.S. Mid-Cap Index Fund
117,344
116,050
(7,108)
(1,128)
25,578
250,736
4,322
2,050
Small-Cap 5.9%
Schwab Small-Cap Equity Fund
375,251
328,362
—
—
39,398
743,011
38,458
39,361
 
6,054,430
 
International Stocks 25.7%
Developed Markets 25.7%
Schwab Fundamental International Large Company
Index Fund
—
165,634
—
—
10,171
175,805
16,727
—
Schwab International Core Equity Fund
737,144
383,914
(30,403)
(3,251)
197,761
1,285,165
119,328
26,913
Schwab International Opportunities Fund
1,011,213
618,000
(112,100)
(59,149)
314,401
1,772,365
85,787
39,438
 
3,233,335
 
Real Estate 6.8%
Global Real Estate 6.8%
Schwab Global Real Estate Fund
434,086
382,386
—
—
36,703
853,175
135,425
17,431
 
Fixed Income 1.0%
Intermediate-Term Bond 0.5%
Schwab U.S. Aggregate Bond Index Fund
28,329
37,315
—
—
568
66,212
7,482
1,046
Short-Term Bond 0.5%
Schwab Short-Term Bond Index Fund
31,877
24,947
—
—
179
57,003
6,058
947
 
123,215
Total Affiliated Underlying Funds
(Cost $10,168,314)
$5,393,472
$3,860,322
($193,507
)
($66,887
)
$1,270,755
$10,264,155
$286,498
 
  23
Schwab Target 2065 Fund
Portfolio Holdings (Unaudited) continued
SECURITY
VALUE AT
10/31/22
PURCHASES
SALES
REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
7/31/23
BALANCE
OF SHARES
HELD AT
7/31/23
DISTRIBUTIONS
RECEIVED(a)
UNAFFILIATED UNDERLYING FUNDS 18.0% OF NET ASSETS
 
U.S. Stocks 10.5%
Large-Cap 8.6%
ClearBridge Large Cap Growth Fund, Class IS *
$303,776
4,873
Dodge & Cox Stock Fund, Class I
781,599
3,275
 
1,085,375
Small-Cap 1.9%
ClearBridge Small Cap Growth Fund, Class IS *
243,393
5,863
 
1,328,768
 
International Stocks 6.0%
Emerging Markets 6.0%
Goldman Sachs Emerging Markets Equity Insights
Fund, Institutional Class
749,492
88,908
 
Fixed Income 1.5%
Intermediate-Term Bond 1.0%
Loomis Sayles Investment Grade Bond Fund,
Class Y
132,954
13,707
International Bond 0.5%
PIMCO International Bond Fund (U.S. Dollar-
Hedged), Institutional Class
59,799
6,295
 
192,753
Total Unaffiliated Underlying Funds
(Cost $2,305,133)
$2,271,013
Total Investments in Securities
(Cost $12,473,447)
$12,535,168
 
*
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, 2023, all of the fund’s investment securities were classified as Level 1. Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
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). Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held.
• 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.
REG87628JUL23
  25