Laudus TrustSchwab Select Large Cap Growth Fund
Portfolio Holdings as of December 31, 2023 (Unaudited)
The following are the portfolio holdings as of the report date. For more information, please refer to the fund’s semiannual or annual shareholder reports. You can also obtain this information at no cost by calling 1-866-414-6349 or by sending an email request to orders@mysummaryprospectus.com.
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 97.3% OF NET ASSETS | ||
Automobiles & Components 2.9% | ||
Tesla, Inc. * | 232,933 | 57,879,192 |
Capital Goods 4.6% | ||
Acuity Brands, Inc. | 31,062 | 6,362,429 |
Advanced Drainage Systems, Inc. | 56,711 | 7,975,835 |
Deere & Co. | 13,481 | 5,390,647 |
Donaldson Co., Inc. | 54,021 | 3,530,272 |
Eaton Corp. PLC | 55,629 | 13,396,576 |
Fortive Corp. | 102,386 | 7,538,681 |
Johnson Controls International PLC | 88,189 | 5,083,214 |
Nordson Corp. | 26,032 | 6,876,613 |
Quanta Services, Inc. | 22,256 | 4,802,845 |
Trane Technologies PLC | 34,704 | 8,464,306 |
TransDigm Group, Inc. | 10,901 | 11,027,451 |
Westinghouse Air Brake Technologies Corp. | 42,822 | 5,434,112 |
WW Grainger, Inc. | 5,675 | 4,702,816 |
Yaskawa Electric Corp. | 60,002 | 2,497,396 |
93,083,193 | ||
Commercial & Professional Services 0.8% | ||
Cintas Corp. | 8,144 | 4,908,063 |
Copart, Inc. * | 149,966 | 7,348,334 |
Paycom Software, Inc. | 17,415 | 3,600,029 |
15,856,426 | ||
Consumer Discretionary Distribution & Retail 7.8% | ||
Amazon.com, Inc. * | 847,599 | 128,784,192 |
AutoZone, Inc. * | 2,550 | 6,593,306 |
Lowe's Cos., Inc. | 35,326 | 7,861,801 |
MercadoLibre, Inc. * | 8,324 | 13,081,499 |
Pool Corp. | 6,735 | 2,685,312 |
159,006,110 | ||
Consumer Durables & Apparel 2.1% | ||
DR Horton, Inc. | 33,448 | 5,083,427 |
Lululemon Athletica, Inc. * | 56,983 | 29,134,838 |
NIKE, Inc., Class B | 72,763 | 7,899,879 |
42,118,144 | ||
Consumer Services 3.5% | ||
Airbnb, Inc., Class A * | 20,858 | 2,839,608 |
Chipotle Mexican Grill, Inc. * | 15,362 | 35,132,280 |
DoorDash, Inc., Class A * | 47,439 | 4,691,243 |
Marriott International, Inc., Class A | 47,301 | 10,666,848 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Starbucks Corp. | 42,051 | 4,037,317 |
Wingstop, Inc. | 52,752 | 13,535,108 |
70,902,404 | ||
Consumer Staples Distribution & Retail 1.2% | ||
Costco Wholesale Corp. | 36,368 | 24,005,789 |
Energy 1.2% | ||
Cheniere Energy, Inc. | 21,467 | 3,664,632 |
ConocoPhillips | 39,688 | 4,606,586 |
EOG Resources, Inc. | 73,329 | 8,869,142 |
Schlumberger NV | 121,476 | 6,321,611 |
23,461,971 | ||
Financial Services 6.4% | ||
Blackstone, Inc. | 48,374 | 6,333,124 |
Block, Inc. * | 60,337 | 4,667,067 |
Mastercard, Inc., Class A | 158,241 | 67,491,369 |
Morgan Stanley | 37,999 | 3,543,407 |
MSCI, Inc. | 28,138 | 15,916,260 |
Visa, Inc., Class A | 125,295 | 32,620,553 |
130,571,780 | ||
Food, Beverage & Tobacco 0.8% | ||
Celsius Holdings, Inc. * | 99,407 | 5,419,670 |
Constellation Brands, Inc., Class A | 34,776 | 8,407,098 |
Monster Beverage Corp. * | 47,700 | 2,747,997 |
16,574,765 | ||
Health Care Equipment & Services 5.0% | ||
Align Technology, Inc. * | 7,571 | 2,074,454 |
Dexcom, Inc. * | 120,730 | 14,981,386 |
Edwards Lifesciences Corp. * | 103,218 | 7,870,373 |
HCA Healthcare, Inc. | 6,800 | 1,840,624 |
IDEXX Laboratories, Inc. * | 10,249 | 5,688,707 |
Insulet Corp. * | 17,628 | 3,824,923 |
Intuitive Surgical, Inc. * | 69,639 | 23,493,413 |
McKesson Corp. | 21,201 | 9,815,639 |
UnitedHealth Group, Inc. | 61,851 | 32,562,696 |
102,152,215 | ||
Household & Personal Products 0.0% | ||
Estee Lauder Cos., Inc., Class A | 2,736 | 400,140 |
Materials 0.6% | ||
Ecolab, Inc. | 47,309 | 9,383,740 |
Freeport-McMoRan, Inc. | 70,853 | 3,016,212 |
12,399,952 | ||
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Schwab Select Large Cap Growth Fund
Portfolio Holdings (Unaudited) continued
SECURITY | NUMBER OF SHARES | VALUE ($) |
Media & Entertainment 11.5% | ||
Alphabet, Inc., Class A * | 703,604 | 98,286,443 |
Meta Platforms, Inc., Class A * | 236,210 | 83,608,892 |
Netflix, Inc. * | 86,296 | 42,015,796 |
Spotify Technology SA * | 14,749 | 2,771,484 |
Trade Desk, Inc., Class A * | 78,280 | 5,633,029 |
232,315,644 | ||
Pharmaceuticals, Biotechnology & Life Sciences 6.3% | ||
Alnylam Pharmaceuticals, Inc. * | 7,888 | 1,509,842 |
Biogen, Inc. * | 23,547 | 6,093,257 |
Eli Lilly & Co. | 107,344 | 62,572,965 |
Exact Sciences Corp. * | 80,878 | 5,983,355 |
Genmab AS * | 15,069 | 4,804,796 |
Gilead Sciences, Inc. | 39,084 | 3,166,195 |
Moderna, Inc. * | 10,043 | 998,776 |
Regeneron Pharmaceuticals, Inc. * | 44,018 | 38,660,569 |
Thermo Fisher Scientific, Inc. | 728 | 386,415 |
Waters Corp. * | 12,278 | 4,042,286 |
128,218,456 | ||
Semiconductors & Semiconductor Equipment 10.9% | ||
Advanced Micro Devices, Inc. * | 95,358 | 14,056,723 |
Analog Devices, Inc. | 68,888 | 13,678,401 |
Applied Materials, Inc. | 136,901 | 22,187,545 |
ASML Holding NV | 16,417 | 12,392,988 |
ASML Holding NV NY Registry Shares | 3,765 | 2,849,804 |
Broadcom, Inc. | 19,549 | 21,821,571 |
First Solar, Inc. * | 9,662 | 1,664,569 |
Lam Research Corp. | 8,537 | 6,686,691 |
Lattice Semiconductor Corp. * | 110,090 | 7,595,109 |
NVIDIA Corp. | 231,767 | 114,775,654 |
ON Semiconductor Corp. * | 36,252 | 3,028,129 |
220,737,184 | ||
Software & Services 20.2% | ||
Adobe, Inc. * | 24,616 | 14,685,906 |
Cognizant Technology Solutions Corp., Class A | 50,989 | 3,851,199 |
Datadog, Inc., Class A * | 85,650 | 10,396,197 |
DocuSign, Inc. * | 150,236 | 8,931,530 |
Dynatrace, Inc. * | 162,048 | 8,862,405 |
Fair Isaac Corp. * | 16,207 | 18,865,110 |
Gartner, Inc. * | 13,750 | 6,202,763 |
HubSpot, Inc. * | 9,058 | 5,258,531 |
Intuit, Inc. | 15,437 | 9,648,588 |
Microsoft Corp. | 500,469 | 188,196,363 |
MongoDB, Inc. * | 7,960 | 3,254,446 |
Okta, Inc. * | 146,329 | 13,247,164 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Oracle Corp. | 130,965 | 13,807,640 |
Palo Alto Networks, Inc. * | 20,180 | 5,950,678 |
Salesforce, Inc. * | 162,837 | 42,848,928 |
ServiceNow, Inc. * | 10,350 | 7,312,172 |
Shopify, Inc., Class A * | 159,062 | 12,390,930 |
Synopsys, Inc. * | 30,296 | 15,599,713 |
Workday, Inc., Class A * | 21,347 | 5,893,053 |
Zscaler, Inc. * | 68,571 | 15,192,591 |
410,395,907 | ||
Technology Hardware & Equipment 10.4% | ||
Amphenol Corp., Class A | 81,740 | 8,102,886 |
Apple, Inc. | 943,641 | 181,679,202 |
Arista Networks, Inc. * | 27,664 | 6,515,149 |
Cognex Corp. | 66,321 | 2,768,238 |
Jabil, Inc. | 33,544 | 4,273,506 |
Keyence Corp. | 18,850 | 8,281,865 |
211,620,846 | ||
Transportation 1.1% | ||
JB Hunt Transport Services, Inc. | 30,372 | 6,066,503 |
Uber Technologies, Inc. * | 277,878 | 17,108,949 |
23,175,452 | ||
Total Common Stocks (Cost $1,251,985,958) | 1,974,875,570 |
SHORT-TERM INVESTMENTS 1.8% OF NET ASSETS | ||
Money Market Funds 1.8% | ||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32% (a) | 36,105,876 | 36,105,876 |
Total Short-Term Investments (Cost $36,105,876) | 36,105,876 | |
Total Investments in Securities (Cost $1,288,091,834) | 2,010,981,446 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED APPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
Russell 1000 Growth Index, e-mini, expires 03/15/24 | 105 | 16,219,350 | 159,502 |
SETTLEMENT DATE | COUNTERPARTY | CURRENCY TO BE RECEIVED | AMOUNT OF CURRENCY TO BE RECEIVED | CURRENCY TO BE DELIVERED | AMOUNT OF CURRENCY TO BE DELIVERED | UNREALIZED DEPRECIATION ($) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||
03/29/24 | UBS AG | USD | 3,632,136 | JPY | 510,185,777 | (34,040 ) |
* | Non-income producing security. |
(a) | The rate shown is the annualized 7-day yield. |
JPY — | Japanese Yen |
USD — | U.S. Dollar |
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Schwab Select Large Cap Growth Fund
Portfolio Holdings (Unaudited) continued
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2023 (see notes to portfolio holdings for additional information):
DESCRIPTION | QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL ASSETS (LEVEL 1) | OTHER SIGNIFICANT OBSERVABLE INPUTS (LEVEL 2) | SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) | TOTAL |
Assets | ||||
Common Stocks1 | $1,974,875,570 | $— | $— | $1,974,875,570 |
Short-Term Investments1 | 36,105,876 | — | — | 36,105,876 |
Futures Contracts2 | 159,502 | — | — | 159,502 |
Liabilities | ||||
Forward Foreign Currency Exchange Contracts2 | — | (34,040 ) | — | (34,040 ) |
Total | $2,011,140,948 | ($34,040) | $— | $2,011,106,908 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts and forward foreign currency exchange contracts are reported at cumulative unrealized appreciation or depreciation. |
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Schwab Select Large Cap Growth Fund
Notes to Portfolio Holdings (Unaudited)
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees (the Board) has designated authority to a Valuation Designee, the fund’s investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities held in the fund’s portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
• Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.
• Foreign equity security fair valuation: The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of the fund’s holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter “arbitrage” market timers, who seek to exploit delays between the change in the value of the fund’s portfolio holdings and the Net Asset Value (NAV) of the fund’s shares and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark.
• Futures contracts and forward foreign currency exchange contracts (forwards): Futures contracts are valued at their settlement prices as of the close of their exchanges. Forwards are valued based on that day’s forward exchange rates or by using an interpolated forward exchange rate for contracts with interim settlement dates.
• Mutual funds: Mutual funds are valued at their respective NAVs.
• Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America (GAAP), the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
• Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds (ETFs) and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value heirarchy.
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the valuation of a fund’s holdings
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Schwab Select Large Cap Growth Fund
Notes to Portfolio Holdings (Unaudited) (continued)
may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.
• Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the fund’s investments as of December 31, 2023, are disclosed in the fund’s Portfolio Holdings.
REG60662DEC23
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