Schwab Annuity PortfoliosSchwab S&P 500 Index Portfolio
Portfolio Holdings as of March 31, 2024 (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.
SECURITY | NUMBER OF SHARES | VALUE ($) |
COMMON STOCKS 99.7% OF NET ASSETS | ||
Automobiles & Components 1.4% | ||
Aptiv PLC * | 13,919 | 1,108,648 |
BorgWarner, Inc. | 11,356 | 394,507 |
Ford Motor Co. | 194,410 | 2,581,765 |
General Motors Co. | 57,263 | 2,596,877 |
Tesla, Inc. * | 137,706 | 24,207,338 |
30,889,135 | ||
Banks 3.4% | ||
Bank of America Corp. | 342,180 | 12,975,466 |
Citigroup, Inc. | 94,584 | 5,981,492 |
Citizens Financial Group, Inc. | 23,114 | 838,807 |
Comerica, Inc. | 6,470 | 355,785 |
Fifth Third Bancorp | 33,755 | 1,256,024 |
Huntington Bancshares, Inc. | 72,316 | 1,008,808 |
JPMorgan Chase & Co. | 143,682 | 28,779,505 |
KeyCorp | 46,250 | 731,213 |
M&T Bank Corp. | 8,224 | 1,196,099 |
PNC Financial Services Group, Inc. | 19,797 | 3,199,195 |
Regions Financial Corp. | 46,159 | 971,185 |
Truist Financial Corp. | 66,443 | 2,589,948 |
U.S. Bancorp | 77,390 | 3,459,333 |
Wells Fargo & Co. | 178,863 | 10,366,899 |
73,709,759 | ||
Capital Goods 5.8% | ||
3M Co. | 27,501 | 2,917,031 |
A O Smith Corp. | 6,066 | 542,664 |
Allegion PLC | 4,393 | 591,781 |
AMETEK, Inc. | 11,456 | 2,095,302 |
Axon Enterprise, Inc. * | 3,513 | 1,099,147 |
Boeing Co. * | 28,504 | 5,500,987 |
Builders FirstSource, Inc. * | 6,106 | 1,273,406 |
Carrier Global Corp. | 41,444 | 2,409,140 |
Caterpillar, Inc. | 25,301 | 9,271,045 |
Cummins, Inc. | 6,758 | 1,991,245 |
Deere & Co. | 12,942 | 5,315,797 |
Dover Corp. | 6,933 | 1,228,458 |
Eaton Corp. PLC | 19,845 | 6,205,134 |
Emerson Electric Co. | 28,426 | 3,224,077 |
Fastenal Co. | 28,398 | 2,190,622 |
Fortive Corp. | 17,445 | 1,500,619 |
Generac Holdings, Inc. * | 3,056 | 385,484 |
General Dynamics Corp. | 11,290 | 3,189,312 |
General Electric Co. | 54,090 | 9,494,418 |
Honeywell International, Inc. | 32,765 | 6,725,016 |
Howmet Aerospace, Inc. | 19,479 | 1,332,948 |
Hubbell, Inc. | 2,675 | 1,110,259 |
Huntington Ingalls Industries, Inc. | 1,957 | 570,407 |
IDEX Corp. | 3,780 | 922,396 |
Illinois Tool Works, Inc. | 13,514 | 3,626,212 |
Ingersoll Rand, Inc. | 20,106 | 1,909,065 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Johnson Controls International PLC | 33,824 | 2,209,384 |
L3Harris Technologies, Inc. | 9,412 | 2,005,697 |
Lockheed Martin Corp. | 10,694 | 4,864,380 |
Masco Corp. | 10,885 | 858,609 |
Nordson Corp. | 2,691 | 738,787 |
Northrop Grumman Corp. | 7,012 | 3,356,364 |
Otis Worldwide Corp. | 20,132 | 1,998,504 |
PACCAR, Inc. | 26,008 | 3,222,131 |
Parker-Hannifin Corp. | 6,382 | 3,547,052 |
Pentair PLC | 8,231 | 703,257 |
Quanta Services, Inc. | 7,219 | 1,875,496 |
Rockwell Automation, Inc. | 5,698 | 1,659,998 |
RTX Corp. | 65,943 | 6,431,421 |
Snap-on, Inc. | 2,617 | 775,208 |
Stanley Black & Decker, Inc. | 7,643 | 748,479 |
Textron, Inc. | 9,793 | 939,442 |
Trane Technologies PLC | 11,311 | 3,395,562 |
TransDigm Group, Inc. | 2,765 | 3,405,374 |
United Rentals, Inc. | 3,334 | 2,404,181 |
Westinghouse Air Brake Technologies Corp. | 8,924 | 1,300,048 |
WW Grainger, Inc. | 2,192 | 2,229,921 |
Xylem, Inc. | 11,990 | 1,549,588 |
126,840,855 | ||
Commercial & Professional Services 1.3% | ||
Automatic Data Processing, Inc. | 20,420 | 5,099,691 |
Broadridge Financial Solutions, Inc. | 5,836 | 1,195,563 |
Cintas Corp. | 4,289 | 2,946,672 |
Copart, Inc. * | 43,342 | 2,510,369 |
Dayforce, Inc. * | 7,675 | 508,162 |
Equifax, Inc. | 6,131 | 1,640,165 |
Jacobs Solutions, Inc. | 6,211 | 954,817 |
Leidos Holdings, Inc. | 6,874 | 901,113 |
Paychex, Inc. | 15,903 | 1,952,888 |
Paycom Software, Inc. | 2,371 | 471,853 |
Republic Services, Inc. | 10,157 | 1,944,456 |
Robert Half, Inc. | 5,195 | 411,859 |
Rollins, Inc. | 14,019 | 648,659 |
Veralto Corp. | 10,951 | 970,916 |
Verisk Analytics, Inc. | 7,206 | 1,698,670 |
Waste Management, Inc. | 18,216 | 3,882,740 |
27,738,593 | ||
Consumer Discretionary Distribution & Retail 6.0% | ||
Amazon.com, Inc. * | 454,300 | 81,946,634 |
AutoZone, Inc. * | 858 | 2,704,116 |
Bath & Body Works, Inc. | 11,243 | 562,375 |
Best Buy Co., Inc. | 9,487 | 778,219 |
CarMax, Inc. * | 7,832 | 682,245 |
eBay, Inc. | 25,840 | 1,363,835 |
Etsy, Inc. * | 5,954 | 409,159 |
Genuine Parts Co. | 6,994 | 1,083,580 |
Home Depot, Inc. | 49,464 | 18,974,390 |
LKQ Corp. | 13,304 | 710,567 |
1
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
SECURITY | NUMBER OF SHARES | VALUE ($) |
Lowe's Cos., Inc. | 28,583 | 7,280,948 |
O'Reilly Automotive, Inc. * | 2,937 | 3,315,520 |
Pool Corp. | 1,918 | 773,913 |
Ross Stores, Inc. | 16,699 | 2,450,745 |
TJX Cos., Inc. | 56,642 | 5,744,632 |
Tractor Supply Co. | 5,382 | 1,408,577 |
Ulta Beauty, Inc. * | 2,419 | 1,264,847 |
131,454,302 | ||
Consumer Durables & Apparel 0.9% | ||
Deckers Outdoor Corp. * | 1,280 | 1,204,813 |
DR Horton, Inc. | 14,816 | 2,437,973 |
Garmin Ltd. | 7,633 | 1,136,325 |
Hasbro, Inc. | 6,525 | 368,793 |
Lennar Corp., Class A | 12,273 | 2,110,710 |
Lululemon Athletica, Inc. * | 5,695 | 2,224,752 |
Mohawk Industries, Inc. * | 2,631 | 344,372 |
NIKE, Inc., Class B | 60,496 | 5,685,414 |
NVR, Inc. * | 158 | 1,279,794 |
PulteGroup, Inc. | 10,568 | 1,274,712 |
Ralph Lauren Corp. | 1,956 | 367,258 |
Tapestry, Inc. | 11,499 | 545,972 |
VF Corp. | 16,065 | 246,437 |
19,227,325 | ||
Consumer Services 2.0% | ||
Airbnb, Inc., Class A * | 21,647 | 3,570,889 |
Booking Holdings, Inc. | 1,734 | 6,290,744 |
Caesars Entertainment, Inc. * | 10,706 | 468,280 |
Carnival Corp. * | 49,853 | 814,598 |
Chipotle Mexican Grill, Inc. * | 1,363 | 3,961,928 |
Darden Restaurants, Inc. | 5,922 | 989,862 |
Domino's Pizza, Inc. | 1,731 | 860,099 |
Expedia Group, Inc. * | 6,462 | 890,141 |
Hilton Worldwide Holdings, Inc. | 12,556 | 2,678,320 |
Las Vegas Sands Corp. | 18,236 | 942,801 |
Marriott International, Inc., Class A | 12,270 | 3,095,844 |
McDonald's Corp. | 36,049 | 10,164,016 |
MGM Resorts International * | 13,660 | 644,889 |
Norwegian Cruise Line Holdings Ltd. * | 21,197 | 443,653 |
Royal Caribbean Cruises Ltd. * | 11,731 | 1,630,726 |
Starbucks Corp. | 56,270 | 5,142,515 |
Wynn Resorts Ltd. | 4,763 | 486,922 |
Yum! Brands, Inc. | 13,956 | 1,934,999 |
45,011,226 | ||
Consumer Staples Distribution & Retail 1.9% | ||
Costco Wholesale Corp. | 22,053 | 16,156,689 |
Dollar General Corp. | 10,909 | 1,702,459 |
Dollar Tree, Inc. * | 10,304 | 1,371,978 |
Kroger Co. | 32,877 | 1,878,263 |
Sysco Corp. | 24,718 | 2,006,607 |
Target Corp. | 22,944 | 4,065,906 |
Walgreens Boots Alliance, Inc. | 35,574 | 771,600 |
Walmart, Inc. | 212,747 | 12,800,987 |
40,754,489 | ||
Energy 3.9% | ||
APA Corp. | 17,906 | 615,608 |
Baker Hughes Co. | 49,752 | 1,666,692 |
Chevron Corp. | 86,202 | 13,597,504 |
ConocoPhillips | 58,551 | 7,452,371 |
Coterra Energy, Inc. | 37,538 | 1,046,559 |
Devon Energy Corp. | 31,861 | 1,598,785 |
Diamondback Energy, Inc. | 8,896 | 1,762,920 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
EOG Resources, Inc. | 28,982 | 3,705,059 |
EQT Corp. | 20,414 | 756,747 |
Exxon Mobil Corp. | 197,358 | 22,940,894 |
Halliburton Co. | 44,240 | 1,743,941 |
Hess Corp. | 13,666 | 2,085,978 |
Kinder Morgan, Inc. | 96,099 | 1,762,456 |
Marathon Oil Corp. | 29,037 | 822,909 |
Marathon Petroleum Corp. | 18,290 | 3,685,435 |
Occidental Petroleum Corp. | 32,674 | 2,123,483 |
ONEOK, Inc. | 28,906 | 2,317,394 |
Phillips 66 | 21,372 | 3,490,902 |
Pioneer Natural Resources Co. | 11,623 | 3,051,038 |
Schlumberger NV | 70,941 | 3,888,276 |
Targa Resources Corp. | 11,110 | 1,244,209 |
Valero Energy Corp. | 16,943 | 2,892,001 |
Williams Cos., Inc. | 60,361 | 2,352,268 |
86,603,429 | ||
Equity Real Estate Investment Trusts (REITs) 2.1% | ||
Alexandria Real Estate Equities, Inc. | 7,791 | 1,004,338 |
American Tower Corp. | 23,187 | 4,581,519 |
AvalonBay Communities, Inc. | 7,078 | 1,313,394 |
Boston Properties, Inc. | 7,212 | 471,016 |
Camden Property Trust | 5,364 | 527,817 |
Crown Castle, Inc. | 21,520 | 2,277,461 |
Digital Realty Trust, Inc. | 15,034 | 2,165,497 |
Equinix, Inc. | 4,663 | 3,848,514 |
Equity Residential | 17,220 | 1,086,754 |
Essex Property Trust, Inc. | 3,181 | 778,741 |
Extra Space Storage, Inc. | 10,511 | 1,545,117 |
Federal Realty Investment Trust | 3,681 | 375,904 |
Healthpeak Properties, Inc. | 34,958 | 655,462 |
Host Hotels & Resorts, Inc. | 35,003 | 723,862 |
Invitation Homes, Inc. | 28,721 | 1,022,755 |
Iron Mountain, Inc. | 14,556 | 1,167,537 |
Kimco Realty Corp. | 33,143 | 649,934 |
Mid-America Apartment Communities, Inc. | 5,786 | 761,322 |
Prologis, Inc. | 45,921 | 5,979,833 |
Public Storage | 7,854 | 2,278,131 |
Realty Income Corp. | 41,277 | 2,233,086 |
Regency Centers Corp. | 8,112 | 491,263 |
SBA Communications Corp. | 5,379 | 1,165,629 |
Simon Property Group, Inc. | 16,165 | 2,529,661 |
UDR, Inc. | 15,014 | 561,674 |
Ventas, Inc. | 19,876 | 865,401 |
VICI Properties, Inc. | 51,466 | 1,533,172 |
Welltower, Inc. | 27,566 | 2,575,767 |
Weyerhaeuser Co. | 36,342 | 1,305,041 |
46,475,602 | ||
Financial Services 7.6% | ||
American Express Co. | 28,421 | 6,471,177 |
Ameriprise Financial, Inc. | 4,974 | 2,180,801 |
Bank of New York Mellon Corp. | 37,692 | 2,171,813 |
Berkshire Hathaway, Inc., Class B * | 90,426 | 38,025,942 |
BlackRock, Inc. | 6,950 | 5,794,215 |
Blackstone, Inc. | 35,781 | 4,700,550 |
Capital One Financial Corp. | 18,940 | 2,819,977 |
Cboe Global Markets, Inc. | 5,274 | 968,992 |
Charles Schwab Corp. (a) | 73,496 | 5,316,701 |
CME Group, Inc. | 17,877 | 3,848,739 |
Corpay, Inc. * | 3,602 | 1,111,361 |
Discover Financial Services | 12,435 | 1,630,104 |
FactSet Research Systems, Inc. | 1,898 | 862,432 |
Fidelity National Information Services, Inc. | 29,412 | 2,181,782 |
2
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
SECURITY | NUMBER OF SHARES | VALUE ($) |
Fiserv, Inc. * | 29,849 | 4,770,467 |
Franklin Resources, Inc. | 15,045 | 422,915 |
Global Payments, Inc. | 12,941 | 1,729,694 |
Goldman Sachs Group, Inc. | 16,208 | 6,769,920 |
Intercontinental Exchange, Inc. | 28,437 | 3,908,097 |
Invesco Ltd. | 22,280 | 369,625 |
Jack Henry & Associates, Inc. | 3,633 | 631,161 |
MarketAxess Holdings, Inc. | 1,858 | 407,367 |
Mastercard, Inc., Class A | 41,004 | 19,746,296 |
Moody's Corp. | 7,829 | 3,077,032 |
Morgan Stanley | 62,263 | 5,862,684 |
MSCI, Inc. | 3,926 | 2,200,327 |
Nasdaq, Inc. | 18,800 | 1,186,280 |
Northern Trust Corp. | 10,130 | 900,760 |
PayPal Holdings, Inc. * | 53,265 | 3,568,222 |
Raymond James Financial, Inc. | 9,377 | 1,204,194 |
S&P Global, Inc. | 15,969 | 6,794,011 |
State Street Corp. | 15,055 | 1,164,053 |
Synchrony Financial | 20,119 | 867,531 |
T Rowe Price Group, Inc. | 11,150 | 1,359,408 |
Visa, Inc., Class A | 78,605 | 21,937,083 |
166,961,713 | ||
Food, Beverage & Tobacco 2.7% | ||
Altria Group, Inc. | 87,644 | 3,823,031 |
Archer-Daniels-Midland Co. | 26,518 | 1,665,596 |
Brown-Forman Corp., Class B | 8,928 | 460,863 |
Bunge Global SA | 7,246 | 742,860 |
Campbell Soup Co. | 9,758 | 433,743 |
Coca-Cola Co. | 193,385 | 11,831,294 |
Conagra Brands, Inc. | 23,605 | 699,652 |
Constellation Brands, Inc., Class A | 7,985 | 2,170,004 |
General Mills, Inc. | 28,201 | 1,973,224 |
Hershey Co. | 7,457 | 1,450,387 |
Hormel Foods Corp. | 14,312 | 499,346 |
J M Smucker Co. | 5,242 | 659,811 |
Kellanova | 13,105 | 750,785 |
Keurig Dr Pepper, Inc. | 51,815 | 1,589,166 |
Kraft Heinz Co. | 39,670 | 1,463,823 |
Lamb Weston Holdings, Inc. | 7,190 | 765,951 |
McCormick & Co., Inc. | 12,562 | 964,887 |
Molson Coors Beverage Co., Class B | 9,159 | 615,943 |
Mondelez International, Inc., Class A | 66,951 | 4,686,570 |
Monster Beverage Corp. * | 36,655 | 2,172,908 |
PepsiCo, Inc. | 68,309 | 11,954,758 |
Philip Morris International, Inc. | 77,157 | 7,069,124 |
Tyson Foods, Inc., Class A | 14,336 | 841,953 |
59,285,679 | ||
Health Care Equipment & Services 5.2% | ||
Abbott Laboratories | 86,282 | 9,806,812 |
Align Technology, Inc. * | 3,551 | 1,164,444 |
Baxter International, Inc. | 25,209 | 1,077,433 |
Becton Dickinson & Co. | 14,358 | 3,552,887 |
Boston Scientific Corp. * | 72,825 | 4,987,784 |
Cardinal Health, Inc. | 12,109 | 1,354,997 |
Cencora, Inc. | 8,221 | 1,997,621 |
Centene Corp. * | 26,534 | 2,082,388 |
Cigna Group | 14,538 | 5,280,056 |
Cooper Cos., Inc. | 9,922 | 1,006,686 |
CVS Health Corp. | 62,559 | 4,989,706 |
DaVita, Inc. * | 2,660 | 367,213 |
DENTSPLY SIRONA, Inc. | 10,534 | 349,624 |
Dexcom, Inc. * | 19,120 | 2,651,944 |
Edwards Lifesciences Corp. * | 30,182 | 2,884,192 |
Elevance Health, Inc. | 11,677 | 6,054,992 |
GE HealthCare Technologies, Inc. * | 20,999 | 1,909,019 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
HCA Healthcare, Inc. | 9,847 | 3,284,270 |
Henry Schein, Inc. * | 6,462 | 488,010 |
Hologic, Inc. * | 11,592 | 903,712 |
Humana, Inc. | 6,068 | 2,103,897 |
IDEXX Laboratories, Inc. * | 4,122 | 2,225,592 |
Insulet Corp. * | 3,448 | 590,987 |
Intuitive Surgical, Inc. * | 17,511 | 6,988,465 |
Laboratory Corp. of America Holdings | 4,244 | 927,144 |
McKesson Corp. | 6,531 | 3,506,167 |
Medtronic PLC | 66,083 | 5,759,133 |
Molina Healthcare, Inc. * | 2,893 | 1,188,531 |
Quest Diagnostics, Inc. | 5,503 | 732,504 |
ResMed, Inc. | 7,321 | 1,449,778 |
STERIS PLC | 4,929 | 1,108,138 |
Stryker Corp. | 16,806 | 6,014,363 |
Teleflex, Inc. | 2,321 | 524,941 |
UnitedHealth Group, Inc. | 45,969 | 22,740,864 |
Universal Health Services, Inc., Class B | 3,039 | 554,496 |
Zimmer Biomet Holdings, Inc. | 10,406 | 1,373,384 |
113,982,174 | ||
Household & Personal Products 1.4% | ||
Church & Dwight Co., Inc. | 12,273 | 1,280,197 |
Clorox Co. | 6,201 | 949,435 |
Colgate-Palmolive Co. | 40,921 | 3,684,936 |
Estee Lauder Cos., Inc., Class A | 11,578 | 1,784,749 |
Kenvue, Inc. | 85,643 | 1,837,899 |
Kimberly-Clark Corp. | 16,723 | 2,163,120 |
Procter & Gamble Co. | 116,945 | 18,974,326 |
30,674,662 | ||
Insurance 2.2% | ||
Aflac, Inc. | 26,124 | 2,243,007 |
Allstate Corp. | 13,031 | 2,254,493 |
American International Group, Inc. | 34,950 | 2,732,042 |
Aon PLC, Class A | 9,954 | 3,321,849 |
Arch Capital Group Ltd. * | 18,439 | 1,704,501 |
Arthur J Gallagher & Co. | 10,794 | 2,698,932 |
Assurant, Inc. | 2,564 | 482,647 |
Brown & Brown, Inc. | 11,791 | 1,032,184 |
Chubb Ltd. | 20,142 | 5,219,396 |
Cincinnati Financial Corp. | 7,842 | 973,741 |
Everest Group Ltd. | 2,148 | 853,830 |
Globe Life, Inc. | 4,211 | 490,034 |
Hartford Financial Services Group, Inc. | 14,849 | 1,530,189 |
Loews Corp. | 8,998 | 704,453 |
Marsh & McLennan Cos., Inc. | 24,455 | 5,037,241 |
MetLife, Inc. | 30,463 | 2,257,613 |
Principal Financial Group, Inc. | 10,960 | 945,958 |
Progressive Corp. | 29,089 | 6,016,187 |
Prudential Financial, Inc. | 17,922 | 2,104,043 |
Travelers Cos., Inc. | 11,318 | 2,604,725 |
W R Berkley Corp. | 10,067 | 890,326 |
Willis Towers Watson PLC | 5,104 | 1,403,600 |
47,500,991 | ||
Materials 2.4% | ||
Air Products & Chemicals, Inc. | 11,070 | 2,681,929 |
Albemarle Corp. | 5,822 | 766,990 |
Amcor PLC | 71,916 | 683,921 |
Avery Dennison Corp. | 3,981 | 888,758 |
Ball Corp. | 15,733 | 1,059,775 |
Celanese Corp. | 4,961 | 852,598 |
CF Industries Holdings, Inc. | 9,465 | 787,583 |
Corteva, Inc. | 34,851 | 2,009,857 |
Dow, Inc. | 34,868 | 2,019,903 |
3
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
SECURITY | NUMBER OF SHARES | VALUE ($) |
DuPont de Nemours, Inc. | 21,386 | 1,639,665 |
Eastman Chemical Co. | 5,846 | 585,886 |
Ecolab, Inc. | 12,627 | 2,915,574 |
FMC Corp. | 6,233 | 397,042 |
Freeport-McMoRan, Inc. | 71,293 | 3,352,197 |
International Flavors & Fragrances, Inc. | 12,734 | 1,094,997 |
International Paper Co. | 17,272 | 673,953 |
Linde PLC | 24,099 | 11,189,648 |
LyondellBasell Industries NV, Class A | 12,747 | 1,303,763 |
Martin Marietta Materials, Inc. | 3,071 | 1,885,410 |
Mosaic Co. | 16,276 | 528,319 |
Newmont Corp. | 57,230 | 2,051,123 |
Nucor Corp. | 12,197 | 2,413,786 |
Packaging Corp. of America | 4,393 | 833,704 |
PPG Industries, Inc. | 11,721 | 1,698,373 |
Sherwin-Williams Co. | 11,704 | 4,065,150 |
Steel Dynamics, Inc. | 7,586 | 1,124,473 |
Vulcan Materials Co. | 6,602 | 1,801,818 |
Westrock Co. | 12,709 | 628,460 |
51,934,655 | ||
Media & Entertainment 8.0% | ||
Alphabet, Inc., Class A * | 292,881 | 44,204,529 |
Alphabet, Inc., Class C * | 245,207 | 37,335,218 |
Charter Communications, Inc., Class A * | 4,914 | 1,428,156 |
Comcast Corp., Class A | 196,931 | 8,536,959 |
Electronic Arts, Inc. | 12,097 | 1,604,909 |
Fox Corp., Class A | 17,752 | 555,105 |
Interpublic Group of Cos., Inc. | 19,112 | 623,625 |
Live Nation Entertainment, Inc. * | 7,085 | 749,380 |
Match Group, Inc. * | 13,468 | 488,619 |
Meta Platforms, Inc., Class A | 109,342 | 53,094,288 |
Netflix, Inc. * | 21,508 | 13,062,454 |
News Corp., Class A | 24,937 | 652,851 |
Omnicom Group, Inc. | 9,777 | 946,022 |
Paramount Global, Class B | 24,004 | 282,527 |
Take-Two Interactive Software, Inc. * | 7,914 | 1,175,150 |
Walt Disney Co. | 91,164 | 11,154,827 |
Warner Bros Discovery, Inc. * | 109,584 | 956,668 |
176,851,287 | ||
Pharmaceuticals, Biotechnology & Life Sciences 7.2% | ||
AbbVie, Inc. | 87,747 | 15,978,729 |
Agilent Technologies, Inc. | 14,545 | 2,116,443 |
Amgen, Inc. | 26,589 | 7,559,784 |
Biogen, Inc. * | 7,205 | 1,553,614 |
Bio-Rad Laboratories, Inc., Class A * | 1,053 | 364,201 |
Bio-Techne Corp. | 7,804 | 549,324 |
Bristol-Myers Squibb Co. | 101,127 | 5,484,117 |
Catalent, Inc. * | 8,874 | 500,937 |
Charles River Laboratories International, Inc. * | 2,553 | 691,735 |
Danaher Corp. | 32,685 | 8,162,098 |
Eli Lilly & Co. | 39,631 | 30,831,333 |
Gilead Sciences, Inc. | 61,973 | 4,539,522 |
Illumina, Inc. * | 7,921 | 1,087,712 |
Incyte Corp. * | 9,187 | 523,383 |
IQVIA Holdings, Inc. * | 9,055 | 2,289,919 |
Johnson & Johnson | 119,641 | 18,926,010 |
Merck & Co., Inc. | 125,940 | 16,617,783 |
Mettler-Toledo International, Inc. * | 1,063 | 1,415,161 |
Moderna, Inc. * | 16,487 | 1,756,855 |
Pfizer, Inc. | 280,625 | 7,787,344 |
Regeneron Pharmaceuticals, Inc. * | 5,253 | 5,055,960 |
Revvity, Inc. | 6,146 | 645,330 |
Thermo Fisher Scientific, Inc. | 19,203 | 11,160,976 |
Vertex Pharmaceuticals, Inc. * | 12,808 | 5,353,872 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Viatris, Inc. | 59,699 | 712,806 |
Waters Corp. * | 2,952 | 1,016,167 |
West Pharmaceutical Services, Inc. | 3,682 | 1,457,004 |
Zoetis, Inc. | 22,818 | 3,861,034 |
157,999,153 | ||
Real Estate Management & Development 0.1% | ||
CBRE Group, Inc., Class A * | 14,799 | 1,439,055 |
CoStar Group, Inc. * | 20,279 | 1,958,951 |
3,398,006 | ||
Semiconductors & Semiconductor Equipment 10.2% | ||
Advanced Micro Devices, Inc. * | 80,304 | 14,494,069 |
Analog Devices, Inc. | 24,655 | 4,876,512 |
Applied Materials, Inc. | 41,353 | 8,528,229 |
Broadcom, Inc. | 21,871 | 28,988,042 |
Enphase Energy, Inc. * | 6,761 | 817,946 |
First Solar, Inc. * | 5,287 | 892,446 |
Intel Corp. | 210,131 | 9,281,486 |
KLA Corp. | 6,726 | 4,698,582 |
Lam Research Corp. | 6,516 | 6,330,750 |
Microchip Technology, Inc. | 26,810 | 2,405,125 |
Micron Technology, Inc. | 54,864 | 6,467,917 |
Monolithic Power Systems, Inc. | 2,389 | 1,618,356 |
NVIDIA Corp. | 122,758 | 110,919,219 |
NXP Semiconductors NV | 12,820 | 3,176,411 |
ON Semiconductor Corp. * | 21,247 | 1,562,717 |
Qorvo, Inc. * | 4,812 | 552,562 |
QUALCOMM, Inc. | 55,465 | 9,390,225 |
Skyworks Solutions, Inc. | 7,912 | 857,028 |
Teradyne, Inc. | 7,573 | 854,462 |
Texas Instruments, Inc. | 45,191 | 7,872,724 |
224,584,808 | ||
Software & Services 11.8% | ||
Accenture PLC, Class A | 31,161 | 10,800,714 |
Adobe, Inc. * | 22,464 | 11,335,334 |
Akamai Technologies, Inc. * | 7,460 | 811,350 |
ANSYS, Inc. * | 4,324 | 1,501,120 |
Autodesk, Inc. * | 10,648 | 2,772,952 |
Cadence Design Systems, Inc. * | 13,506 | 4,204,148 |
Cognizant Technology Solutions Corp., Class A | 24,737 | 1,812,975 |
EPAM Systems, Inc. * | 2,855 | 788,437 |
Fair Isaac Corp. * | 1,236 | 1,544,518 |
Fortinet, Inc. * | 31,636 | 2,161,055 |
Gartner, Inc. * | 3,872 | 1,845,666 |
Gen Digital, Inc. | 27,682 | 620,077 |
International Business Machines Corp. | 45,476 | 8,684,097 |
Intuit, Inc. | 13,913 | 9,043,450 |
Microsoft Corp. | 369,291 | 155,368,110 |
Oracle Corp. | 79,240 | 9,953,336 |
Palo Alto Networks, Inc. * | 15,686 | 4,456,863 |
PTC, Inc. * | 5,962 | 1,126,460 |
Roper Technologies, Inc. | 5,315 | 2,980,865 |
Salesforce, Inc. | 48,109 | 14,489,469 |
ServiceNow, Inc. * | 10,188 | 7,767,331 |
Synopsys, Inc. * | 7,571 | 4,326,826 |
Tyler Technologies, Inc. * | 2,107 | 895,496 |
VeriSign, Inc. * | 4,410 | 835,739 |
260,126,388 | ||
Technology Hardware & Equipment 7.4% | ||
Amphenol Corp., Class A | 29,815 | 3,439,160 |
Apple, Inc. | 721,410 | 123,707,387 |
4
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
SECURITY | NUMBER OF SHARES | VALUE ($) |
Arista Networks, Inc. * | 12,524 | 3,631,709 |
CDW Corp. | 6,659 | 1,703,239 |
Cisco Systems, Inc. | 201,954 | 10,079,524 |
Corning, Inc. | 38,251 | 1,260,753 |
F5, Inc. * | 2,940 | 557,395 |
Hewlett Packard Enterprise Co. | 64,817 | 1,149,205 |
HP, Inc. | 43,425 | 1,312,303 |
Jabil, Inc. | 6,308 | 844,957 |
Juniper Networks, Inc. | 15,951 | 591,144 |
Keysight Technologies, Inc. * | 8,699 | 1,360,350 |
Motorola Solutions, Inc. | 8,259 | 2,931,780 |
NetApp, Inc. | 10,279 | 1,078,987 |
Seagate Technology Holdings PLC | 9,622 | 895,327 |
Super Micro Computer, Inc. * | 2,503 | 2,528,105 |
TE Connectivity Ltd. | 15,326 | 2,225,948 |
Teledyne Technologies, Inc. * | 2,330 | 1,000,316 |
Trimble, Inc. * | 12,341 | 794,267 |
Western Digital Corp. * | 16,174 | 1,103,714 |
Zebra Technologies Corp., Class A * | 2,549 | 768,370 |
162,963,940 | ||
Telecommunication Services 0.9% | ||
AT&T, Inc. | 355,353 | 6,254,213 |
T-Mobile U.S., Inc. | 25,924 | 4,231,315 |
Verizon Communications, Inc. | 208,951 | 8,767,584 |
19,253,112 | ||
Transportation 1.7% | ||
American Airlines Group, Inc. * | 32,197 | 494,224 |
CH Robinson Worldwide, Inc. | 5,763 | 438,795 |
CSX Corp. | 98,213 | 3,640,756 |
Delta Air Lines, Inc. | 31,862 | 1,525,234 |
Expeditors International of Washington, Inc. | 7,183 | 873,237 |
FedEx Corp. | 11,435 | 3,313,177 |
JB Hunt Transport Services, Inc. | 4,034 | 803,775 |
Norfolk Southern Corp. | 11,241 | 2,864,994 |
Old Dominion Freight Line, Inc. | 8,888 | 1,949,227 |
Southwest Airlines Co. | 29,839 | 871,000 |
Uber Technologies, Inc. * | 102,275 | 7,874,152 |
Union Pacific Corp. | 30,306 | 7,453,155 |
United Airlines Holdings, Inc. * | 16,298 | 780,348 |
United Parcel Service, Inc., Class B | 35,946 | 5,342,654 |
38,224,728 | ||
Utilities 2.2% | ||
AES Corp. | 32,917 | 590,202 |
Alliant Energy Corp. | 12,773 | 643,759 |
SECURITY | NUMBER OF SHARES | VALUE ($) |
Ameren Corp. | 12,985 | 960,371 |
American Electric Power Co., Inc. | 26,100 | 2,247,210 |
American Water Works Co., Inc. | 9,661 | 1,180,671 |
Atmos Energy Corp. | 7,460 | 886,770 |
CenterPoint Energy, Inc. | 31,171 | 888,062 |
CMS Energy Corp. | 14,599 | 880,904 |
Consolidated Edison, Inc. | 17,171 | 1,559,298 |
Constellation Energy Corp. | 15,896 | 2,938,376 |
Dominion Energy, Inc. | 41,549 | 2,043,795 |
DTE Energy Co. | 10,294 | 1,154,369 |
Duke Energy Corp. | 38,319 | 3,705,830 |
Edison International | 19,099 | 1,350,872 |
Entergy Corp. | 10,548 | 1,114,713 |
Evergy, Inc. | 11,485 | 613,069 |
Eversource Energy | 17,437 | 1,042,209 |
Exelon Corp. | 49,455 | 1,858,024 |
FirstEnergy Corp. | 25,503 | 984,926 |
NextEra Energy, Inc. | 101,969 | 6,516,839 |
NiSource, Inc. | 20,711 | 572,866 |
NRG Energy, Inc. | 11,228 | 760,023 |
PG&E Corp. | 106,029 | 1,777,046 |
Pinnacle West Capital Corp. | 5,632 | 420,879 |
PPL Corp. | 36,801 | 1,013,132 |
Public Service Enterprise Group, Inc. | 24,779 | 1,654,742 |
Sempra | 31,230 | 2,243,251 |
Southern Co. | 54,204 | 3,888,595 |
WEC Energy Group, Inc. | 15,731 | 1,291,830 |
Xcel Energy, Inc. | 27,457 | 1,475,814 |
48,258,447 | ||
Total Common Stocks (Cost $1,139,029,673) | 2,190,704,458 | |
Total Investments in Securities (Cost $1,139,029,673) | 2,190,704,458 |
NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED APPRECIATION ($) | |
FUTURES CONTRACTS | |||
Long | |||
S&P 500 Index, e-mini, expires 06/21/24 | 23 | 6,104,775 | 63,425 |
* | Non-income producing security. |
(a) | Issuer is affiliated with the fund’s investment adviser. |
Below is a summary of the fund’s transactions with affiliated issuers during the period ended March 31, 2024:
SECURITY | VALUE AT 12/31/23 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 3/31/24 | BALANCE OF SHARES HELD AT 3/31/24 | DIVIDENDS RECEIVED |
COMMON STOCKS 0.2% OF NET ASSETS | ||||||||
Financial Services 0.2% | ||||||||
Charles Schwab Corp. | $4,827,421 | $245,833 | ($22,453 ) | ($6,492 ) | $272,392 | $5,316,701 | 73,496 | $17,499 |
5
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
The following is a summary of the inputs used to value the fund’s investments as of March 31, 2024 (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 Stocks 1 | $2,190,704,458 | $— | $— | $2,190,704,458 |
Futures Contracts 2 | 63,425 | — | — | 63,425 |
Total | $2,190,767,883 | $— | $— | $2,190,767,883 |
1 | As categorized in the Portfolio Holdings. |
2 | Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
6
Schwab S&P 500 Index Portfolio
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.
● Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
● 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 the fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America (GAAP), the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds (ETFs) and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.
● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, state, municipal and provincial obligations and forward foreign currency exchange contracts.
● 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 the 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.
7
Schwab S&P 500 Index Portfolio
Notes to Portfolio Holdings (Unaudited) (continued)
The levels associated with valuing the fund’s investments as of March 31, 2024, are disclosed in the fund’s Portfolio Holdings.
REG47715MAR24
8