nvq

Laudus Trust
Laudus Mondrian International Equity Fund

Portfolio Holdings As of June 30, 2010 (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.


				Cost		Value
Holdings by Category				($)		($)

	98	.7%	Common Stock		73,810,830		69,263,380
	0	.1%	Rights		71,902		72,699
	0	.8%	Other Investment Company		583,129		583,129


	99	.6%	Total Investments		74,465,861		69,919,208
	0	.4%	Other Assets and Liabilities, Net				276,463


	100	.0%	Net Assets				70,195,671


	Number		Value
Security	of Shares		($)

Common Stock 98.7% of net assets

Australia 8.5%


Food & Staples Retailing 2.3%
Wesfarmers Ltd.		68,184		1,629,692


Insurance 2.7%
QBE Insurance Group Ltd.		124,541		1,889,793


Telecommunication Services 3.5%
Telstra Corp., Ltd.		892,925		2,433,887

				5,953,372

France 15.7%


Banks 1.4%
Societe Generale		24,590		1,011,852


Capital Goods 2.5%
Compagnie de Saint-Gobain		47,104		1,755,307


Energy 3.4%
Total S.A.		52,832		2,358,356


Food & Staples Retailing 3.5%
Carrefour S.A.		61,206		2,427,888


Pharmaceuticals, Biotechnology & Life Sciences 1.7%
Sanofi-Aventis		19,694		1,186,115


Telecommunication Services 3.2%
France Telecom S.A.		131,172		2,275,166

				11,014,684

Germany 3.3%


Utilities 3.3%
RWE AG		34,983		2,289,143

Hong Kong 1.7%


Utilities 1.7%
Hongkong Electric Holdings Ltd.		194,500		1,158,498

Italy 1.5%


Banks 1.5%
Intesa Sanpaolo		393,874		1,037,343

Japan 23.1%


Automobiles & Components 2.8%
Toyota Motor Corp.		57,600		1,979,058


Food & Staples Retailing 3.3%
Seven & i Holdings Co., Ltd.		100,900		2,311,748


Household & Personal Products 3.8%
Kao Corp.		114,800		2,701,110


Insurance 2.8%
Tokio Marine Holdings, Inc.		73,700		1,937,561


Pharmaceuticals, Biotechnology & Life Sciences 4.2%
Takeda Pharmaceutical Co., Ltd.		69,400		2,980,913


Technology Hardware & Equipment 3.4%
CANON, Inc.		64,000		2,385,245


Telecommunication Services 2.8%
KDDI Corp.		410		1,954,339

				16,249,974

Netherlands 2.1%


Media 2.1%
Reed Elsevier N.V.		131,399		1,454,617

Singapore 6.4%


Banks 4.5%
Oversea-Chinese Banking Corp., Ltd.		238,221		1,500,104
United Overseas Bank Ltd.		119,200		1,658,294

				3,158,398


Telecommunication Services 1.9%
Singapore Telecommunications Ltd.		630,000		1,361,706

				4,520,104

Spain 6.7%


Banks 1.5%
Banco Santander S.A.		103,304		1,083,264


Telecommunication Services 2.9%
Telefonica S.A.		108,889		2,017,134


Utilities 2.3%
Iberdrola S.A.		288,856		1,623,532

				4,723,930

Switzerland 6.6%


Insurance 2.2%
Zurich Financial Services AG		7,038		1,551,271

Laudus Mondrian International Equity Fund

Portfolio Holdings (Unaudited) continued


	Number		Value
Security	of Shares		($)


Pharmaceuticals, Biotechnology & Life Sciences 4.4%
Novartis AG - Reg’d		63,784		3,091,170

				4,642,441

Taiwan 2.8%


Semiconductors & Semiconductor Equipment 2.8%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,054,154		1,970,259

United Kingdom 20.3%


Energy 6.5%
BP plc		363,223		1,738,809
Royal Dutch Shell plc, Class A		111,870		2,812,148

				4,550,957


Food & Staples Retailing 0.5%
Tesco plc		67,497		380,779


Food, Beverage & Tobacco 4.3%
Unilever plc		113,217		3,026,518


Insurance 1.6%
Aviva plc		242,205		1,125,572


Pharmaceuticals, Biotechnology & Life Sciences 4.1%
GlaxoSmithKline plc		168,484		2,861,003


Telecommunication Services 3.3%
Vodafone Group plc		1,118,270		2,304,186

				14,249,015

Total Common Stock
(Cost $73,810,830)				69,263,380




Rights 0.1% of net assets

Spain 0.1%
Iberdrola S.A. (a)*		311,258		72,699

Total Rights
(Cost $71,902)				72,699




Other Investment Company 0.8% of net assets

United States 0.8%
State Street Institutional Liquid Reserves Fund - Institutional Class		583,129		583,129

Total Other Investment Company
(Cost $583,129)				583,129



End of Investments.

At 06/30/10, the tax basis cost of the fund’s investments was $75,748,860 and the unrealized appreciation and depreciation were $1,824,067 and ($7,653,719), respectively, with a net unrealized depreciation of ($5,829,652).

At 06/30/10, the values of certain foreign securities held by the fund aggregating $69,263,380 were adjusted from their closing market values following the guidelines adopted by the fund’s Board of Trustees.


*		Non-income producing security.
(a)		Fair-valued by management in accordance with procedures approved by the Board of Trustees.


ADR —		American Depositary Receipt.
Reg’d —		Registered

Various inputs are used in determining the value of the funds’ investments. The fair value measurements and disclosures establish a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. These inputs are summarized in the three broad levels listed below:


	•	Level 1 — quoted prices in active markets for identical securities. — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. The funds do not adjust the quoted price for such investments, even in situations where the funds hold a large position and a sale could reasonably impact the quoted price.

	•	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 funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board of Trustees has approved a vendor that would calculate fair valuations of international securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are

Laudus Mondrian International Equity Fund

Portfolio Holdings (Unaudited) continued


		subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.


	•	Level 3 — significant unobservable inputs (including the funds’ own assumption 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 available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds 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 by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ 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 following is a summary of the inputs used to value the funds’ investments as of June 30, 2010:


	Quoted Prices in				Significant
	Active Markets for		Significant Other		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total*

Common Stock(a)		$—		$69,263,380		$—		$69,263,380
Rights(a)
Spain		—		—		72,699		72,699
Other Investment Company		583,129		—		—		583,129

Total		$583,129		$69,263,380		$72,699		$69,919,208


*		The fund had no Other Financial Instruments.
(a)		As categorized in Portfolio Holdings.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

Balance

Change in

Balance

as of

Accrued

Realized

Unrealized

Net

as of

March 31,

Discounts

Gain

Gains

Purchases

Transfers

June 30,

Investments in Securities

2010

(Premiums)

(Loss)

(Losses)

(Sales)

in/out

2010

Rights

Spain

$—

$797

$71,902

$—

$72,699

Total

$—

$797

$71,902

$—

$72,699

REG46277JUN10 - 00

Laudus Trust
Laudus Mondrian Global Equity Fund

Portfolio Holdings As of June 30, 2010 (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.


				Cost		Value
Holdings by Category				($)		($)

	98	.8%	Common Stock		5,020,180		3,763,452
	0	.1%	Rights		2,676		2,706
	0	.6%	Other Investment Company		23,880		23,880


	99	.5%	Total Investments		5,046,736		3,790,038
	0	.5%	Other Assets and Liabilities, Net				20,371


	100	.0%	Net Assets				3,810,409


	Number		Value
Security	of Shares		($)

Common Stock 98.8% of net assets

Australia 4.5%


Insurance 1.4%
QBE Insurance Group Ltd.		3,655		55,461


Materials 1.3%
Amcor Ltd.		9,273		49,422


Telecommunication Services 1.8%
Telstra Corp., Ltd.		24,896		67,860

				172,743

France 10.1%


Banks 1.5%
Societe Generale		1,427		58,720


Capital Goods 0.9%
Vinci S.A.		781		32,428


Energy 3.0%
Total S.A.		2,530		112,936


Food & Staples Retailing 2.4%
Carrefour S.A.		2,320		92,029


Telecommunication Services 2.3%
France Telecom S.A.		5,098		88,424

				384,537

Germany 3.7%


Telecommunication Services 1.9%
Deutsche Telekom AG - Reg’d		6,079		71,766


Utilities 1.8%
RWE AG		1,051		68,773

				140,539

Italy 1.0%


Banks 1.0%
UniCredit S.p.A.		17,493		38,695

Japan 8.5%


Food & Staples Retailing 1.6%
Seven & i Holdings Co., Ltd.		2,600		59,569


Insurance 1.4%
Tokio Marine Holdings, Inc.		2,100		55,209


Pharmaceuticals, Biotechnology & Life Sciences 2.9%
Astellas Pharma, Inc.		1,600		53,609
Takeda Pharmaceutical Co., Ltd.		1,300		55,839

				109,448


Technology Hardware & Equipment 2.0%
Canon, Inc.		2,100		78,266


Transportation 0.6%
West Japan Railway Co.		6		21,941

				324,433

Netherlands 2.4%


Diversified Financials 1.5%
ING Groep N.V. CVA *		7,488		55,415


Media 0.9%
Reed Elsevier N.V.		3,221		35,657

				91,072

Singapore 1.4%


Telecommunication Services 1.4%
Singapore Telecommunications Ltd.		24,000		51,886

Spain 3.7%


Telecommunication Services 2.0%
Telefonica S.A.		4,134		76,581


Utilities 1.7%
Iberdrola S.A.		11,585		65,114

				141,695

Switzerland 4.9%


Insurance 1.6%
Zurich Financial Services AG		277		61,054


Pharmaceuticals, Biotechnology & Life Sciences 3.3%
Novartis AG - Reg’d		2,552		123,678

				184,732

Laudus Mondrian Global Equity Fund

Portfolio Holdings (Unaudited) continued


	Number		Value
Security	of Shares		($)

Taiwan 1.8%


Semiconductors & Semiconductor Equipment 1.8%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		37,184		69,499

United Kingdom 14.3%


Consumer Services 0.9%
Compass Group plc		4,704		35,786


Energy 4.5%
BP plc		15,112		72,343
Royal Dutch Shell plc, Class A		3,972		99,847

				172,190


Food, Beverage & Tobacco 2.8%
Unilever plc		3,918		104,736


Insurance 0.6%
Aviva plc		4,511		20,964


Pharmaceuticals, Biotechnology & Life Sciences 3.1%
GlaxoSmithKline plc		6,994		118,764


Telecommunication Services 2.4%
Vodafone Group plc		44,174		91,020

				543,460

United States 42.5%


Banks 1.2%
Wells Fargo & Co.		1,755		44,928


Capital Goods 3.8%
3M Co.		800		63,192
General Electric Co.		5,700		82,194

				145,386


Diversified Financials 1.5%
Bank of America Corp.		3,950		56,761


Energy 4.5%
Chevron Corp.		1,700		115,362
Southwestern Energy Co. *		1,400		54,096

				169,458


Food & Staples Retailing 2.0%
Wal-Mart Stores, Inc.		1,600		76,912


Food, Beverage & Tobacco 4.7%
ConAgra Foods, Inc.		3,800		88,616
H.J. Heinz Co.		2,100		90,762

				179,378


Health Care Equipment & Services 2.9%
Baxter International, Inc.		1,400		56,896
WellPoint, Inc. *		1,100		53,823

				110,719


Materials 1.2%
Alcoa, Inc.		4,700		47,282


Media 1.3%
CBS Corp., Class B - Non Voting Shares		3,900		50,427


Pharmaceuticals, Biotechnology & Life Sciences 8.6%
Johnson & Johnson		1,700		100,402
Merck & Co., Inc.		3,900		136,383
Pfizer, Inc.		6,465		92,191

				328,976


Retailing 2.5%
Genuine Parts Co.		2,400		94,680


Software & Services 1.5%
Microsoft Corp.		2,500		57,525


Telecommunication Services 3.6%
AT&T, Inc.		2,900		70,151
Verizon Communications, Inc.		2,400		67,248

				137,399


Transportation 1.5%
United Parcel Service, Inc., Class B		1,000		56,890


Utilities 1.7%
Edison International		2,000		63,440

				1,620,161

Total Common Stock
(Cost $5,020,180)				3,763,452




Rights 0.1% of net assets

Spain 0.1%
Iberdrola S.A. (a)*		11,585		2,706

Total Rights
(Cost $2,676)				2,706




Other Investment Company 0.6% of net assets

United States 0.6%
State Street Institutional Liquid Reserves Fund - Institutional Class		23,880		23,880

Total Other Investment Company
(Cost $23,880)				23,880



End of Investments.

At 06/30/10 the tax basis cost of the fund’s investments as $5,046,752 and the unrealized appreciation and depreciation were $31,617 and ($1,288,331), respectively, with a net unrealized depreciation of ($1,256,714).

At 06/30/10, the values of certain foreign securities held by the fund aggregating $2,143,291 were adjusted from their closing market values following the guidelines adopted by the fund’s Board of Trustees.


*		Non-income producing security.
(a)		Fair-valued by management in accordance with procedures approved by the Board of Trustees.


ADR —		American Depositary Receipt.
CVA —		Dutch Certificate.
Reg’d —		Registered

Laudus Mondrian Global Equity Fund

Portfolio Holdings (Unaudited) continued


	•	Level 1 — quoted prices in active markets for identical securities. — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. The funds do not adjust the quoted price for such investments, even in situations where the funds hold a large position and a sale could reasonably impact the quoted price.

	•	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 funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board of Trustees has approved a vendor that would calculate fair valuations of international securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

	•	Level 3 — significant unobservable inputs (including the funds’ own assumption 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 available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds 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 by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.


	Quoted Prices in				Significant
	Active Markets for		Significant Other		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total

Common Stock(a)		$—		$2,143,291		$—		$2,143,291
United States(a)		1,620,161		—		—		1,620,161
Other Financial Instruments
Rights		—		—		2,706		2,706
Other Investment Company		23,880		—		—		23,880

Total		$1,644,041		$2,143,291		$2,706		$3,790,038


(a)		As categorized in Portfolio Holdings.

Laudus Trust
Laudus Mondrian Emerging Markets Fund

Portfolio Holdings As of June 30, 2010 (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.


				Cost		Value
Holdings by Category				($)		($)

	94	.2%	Common Stock		100,587,289		103,664,347
	3	.5%	Preferred Stock		3,111,633		3,792,340
	2	.6%	Other Investment Company		2,913,755		2,913,755


	100	.3%	Total Investments		106,612,677		110,370,442
	(0	.3)%	Other Assets and Liabilities, Net				(301,664	)


	100	.0%	Net Assets				110,068,778


	Number		Value
Security	of Shares		($)

Common Stock 94.2% of net assets

Bermuda 0.2%


Banks 0.2%
Credicorp Ltd.		2,700		245,403

Brazil 11.4%


Materials 2.3%
Vale S.A. ADR		124,300		2,612,786


Software & Services 3.6%
Redecard S.A.		279,400		3,947,202


Transportation 2.8%
Companhia de Concessoes Rodoviarias		147,900		3,062,882


Utilities 2.7%
CPFL Energia S.A. ADR		44,100		2,952,495

				12,575,365

Chile 3.2%


Utilities 3.2%
Enersis S.A. ADR		175,500		3,494,205

China 22.9%


Banks 7.8%
China Construction Bank Corp., Class H		5,773,000		4,647,339
Industrial & Commercial Bank of China Ltd., Class H		5,417,000		3,937,372

				8,584,711


Capital Goods 2.8%
Beijing Enterprises Holdings Ltd.		466,500		3,028,378


Food, Beverage & Tobacco 2.0%
China Yurun Food Group Ltd.		707,000		2,223,298


Household & Personal Products 1.9%
Hengan International Group Co., Ltd.		263,500		2,133,675


Telecommunication Services 3.1%
China Mobile Ltd.		344,500		3,423,587


Transportation 3.5%
China Merchants Holdings International Co., Ltd.		622,000		2,053,378
China Shipping Development Co., Ltd., Class H		1,396,000		1,755,835

				3,809,213


Utilities 1.8%
China Resources Power Holdings Co., Ltd.		888,000		2,012,689

				25,215,551

Columbia 2.8%


Banks 2.8%
Bancolombia S.A. ADR		60,400		3,027,852

Czech Republic 2.6%


Banks 0.9%
Komercni Banka A/S		6,013		962,757


Utilities 1.7%
CEZ A/S		47,131		1,918,327

				2,881,084

India 5.4%


Banks 2.8%
Axis Bank Ltd.		114,784		3,034,841


Diversified Financials 2.6%
Rural Electrification Corp., Ltd.		450,371		2,922,509

				5,957,350

Indonesia 2.9%


Utilities 2.9%
PT Perusahaan Gas Negara		7,447,500		3,157,146

Kazahkstan 1.7%


Energy 1.7%
KazMunaiGas Exploration Production GDR		101,505		1,887,993

Malaysia 2.3%


Telecommunication Services 2.3%
Maxis Berhad		1,577,100		2,569,573

Laudus Mondrian Emerging Markets Fund

Portfolio Holdings (Unaudited) continued


	Number		Value
Security	of Shares		($)

Philippines 2.4%


Telecommunication Services 2.4%
Philippine Long Distance Telephone Co. ADR		52,500		2,675,925

Republic of Korea 5.2%


Banks 1.7%
KB Financial Group, Inc.		43,721		1,675,859
KB Financial Group, Inc. ADR		6,250		236,812

				1,912,671


Food, Beverage & Tobacco 3.5%
KT&G Corp.		78,163		3,842,561

				5,755,232

Russia 3.7%


Energy 3.7%
Gazprom ADR		94,597		1,779,370
LUKOIL ADR		44,200		2,276,300

				4,055,670

South Africa 7.0%


Diversified Financials 2.0%
African Bank Investments Ltd.		564,013		2,213,566


Energy 2.9%
Sasol		88,102		3,129,881


Food, Beverage & Tobacco 2.1%
Tiger Brands Ltd.		103,760		2,294,434

				7,637,881

Taiwan 11.8%


Semiconductors & Semiconductor Equipment 6.5%
MediaTek, Inc.		186,550		2,603,822
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		2,401,719		4,488,915

				7,092,737


Technology Hardware & Equipment 2.2%
Asustek Computer, Inc.		271,061		1,996,663
Pegatron Corp. *		456,563		426,987

				2,423,650


Telecommunication Services 3.1%
Chunghwa Telecom Co., Ltd. ADR		173,502		3,416,255

				12,932,642

Thailand 2.6%


Energy 2.6%
PTT PCL		374,900		2,847,342

Turkey 6.1%


Banks 1.9%
Turkiye Garanti Bankasi A/S		511,909		2,130,376


Energy 2.6%
Tupras-Turkiye Petrol Rafinerileri A/S		156,573		2,840,135


Telecommunication Services 1.6%
Turkcell Iletisim Hizmetleri A/S		342,727		1,777,622

				6,748,133

Total Common Stock
(Cost $100,587,289)				103,664,347




Preferred Stock 3.5% of net assets

Brazil 2.6%


Banks 2.6%
Itausa - Investimentos Itau S.A.		480,806		2,853,147

Republic of Korea 0.9%


Automobiles & Components 0.9%
Hyundai Motor Co.		22,268		939,193

Total Preferred Stock
(Cost $3,111,633)				3,792,340




Other Investment Company 2.6% of net assets

United States 2.6%
State Street Institutional Liquid Reserves Fund - Institutional Class		2,913,755		2,913,755

Total Other Investment Company
(Cost $2,913,755)				2,913,755



End of Investments.

At 06/30/10, the tax basis cost of the fund’s investments was $109,179,473 and the unrealized appreciation and depreciation were $4,929,754 and ($3,738,785) respectively, with a net unrealized appreciation of $1,190,969.

At 06/30/10, the values of certain foreign securities held by the fund aggregating $69,713,731 were adjusted from their closing market values following the guidelines adopted by the fund’s Board of Trustees.


*		Non-income producing security.


ADR —		American Depositary Receipt.
GDR —		Global Depositary Receipt

Laudus Mondrian Emerging Markets Fund

Portfolio Holdings (Unaudited) continued


	•	Level 1 — quoted prices in active markets for identical securities. — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. The funds do not adjust the quoted price for such investments, even in situations where the funds hold a large position and a sale could reasonably impact the quoted price.

	•	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 funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board of Trustees has approved a vendor that would calculate fair valuations of international securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

	•	Level 3 — significant unobservable inputs (including the funds’ own assumption 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 available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds 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 by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.

Laudus Mondrian Emerging Markets Fund

Portfolio Holdings (Unaudited) continued


	Quoted Prices in				Significant
	Active Markets for		Significant Other		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total*

Common Stock(a)		$—		$54,166,718		$—		$54,166,718
Bermuda(a)		245,403		—		—		245,403
Brazil(a)		12,575,365		—		—		12,575,365
Chile(a)		3,494,205		—		—		3,494,205
Columbia(a)		3,027,852		—		—		3,027,852
Kazakhstan(a)		1,887,993		—		—		1,887,993
Philippines(a)		2,675,925		—		—		2,675,925
Republic of Korea(a)		—		3,842,561		—		3,842,561
Banks		236,812		1,675,859		—		1,912,671
Russia(a)		4,055,670		—		—		4,055,670
Taiwan(a)		3,416,255		7,092,737		—		10,508,992
Technology Hardware & Equipment		426,987		1,996,663		—		2,423,650
Thailand(a)		2,847,342		—		—		2,847,342
Preferred Stock
Brazil(a)		2,853,147		—		—		2,853,147
Republic of Korea(a)		—		939,193		—		939,193
Other Investment Company		2,913,755		—		—		2,913,755

Total		$40,656,711		$69,713,731		$—		$110,370,442


*		The fund had no Other Financial Instruments.
(a)		As categorized in Portfolio Holdings.

REG46275JUN10 - 00

Laudus Trust
Laudus Mondrian International Fixed Income Fund

Portfolio Holdings As of June 30, 2010 (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.

For fixed rate obligations, the rate shown is the interest rate (the rate established when the obligation was issued) and the maturity date shown is the stated legal maturity. For variable-rate obligations, the rate shown is the rate as of the report date, and the maturity date shown is the next interest rate change date.


				Cost		Value
Holdings by Category				($)		($)

	54	.6%	Government Bonds		144,131,414		135,423,124
	13	.8%	Government Agency Obligations		31,951,420		34,249,671
	8	.8%	Corporate Bonds		23,375,291		21,822,833
	3	.4%	Securitized		7,642,770		8,307,304
	17	.3%	Supranational		40,408,215		42,905,557
	0	.1%	Other Investment Company		271,785		271,785


	98	.0%	Total Investments		247,780,895		242,980,274
	2	.0%	Other Assets and Liabilities, Net				4,935,294


	100	.0%	Net Assets				247,915,568


Security	Face Amount		Value
Rate, Maturity Date	(local currency)		($)

Government Bonds 54.6% of net assets

Australia 9.4%
Australia Government Bond
6.50%, 05/15/13 (AUD)		1,600,000		1,421,191
6.00%, 02/15/17 (AUD)		2,700,000		2,412,587
5.25%, 03/15/19 (AUD)		9,000,000		7,688,880
5.75%, 05/15/21 (AUD)		13,400,000		11,841,608

				23,364,266

Austria 1.0%
Austria Government Bond
6.25%, 07/15/27 (EUR)		1,500,000		2,439,739

Belgium 2.1%
Belgium Government Bond
4.25%, 09/28/13 (EUR)		3,900,000		5,160,253

Finland 0.8%
Finland Government Bond
5.38%, 07/04/13 (EUR)		1,500,000		2,070,738

France 4.6%
France Government Bond OAT
4.00%, 04/25/14 (EUR)		4,800,000		6,407,899
5.75%, 10/25/32 (EUR)		3,000,000		4,846,329

				11,254,228

Germany 3.4%
Bundesrepublik Deutschland
3.75%, 01/04/17 (EUR)		730,000		989,984
4.25%, 07/04/18 (EUR)		5,300,000		7,397,745

				8,387,729

Greece 1.4%
Hellenic Republic Government Bond
4.50%, 05/20/14 (EUR)		1,900,000		1,844,280
4.60%, 07/20/18 (EUR)		2,000,000		1,686,554

				3,530,834

Ireland 4.2%
Ireland Government Bond
4.00%, 01/15/14 (EUR)		1,900,000		2,330,608
4.50%, 10/18/18 (EUR)		7,000,000		8,179,030

				10,509,638

Italy 9.9%
Italy Government International Bond
4.75%, 02/01/13 (EUR)		3,700,000		4,787,406
4.25%, 08/01/14 (EUR)		7,500,000		9,689,372
4.00%, 02/01/37 (EUR)		5,900,000		6,315,840
Republic of Italy
5.50%, 12/15/14 (JPY)		275,000,000		3,630,498

				24,423,116

Japan 5.2%
Japan Government Ten Year Bond
1.10%, 09/20/12 (JPY)		420,000,000		4,849,213
0.90%, 06/20/13 (JPY)		70,000,000		808,921
1.60%, 09/20/13 (JPY)		550,000,000		6,504,618
Japan Government Thirty Year Bond
2.40%, 12/20/34 (JPY)		65,000,000		807,590

				12,970,342

Netherlands 2.2%
Netherlands Government Bond
4.25%, 07/15/13 (EUR)		4,100,000		5,491,879

Laudus Mondrian International Fixed Income Fund

Portfolio Holdings (Unaudited) continued


Security	Face Amount		Value
Rate, Maturity Date	(local currency)		($)

Poland 3.8%
Poland Government Bond
5.25%, 04/25/13 (PLN)		2,600,000		772,751
5.00%, 10/24/13 (PLN)		3,300,000		968,631
6.25%, 10/24/15 (PLN)		5,800,000		1,766,159
5.50%, 10/25/19 (PLN)		3,700,000		1,065,095
5.75%, 09/23/22 (PLN)		16,300,000		4,717,628

				9,290,264

Slovenia 3.9%
Slovenia Government Bond
4.38%, 02/06/19 (EUR)		7,600,000		9,748,024

Spain 2.7%
Spain Government Bond
4.40%, 01/31/15 (EUR)		2,500,000		3,156,634
4.00%, 04/30/20 (EUR)		3,100,000		3,625,440

				6,782,074

Total Government Bonds
(Cost $144,131,414)				135,423,124




Government Agency Obligations 13.8% of net assets

Germany 3.0%
Bayerische Landesbank
1.40%, 04/22/13 (JPY)		400,000,000		4,580,499
Kreditanstalt fuer Wiederaufbau
2.05%, 02/16/26 (JPY)		250,000,000		2,980,241

				7,560,740

Japan 4.9%
Development Bank of Japan
1.75%, 03/17/17 (JPY)		550,000,000		6,671,314
Japan Finance Org. for Municipal Enterprises
1.55%, 02/21/12 (JPY)		350,000,000		4,039,736
1.35%, 11/26/13 (JPY)		120,000,000		1,408,486

				12,119,536

Netherlands 1.0%
Bank Nederlandse Gemeenten
1.85%, 11/07/16 (JPY)		200,000,000		2,366,879

Spain 4.9%
Instituto de Credito Oficial
1.50%, 09/20/12 (JPY)		1,100,000,000		12,202,516

Total Government Agency Obligations
(Cost $31,951,420)				34,249,671




Corporate Bonds 8.8% of net assets

Netherlands 0.3%
ING Bank N.V.
6.13%, 05/29/18 (EUR) (a)(b)		490,000		615,051

Norway 4.7%
Eksportfinans ASA
1.60%, 03/20/14 (JPY)		1,000,000,000		11,671,809

United Kingdom 3.7%
HSBC Holdings plc
6.25%, 03/19/18 (EUR)		500,000		689,918
Lloyds TSB Bank plc
5.38%, 09/03/19 (EUR)		1,000,000		1,211,443
5.63%, 03/05/13 (EUR) (a)(b)		1,200,000		1,426,041
Royal Bank of Scotland plc
5.38%, 09/30/19 (EUR)		1,830,000		2,185,661
SL Finance plc
6.38%, 07/12/10 (EUR) (a)(b)		2,200,000		2,488,499
Standard Chartered Bank
5.88%, 09/26/17 (EUR)		900,000		1,191,884

				9,193,446

United States 0.1%
Zurich Finance (USA), Inc.
4.50%, 06/15/15 (EUR) (a)(b)		280,000		342,527

Total Corporate Bonds
(Cost $23,375,291)				21,822,833




Securitized 3.4% of net assets

France 3.0%
Dexia Municipal Agency
1.55%, 10/31/13 (JPY)		640,000,000		7,302,117

Ireland 0.4%
Depfa ACS Bank
1.65%, 12/20/16 (JPY)		110,000,000		1,005,187

Total Securitized
(Cost $7,642,770)				8,307,304




Supranational 17.3% of net assets
Asian Development Bank
2.35%, 06/21/27 (JPY)		950,000,000		11,738,783
European Investment Bank
1.40%, 06/20/17 (JPY)		350,000,000		4,118,287
1.90%, 01/26/26 (JPY)		500,000,000		5,790,041
Inter-American Development Bank
6.00%, 05/25/16 (AUD)		13,000,000		11,101,958

Laudus Mondrian International Fixed Income Fund

Portfolio Holdings (Unaudited) continued


Security	Face Amount		Value
Rate, Maturity Date	(local currency)		($)
Nordic Investment Bank
1.70%, 04/27/17 (JPY)		850,000,000		10,156,488

Total Supranational
(Cost $40,408,215)				42,905,557



	Number		Value
Security	of Shares		($)

Other Investment Company 0.1% of net assets

United States 0.1%
State Street Institutional Liquid Reserves Fund - Institutional Class (USD)		271,785		271,785

Total Other Investment Company
(Cost $271,785)				271,785



End of Investments.

At 06/30/10 the tax basis cost of the fund’s investments was $247,872,002, and the unrealized appreciation and depreciation were $7,661,522 and ($12,553,250), respectively, with a net depreciation of ($4,891,728).


(a)		Variable-rate security.
(b)		Callable security.


AUD —		Australian Dollar
EUR —		euro Currency
JPY —		Japanese Yen
PLN —		Polish Zloty
USD —		U.S. Dollar

In addition to the above, the fund held the following at 06/30/10:

Amount of

Currency to be

Unrealized

Expiration Date

Received

Delivered

Gains / Losses

Forward Foreign Currency Contracts

07/30/2010

GBP

24,118,000

EUR

27,762,941

2,079,428

07/30/2010

EUR

2,555,004

GBP

2,162,500

(106,113

)

Net unrealized gains on Forward Foreign Currency Contracts

1,973,315


	•	Level 1 — quoted prices in active markets for identical securities. — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. The funds do not adjust the quoted price for such investments, even in situations where the funds hold a large position and a sale could reasonably impact the quoted price.

	•	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 funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board of Trustees has approved a vendor that would calculate fair valuations of international securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

Laudus Mondrian International Fixed Income Fund

Portfolio Holdings (Unaudited) continued


	•	Level 3 — significant unobservable inputs (including the funds’ own assumption 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 available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds 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 by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.

Assets Valuation Input


	Quoted Prices in					Significant
	Active Markets for			Significant Other		Unobservable
	Identical Assets			Observable Inputs		Inputs
Description	(Level 1)			(Level 2)		(Level 3)		Total

Government Bonds(a)		$—			$135,423,124		$—		$135,423,124
Government Agency Obligations(a)		—			34,249,671		—		34,249,671
Corporate Bonds(a)		—			21,822,833		—		21,822,833
Securitized(a)		—			8,307,304		—		8,307,304
Supranational		—			42,905,557		—		42,905,557
Other Investment Company		271,785			—		—		271,785

Total		$271,785			$242,708,489		$—		$242,980,274

Other Financial Instruments*
Forward Foreign Currency Contracts		$2,079,428			$—		$—		$2,079,428

Liabilities Valuation Input

Other Financial Instruments*
Forward Foreign Currency Contracts		$(106,113	)		$—		$—		$(106,113	)


*		Forward Foreign Currency contracts are not included in Investments and are valued at unrealized appreciation or depreciation.
(a)		As categorized in Portfolio Holdings.

Laudus Mondrian International Fixed Income Fund entered into forward foreign currency exchange contracts during the period ended June 30, 2010. The fund invests in forward currency contracts in connection with the purchase and sale of portfolio securities to minimize the uncertainty of changes in future foreign currency exchange rates and is subject to a foreign currency exchange rate risk.

REG46276JUN10 - 00

Laudus Trust
Laudus Growth Investors U.S. Large Cap Growth Fund

Portfolio Holdings As of June 30, 2010 (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.

Cost

Value

Holdings by Category

($)

.5%

Common Stock

250,887,115

250,711,654

.2%

Other Investment Companies

11,453,958

11,081,602

.7%

Total Investments

262,341,073

261,793,256

.3%

Other Assets and Liabilities, Net

804,890

100

.0%

Net Assets

262,598,146


	Number		Value
Security	of Shares		($)

Common Stock 95.5% of net assets

Capital Goods 7.1%
Illinois Tool Works, Inc.		113,800		4,697,664
Parker Hannifin Corp.		52,600		2,917,196
Rockwell Automation, Inc.		38,300		1,880,147
Roper Industries, Inc.		47,500		2,658,100
United Technologies Corp.		99,200		6,439,072

				18,592,179

Commercial & Professional Supplies 1.4%
Verisk Analytics, Inc., Class A *		121,000		3,617,900

Consumer Durables & Apparel 1.0%
NIKE, Inc., Class B		38,000		2,566,900

Consumer Services 6.5%
Apollo Group, Inc., Class A *		47,200		2,004,584
International Game Technology		348,200		5,466,740
McDonald’s Corp.		145,500		9,584,085

				17,055,409

Diversified Financials 6.0%
BlackRock, Inc.		25,300		3,628,020
CME Group, Inc.		14,400		4,054,320
Intercontinentalexchange Inc *		38,200		4,317,746
The Goldman Sachs Group, Inc.		28,400		3,728,068

				15,728,154

Energy 5.9%
Baker Hughes, Inc.		57,800		2,402,746
Concho Resources, Inc. *		33,500		1,853,555
EOG Resources, Inc.		24,600		2,419,902
Occidental Petroleum Corp.		34,200		2,638,530
Southwestern Energy Co. *		127,600		4,930,464
Suncor Energy, Inc.		47,200		1,389,568

				15,634,765

Food, Beverage & Tobacco 3.8%
General Mills, Inc.		107,000		3,800,640
Kellogg Co.		121,000		6,086,300

				9,886,940

Health Care Equipment & Services 9.1%
Covidien plc		180,500		7,252,490
Express Scripts, Inc. *		147,000		6,911,940
Medco Health Solutions, Inc. *		102,100		5,623,668
Zimmer Holdings, Inc. *		75,700		4,091,585

				23,879,683

Household & Personal Products 1.6%
Colgate-Palmolive Co.		52,200		4,111,272

Materials 4.2%
Praxair, Inc.		71,900		5,463,681
The Sherwin-Williams Co.		80,100		5,542,119

				11,005,800

Media 2.1%
Comcast Corp., Class A		126,200		2,192,094
Discovery Communications, Inc., Class A *		93,400		3,335,314

				5,527,408

Pharmaceuticals, Biotechnology & Life Sciences 5.1%
Allergan, Inc.		161,200		9,391,512
Amgen, Inc. *		75,900		3,992,340

				13,383,852

Retailing 6.6%
Amazon.com, Inc. *		85,500		9,341,730
CarMax, Inc. *		68,900		1,371,110
Lowe’s Cos., Inc.		104,900		2,142,058
Priceline.com, Inc. *		24,900		4,395,846

				17,250,744

Software & Services 13.0%
Google, Inc., Class A *		24,600		10,945,770
MasterCard, Inc., Class A		39,200		7,821,576
Oracle Corp.		296,800		6,369,328
Red Hat, Inc. *		74,800		2,164,712
Visa, Inc., Class A		97,500		6,898,125

				34,199,511

Laudus Growth Investors U.S. Large Cap Growth Fund

Portfolio Holdings (Unaudited) continued


	Number		Value
Security	of Shares		($)

Technology Hardware & Equipment 17.3%
Apple, Inc. *		76,500		19,242,045
Cisco Systems, Inc. *		421,300		8,977,903
EMC Corp. *		220,500		4,035,150
Juniper Networks, Inc. *		108,400		2,473,688
QUALCOMM, Inc.		248,000		8,144,320
Teradata Corp. *		84,900		2,587,752

				45,460,858

Telecommunication Services 2.5%
Crown Castle International Corp. *		180,200		6,714,252

Transportation 2.3%
Union Pacific Corp.		87,700		6,096,027

Total Common Stock
(Cost $250,887,115)				250,711,654




Other Investment Companies 4.2% of net assets


iShares Russell 1000 Growth Index Fund		83,000		3,804,720
State Street Institutional Liquid Reserves Fund - Institutional Class		7,276,882		7,276,882

Total Other Investment Companies
(Cost $11,453,958)				11,081,602



End of Investments.

At 06/30/10, the tax basis cost of the fund’s investments was $265,435,439 and the unrealized appreciation and depreciation were $10,450,059 and ($14,092,242), respectively, with a net unrealized depreciation of ($3,642,183).


*		Non-income producing security.


	•	Level 1 — quoted prices in active markets for identical securities. — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. The funds do not adjust the quoted price for such investments, even in situations where the funds hold a large position and a sale could reasonably impact the quoted price.

	•	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 funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board of Trustees has approved a vendor that would calculate fair valuations of international securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

	•	Level 3 — significant unobservable inputs (including the funds’ own assumption 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 available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds 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 by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.

Laudus Growth Investors U.S. Large Cap Growth Fund

Portfolio Holdings (Unaudited) continued


	Quoted Prices in				Significant
	Active Markets for		Significant Other		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total*

Common Stock(a)		$250,711,654		$—		$—		$250,711,654
Other Investment Companies		11,081,602		—		—		11,081,602

Total		$261,793,256		$—		$—		$261,793,256


*		The fund had no Other Financial Instruments.
(a)		As categorized in Portfolio Holdings.

REG54593JUN10 - 00

Laudus Trust
Laudus Rosenberg U.S. Large Capitalization Fund

Portfolio Holdings As of June 30, 2010 (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.

Cost

Value

Holdings by Category

($)

100

.3%

Other Investment Company

54,504,115

100

.3%

Total Investments

54,504,115

.3)%

Other Assets and Liabilities, Net

(188,121

)

100

.0%

Net Assets

54,315,994


	Number		Value
Security	of Shares		($)

Other Investment Company 100.3% of net assets


State Street Institutional Liquid Reserves Fund - Institutional Class		54,504,115		54,504,115

Total Other Investment Company
(Cost $54,504,115)				54,504,115



End of Investments.

At 06/30/10, the tax basis cost of the fund’s investments was $54,509,560 and the unrealized appreciation and depreciation were $0 and ($5,445), respectively, with a net unrealized depreciation of ($5,445).

At a meeting held on April 28, 2010, the Board of Trustees of the Trust approved the liquidation of the fund. The Fund redeemed all of its outstanding shares on July 30, 2010.


	•	Level 1 — quoted prices in active markets for identical securities. — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. The funds do not adjust the quoted price for such investments, even in situations where the funds hold a large position and a sale could reasonably impact the quoted price.

	•	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 funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board of Trustees has approved a vendor that would calculate fair valuations of international securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

	•	Level 3 — significant unobservable inputs (including the funds’ own assumption 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 available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds 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

Laudus Rosenberg U.S. Large Capitalization Fund

Portfolio Holdings (Unaudited) continued


		amount of such discount estimated by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.

Assets Valuation Input

Quoted Prices in

Significant

Active Markets for

Significant Other

Unobservable

Identical Assets

Observable Inputs

Inputs

Description

(Level 1)

(Level 2)

(Level 3)

Total*

Other Investment Company

$54,504,115

$—

$54,504,115

Total

$54,504,115

$—

$54,504,115


*		The fund had no Other Financial Instruments.

REG46268JUN10 - 00

Laudus Trust
Laudus Rosenberg U.S. Discovery Fund

Portfolio Holdings As of June 30, 2010 (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.

Cost

Value

Holdings by Category

($)

102

.6%

Other Investment Company

64,465,526

102

.6%

Total Investments

64,465,526

.6)%

Other Assets and Liabilities, Net

(1,642,967

)

100

.0%

Net Assets

62,822,559


	Number		Value
Security	of Shares		($)

Other Investment Company 102.6% of net assets


State Street Institutional Liquid Reserves Fund - Institutional Class		64,465,526		64,465,526

Total Other Investment Company
(Cost $64,465,526)				64,465,526



End of Investments.

At 06/30/10, the tax basis cost of the fund’s investments was $64,550,181 and the unrealized appreciation and depreciation were $0 and ($84,655), respectively, with a net unrealized depreciation of ($84,655).

At a meeting held on April 28, 2010, the Board of Trustees of the Trust approved the liquidation of the fund. The Fund redeemed all of its outstanding shares on July 30, 2010.


	•	Level 1 — quoted prices in active markets for identical securities. — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. The funds do not adjust the quoted price for such investments, even in situations where the funds hold a large position and a sale could reasonably impact the quoted price.

	•	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 funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board of Trustees has approved a vendor that would calculate fair valuations of international securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

	•	Level 3 — significant unobservable inputs (including the funds’ own assumption 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 available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds 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

Laudus Rosenberg U.S. Discovery Fund

Portfolio Holdings (Unaudited) continued


		amount of such discount estimated by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.

Quoted Prices in

Significant

Active Markets for

Significant Other

Unobservable

Identical Assets

Observable Inputs

Inputs

Description

(Level 1)

(Level 2)

(Level 3)

Total*

Other Investment Company

$64,465,526

$—

$64,465,526

Total

$64,465,526

$—

$64,465,526


*		The fund had no Other Financial Instruments.

REG46269JUN10 - 00

Laudus Trust
Laudus Rosenberg International Discovery Fund

Portfolio Holdings As of June 30, 2010 (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.

Cost

Value

Holdings by Category

($)

101

.4%

Other Investment Company

39,628,521

101

.4%

Total Investments

39,628,521

.4)%

Other Assets and Liabilities, Net

(538,640

)

100

.0%

Net Assets

39,089,881


	Number		Value
Security	of Shares		($)

Other Investment Company 101.4% of net assets

United States 101.4%
State Street Institutional Liquid Reserves Fund - Institutional Class		39,628,521		39,628,521

Total Other Investment Company
(Cost $39,628,521)				39,628,521



End of Investments.

At 06/30/10, the tax basis cost of the fund’s investments was $39,628,521 and the unrealized appreciation and depreciation were $0 and ($0), respectively.

At a meeting held on April 28, 2010, the Board of Trustees of the Trust approved the liquidation of the fund. The Fund redeemed all of its outstanding shares on July 30, 2010.


	•	Level 1 — quoted prices in active markets for identical securities. — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. The funds do not adjust the quoted price for such investments, even in situations where the funds hold a large position and a sale could reasonably impact the quoted price.

	•	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 funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board of Trustees has approved a vendor that would calculate fair valuations of international securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

	•	Level 3 — significant unobservable inputs (including the funds’ own assumption 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 available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds 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

Laudus Rosenberg International Discovery Fund

Portfolio Holdings (Unaudited) continued


		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 by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.

Quoted Prices in

Significant

Active Markets for

Significant Other

Unobservable

Identical Assets

Observable Inputs

Inputs

Description

(Level 1)

(Level 2)

(Level 3)

Total*

Other Investment Company

$39,628,521

$—

$39,628,521

Total

$39,628,521

$—

$39,628,521


*		The fund had no Other Financial Instruments.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:


	Balance						Change in								Balance
	as of		Accrued		Realized		Unrealized			Net			Net		as of
	March 31,		Discounts		Gain		Gains			Purchases			Transfers		June 30,
Investments in Securities	2010		(Premiums)		(Loss)		(Losses)			(Sales)			in/out		2010

Common Stock
Hong Kong		$1,013,685		$—		$272,236		$(296,898	)		$(989,023	)		$—		$—
Japan		1,187,498		—		—		33,599			(1,221,097	)		—		—

Total		$2,201,183		$—		$272,236		$(263,299	)		$(2,210,120	)		$—		$—

REG46274JUN10 - 00

Laudus Trust
Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings As of June 30, 2010 (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.

Cost

Value

Holdings by Category

($)

—%

Common Stock

41,363

23,073

110

.0%

Other Investment Company

119,506,229

110

.0%

Total Investments

119,547,592

119,529,302

(10

.0)%

Other Assets and Liabilities, Net

(10,893,423

)

100

.0%

Net Assets

108,635,879


	Number		Value
Security	of Shares		($)

Common Stock 0.0% of net assets

Japan 0.0%


Media 0.0%
RKB Mainichi Broadcasting Corp.		3,000		23,073

Malaysia 0.0%


Real Estate 0.0%
Rekapacific Berhad (a)(b)*		24,000		—

Total Common Stock
(Cost $41,363)				23,073




Other Investment Company 110.0% of net assets

United States 110.0%
State Street Institutional Liquid Reserves Fund - Institutional Class		119,506,229		119,506,229

Total Other Investment Company
(Cost $119,506,229)				119,506,229



End of Investments.

At 06/30/10, the tax basis cost of the fund’s investments was $119,547,595 and the unrealized appreciation and depreciation were $10,181 and ($28,474), respectively, with a net unrealized depreciation of ($18,293).

At a meeting held on April 28, 2010, the Board of Trustees of the Trust approved the liquidation of the fund. The Fund redeemed all of its outstanding shares on July 30, 2010.


*		Non-income producing security.
(a)		Fair-valued by management in accordance with procedures approved by the Board of Trustees.
(b)		Illiquid security. At the period end, the value of these amounted to $0 or 0.0% of net assets.


	•	Level 1 — quoted prices in active markets for identical securities. — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities. The funds do not adjust the quoted price for such investments, even in situations where the funds hold a large position and a sale could reasonably impact the quoted price.

	•	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 funds value their holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Board of Trustees has approved a vendor that would calculate fair valuations of international securities based on a number of factors that appear to correlate to the movements in the U.S. markets. As investments whose values are classified as Level 2 prices include positions that are not traded in active markets and/or are

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings (Unaudited) continued


		subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.


	•	Level 3 — significant unobservable inputs (including the funds’ own assumption 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 available for these securities, the funds use one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the funds 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 by the funds in the absence of market information. Assumptions used by the funds due to the lack of observable inputs may significantly impact the resulting fair value and therefore the funds’ results of operations.


	Quoted Prices in				Significant
	Active Markets for		Significant Other		Unobservable
	Identical Assets		Observable Inputs		Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total*

Common Stock(a)		$23,073		$—		$—		$23,073
Other Investment Company		119,506,229		—		—		119,506,229

Total		$119,529,302		$—		$—		$119,529,302


*		The fund had no Other Financial Instruments.
(a)		As categorized in Portfolio Holdings.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:


	Balance														Balance
	as of		Accrued				Change in			Net			Net		as of
	March 31,		Discounts		Realized		Unrealized			Purchases			Transfers		June 30,
Investments in Securities	2010		(Premiums)		Gain (Loss)		Gain (Loss)			(Sales)			in/out		2010

Rights
Republic of Korea		$31,957		$—		$19,606		$(31,957	)		$(19,606	)		$—		$—

Total		$31,957		$—		$19,606		$(31,957	)		$(19,606	)		$—		$—

REG46272JUN10 - 00

Item 2. Controls and Procedures.

(a) Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s Chief Executive Officer, Randall Merk and Registrant’s Principal Financial Officer, George Pereira, have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant’s officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b)

During Registrant’s last fiscal quarter, there have been no changes in Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are attached.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The Laudus Trust


By:		/s/ Randall W. Merk

		Randall W. Merk President, Chief Executive Officer

Date:		August 24, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Randall W. Merk

		Randall W. Merk President, Chief Executive Officer

Date:		August 24, 2010


By:		/s/ George Pereira

		George Pereira Treasurer, Principal Financial Officer

Date:		August 24, 2010