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Laudus Trust
Laudus Mondrian International Equity Fund

Portfolio Holdings as of June 30, 2014 (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

($)

.6%

Common Stock

118,894,462

156,235,230

.5%

Other Investment Company

837,609

.1%

Total Investments

119,732,071

157,072,839

.9%

Other Assets and Liabilities, Net

1,453,390

100

.0%

Net Assets

158,526,229


	Number		Value
Security	of Shares		($)

Common Stock 98.6% of net assets

Australia 2.6%


Insurance 2.6%
AMP Ltd.		418,228		2,090,658
QBE Insurance Group Ltd.		194,872		1,995,933

				4,086,591

China 1.3%


Telecommunication Services 1.3%
China Mobile Ltd.		216,500		2,102,808

France 11.4%


Capital Goods 2.6%
Compagnie de Saint-Gobain		73,795		4,163,675


Energy 3.0%
Total S.A.		66,640		4,821,381


Pharmaceuticals, Biotechnology & Life Sciences 3.2%
Sanofi		47,142		5,010,699


Telecommunication Services 2.6%
Orange S.A.		259,370		4,103,833

				18,099,588

Germany 8.4%


Automobiles & Components 1.5%
Daimler AG - Reg’d		24,740		2,311,076


Software & Services 2.1%
SAP AG		43,875		3,380,775


Telecommunication Services 3.1%
Deutsche Telekom AG - Reg’d		279,365		4,899,787


Utilities 1.7%
RWE AG		63,791		2,735,875

				13,327,513

Israel 3.3%


Pharmaceuticals, Biotechnology & Life Sciences 3.3%
Teva Pharmaceutical Industries Ltd. ADR		100,900		5,289,178

Italy 3.1%


Energy 3.1%
Eni S.p.A.		181,910		4,975,179

Japan 16.2%


Food & Staples Retailing 2.1%
Seven & i Holdings Co., Ltd.		77,600		3,270,824


Household & Personal Products 3.3%
Kao Corp.		134,600		5,301,053


Insurance 2.4%
Tokio Marine Holdings, Inc.		117,300		3,860,781


Pharmaceuticals, Biotechnology & Life Sciences 2.9%
Takeda Pharmaceutical Co., Ltd.		97,400		4,520,601


Semiconductors & Semiconductor Equipment 1.2%
Tokyo Electron Ltd.		28,400		1,935,582


Technology Hardware & Equipment 2.8%
Canon, Inc.		134,900		4,408,800


Telecommunication Services 1.5%
NTT DOCOMO, Inc.		136,800		2,335,285

				25,632,926

Netherlands 4.8%


Food & Staples Retailing 2.9%
Koninklijke Ahold N.V.		240,849		4,516,180


Media 1.9%
Reed Elsevier N.V.		131,668		3,023,523

				7,539,703

Singapore 3.9%


Banks 1.9%
United Overseas Bank Ltd.		165,927		3,000,414


Telecommunication Services 2.0%
Singapore Telecommunications Ltd.		1,006,000		3,109,236

				6,109,650

Spain 8.7%


Banks 2.1%
Banco Santander S.A.		325,078		3,396,823


Telecommunication Services 3.1%
Telefonica S.A.		283,026		4,858,946

Laudus Mondrian International Equity Fund

Portfolio Holdings (Unaudited) continued


	Number		Value
Security	of Shares		($)


Utilities 3.5%
Iberdrola S.A.		728,423		5,572,097

				13,827,866

Switzerland 12.5%


Capital Goods 3.2%
ABB Ltd. - Reg’d *		222,922		5,129,509


Food, Beverage & Tobacco 3.1%
Nestle S.A. - Reg’d		63,646		4,931,732


Insurance 2.9%
Zurich Insurance Group AG *		14,998		4,517,188


Pharmaceuticals, Biotechnology & Life Sciences 3.3%
Novartis AG - Reg’d		58,207		5,271,130

				19,849,559

Taiwan 1.8%


Semiconductors & Semiconductor Equipment 1.8%
Taiwan Semiconductor Manufacturing Co., Ltd.		658,154		2,785,007

United Kingdom 20.6%


Energy 6.8%
BP plc		574,668		5,060,479
Royal Dutch Shell plc, Class A		137,911		5,694,356

				10,754,835


Food & Staples Retailing 3.1%
Tesco plc		1,022,054		4,967,370


Food, Beverage & Tobacco 3.3%
Unilever plc		115,553		5,237,956


Pharmaceuticals, Biotechnology & Life Sciences 3.0%
GlaxoSmithKline plc		179,597		4,781,802


Telecommunication Services 1.3%
Vodafone Group plc		585,143		1,955,711


Utilities 3.1%
National Grid plc		341,186		4,911,988

				32,609,662

Total Common Stock
(Cost $118,894,462)				156,235,230




Other Investment Company 0.5% of net assets

United States 0.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (a)		837,609		837,609

Total Other Investment Company
(Cost $837,609)				837,609



End of Investments.

At 06/30/14, the tax basis cost of the fund’s investments was $123,862,098 and the unrealized appreciation and depreciation were $35,298,834 and ($2,088,093), respectively, with a net unrealized appreciation of $33,210,741.

At 06/30/14, the values of certain foreign securities held by the fund aggregating $150,946,052 were adjusted from their closing market values in accordance with international fair valuation procedures approved by the fund’s Board of Trustees.


*		Non-income producing security.
(a)		The rate shown is the 7-day yield.


ADR —		American Depositary Receipt
Reg’d —		Registered


AUD —		Australian dollar
USD —		U.S. dollar

In addition to the above, the fund held the following at 06/30/14:

Amount of

Unrealized

Currency

Appreciation

to be

(Depreciation)

Expiration Date

Counterparty

Received

Delivered

($)

Forward Foreign Currency Exchange Contracts

07/31/2014

State Street Bank London

AUD

544,000

USD

511,902

923

07/31/2014

State Street Bank London

USD

3,974,296

AUD

4,223,500

(74,189

)

Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts

(73,266

)

Under procedures approved by the fund’s Board of Trustees (the “Board”), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair market value. Among other things, these procedures allow the fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Laudus Mondrian International Equity Fund

Portfolio Holdings (Unaudited) continued

The fund values the securities in its portfolio every business day. The fund uses the following policies 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 halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

	•	Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is 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. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques 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. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the fund pursuant to the valuation procedures.

	•	Foreign equity security fair valuation: The Board has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the fund valuing its holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the fund seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter “arbitrage” market timers, who seek to exploit delays between the change in the value of a fund’s portfolio holdings and the Net Asset Value (“NAV”) of the fund’s shares, and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The Board regularly reviews fair value determinations made by the fund pursuant to these procedures.

	•	Forward foreign currency exchange contracts (“forwards”): Forwards are valued based on that day’s forward exchange rates or by using an interpolated forward exchange rate for contracts with interim settlement dates.

	•	Short-term securities (60 days or less to maturity): Short-term securities are valued at amortized cost, which approximates market value.

	•	Underlying funds: Mutual funds are valued at their respective NAVs.

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 inputs to valuation techniques 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 the fund determines 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 management 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 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 and futures contracts. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices.

Laudus Mondrian International Equity Fund

Portfolio Holdings (Unaudited) continued


	•	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 fund values its 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 has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. 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 fund’s 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 fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund 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 fund in the absence of market information. Assumptions used by the fund 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. The following is a summary of the inputs used to value the fund’s investments as of June 30, 2014:

Assets Valuation Input


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

Common Stock¹		$—		$150,946,052			$—		$150,946,052
Israel¹		5,289,178		—			—		5,289,178
Other Investment Company¹		837,609		—			—		837,609

Total		$6,126,787		$150,946,052			$—		$157,072,839

Other Financial Instruments
Forward Foreign Currency Exchange Contracts²		$—		$923			$—		$923


Liabilities Valuation Input


Other Financial Instruments
Forward Foreign Currency Exchange Contracts²		$—		($74,189	)		$—		($74,189	)


¹		As categorized in Portfolio Holdings.
²		Forward foreign currency exchange contracts are not included in Investments in the schedule of portfolio holdings and are valued at unrealized appreciation or depreciation.

The fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 as of the beginning of the fiscal year. There were security transfers in the amount of $5,387,361 from Level 1 to Level 2 for the period ended June 30, 2014. The transfers between Level 1 and Level 2 were primarily due to the use of international fair valuation by the fund. There were no transfers in or out of Level 3 securities during the period.

Laudus Trust
Laudus Mondrian Emerging Markets Fund

Portfolio Holdings as of June 30, 2014 (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				($)		($)

	92	.5%	Common Stock		125,809,382		144,134,622
	3	.8%	Preferred Stock		7,094,483		5,942,395
	3	.6%	Other Investment Company		5,614,573		5,614,573


	99	.9%	Total Investments		138,518,438		155,691,590
	0	.1%	Other Assets and Liabilities, Net				199,172


	100	.0%	Net Assets				155,890,762


	Number		Value
Security	of Shares		($)

Common Stock 92.5% of net assets

Brazil 7.2%


Energy 0.0%
Petroleo Brasileiro S.A. ADR		3,300		51,612


Materials 0.5%
Vale S.A. ADR		61,800		817,614


Software & Services 1.1%
Cielo S.A.		82,060		1,689,853


Transportation 3.7%
CCR S.A.		407,400		3,318,941
EcoRodovias Infraestrutura e Logistica S.A.		346,100		2,371,556

				5,690,497


Utilities 1.9%
CPFL Energia S.A. ADR		164,400		2,992,080

				11,241,656

Chile 2.3%


Utilities 2.3%
Enersis S.A. ADR		213,700		3,600,845

China 16.0%


Capital Goods 1.8%
Beijing Enterprises Holdings Ltd.		287,000		2,716,708


Energy 1.3%
China Shenhua Energy Co., Ltd., Class H		699,500		2,020,704


Health Care Equipment & Services 2.2%
Mindray Medical International Ltd. ADR		110,900		3,493,350


Household & Personal Products 1.7%
Hengan International Group Co., Ltd.		256,500		2,701,092


Retailing 2.4%
Belle International Holdings Ltd.		3,431,392		3,807,804


Telecommunication Services 3.5%
China Mobile Ltd.		559,500		5,434,277


Utilities 3.1%
China Resources Power Holdings Co., Ltd.		1,698,000		4,828,253

				25,002,188

India 8.1%


Banks 2.5%
Axis Bank Ltd.		70,676		2,256,030
Housing Development Finance Corp., Ltd.		99,621		1,644,742

				3,900,772


Capital Goods 1.0%
Larsen & Toubro Ltd.		53,135		1,504,673


Energy 2.1%
Cairn India Ltd.		530,473		3,219,480


Software & Services 2.5%
Infosys Ltd.		36,453		1,966,545
Infosys Ltd. ADR		36,600		1,967,982

				3,934,527

				12,559,452

Indonesia 4.0%


Banks 2.8%
PT Bank Mandiri (Persero) Tbk		2,654,400		2,174,049
PT Bank Rakyat Indonesia (Persero) Tbk		2,443,400		2,128,961

				4,303,010


Utilities 1.2%
PT Perusahaan Gas Negara (Persero) Tbk		4,118,400		1,935,588

				6,238,598

Kazakhstan 1.2%


Energy 1.2%
KazMunaiGas Exploration Production JSC GDR		115,539		1,845,158

Malaysia 4.8%


Banks 2.9%
AMMB Holdings Berhad		2,021,100		4,482,433


Consumer Services 1.4%
Genting Malaysia Berhad		1,703,100		2,227,904

Laudus Mondrian Emerging Markets Fund

Portfolio Holdings (Unaudited) continued


	Number		Value
Security	of Shares		($)


Utilities 0.5%
Tenaga Nasional Berhad		216,400		822,107

				7,532,444

Mexico 7.4%


Banks 1.9%
Grupo Financiero Santander Mexico S.A.B. de C.V., Class B ADR		219,100		2,909,648


Real Estate 3.9%
Fibra Uno Administracion S.A. de C.V.		1,754,900		6,123,584


Telecommunication Services 1.6%
America Movil S.A.B. de C.V., Series L ADR		120,600		2,502,450

				11,535,682

Peru 1.8%


Banks 1.8%
Credicorp Ltd.		18,494		2,875,262

Philippines 2.8%


Telecommunication Services 2.8%
Philippine Long Distance Telephone Co. ADR		64,500		4,346,010

Republic of Korea 7.3%


Automobiles & Components 3.5%
Hyundai Mobis		19,440		5,459,585


Semiconductors & Semiconductor Equipment 3.8%
Samsung Electronics Co., Ltd.		4,492		5,866,321

				11,325,906

Russia 4.6%


Banks 2.0%
Sberbank of Russia ADR		305,989		3,111,908


Energy 2.6%
Gazprom OAO ADR		458,974		3,999,959

				7,111,867

South Africa 4.7%


Capital Goods 1.9%
Bidvest Group Ltd.		108,553		2,884,955


Food, Beverage & Tobacco 2.2%
SABMiller plc		60,043		3,481,617


Retailing 0.6%
Woolworths Holdings Ltd.		126,017		926,318

				7,292,890

Taiwan 7.3%


Semiconductors & Semiconductor Equipment 4.0%
Taiwan Semiconductor Manufacturing Co., Ltd.		1,495,719		6,329,200


Technology Hardware & Equipment 1.1%
Asustek Computer, Inc.		151,000		1,687,566


Telecommunication Services 2.2%
Taiwan Mobile Co., Ltd.		1,095,000		3,388,524

				11,405,290

Thailand 2.9%


Energy 2.9%
PTT PCL		461,700		4,523,821

Turkey 4.5%


Energy 2.6%
Tupras-Turkiye Petrol Rafinerileri A/S		169,369		3,951,421


Telecommunication Services 1.9%
Turk Telekomunikasyon A/S		1,043,520		3,015,429

				6,966,850

United Kingdom 3.1%


Food, Beverage & Tobacco 3.1%
Unilever plc		105,726		4,792,503

United States 2.5%


Consumer Services 2.5%
Yum! Brands, Inc.		48,500		3,938,200

Total Common Stock
(Cost $125,809,382)				144,134,622




Preferred Stock 3.8% of net assets

Brazil 3.8%


Energy 1.6%
Petroleo Brasileiro S.A.		316,400		2,475,925


Materials 2.2%
Vale S.A. ADR		291,300		3,466,470

Total Preferred Stock
(Cost $7,094,483)				5,942,395




Other Investment Company 3.6% of net assets

United States 3.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (a)		5,614,573		5,614,573

Total Other Investment Company
(Cost $5,614,573)				5,614,573



End of Investments.

At 06/30/14, the tax basis cost of the fund’s investments was $147,255,840 and the unrealized appreciation and depreciation were $13,787,482 and ($5,351,732) respectively, with a net unrealized appreciation of $8,435,750.

Laudus Mondrian Emerging Markets Fund

Portfolio Holdings (Unaudited) continued

At 06/30/14, the values of certain foreign securities held by the fund aggregating $87,654,789 were adjusted from their closing market values in accordance with international fair valuation procedures approved by the fund’s Board of Trustees.


(a)		The rate shown is the 7-day yield.


ADR —		American Depositary Receipt
GDR —		Global Depositary Receipt

The fund values the securities in its portfolio every business day. The fund uses the following policies 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 halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

	•	Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is 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. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques 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. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the fund pursuant to the valuation procedures.

	•	Foreign equity security fair valuation: The Board has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the fund valuing its holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the fund seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter “arbitrage” market timers, who seek to exploit delays between the change in the value of a fund’s portfolio holdings and the Net Asset Value (“NAV”) of the fund’s shares, and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The Board regularly reviews fair value determinations made by the fund pursuant to these procedures.

	•	Short-term securities (60 days or less to maturity): Short-term securities are valued at amortized cost, which approximates market value.

	•	Underlying funds: Mutual funds are valued at their respective NAVs.

Laudus Mondrian Emerging Markets Fund

Portfolio Holdings (Unaudited) continued

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 the fund determines 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 management 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 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. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices.

	•	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 fund values its 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 has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. 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 fund’s 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 fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund 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 fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and, therefore the fund’s results of operations.

Laudus Mondrian Emerging Markets Fund

Portfolio Holdings (Unaudited) continued


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

Common Stock¹		$—		$55,554,481		$—		$55,554,481
Brazil¹		11,241,656		—		—		11,241,656
Chile¹		3,600,845		—		—		3,600,845
China¹		—		21,508,838		—		21,508,838
Health Care Equipment & Services		3,493,350		—		—		3,493,350
India¹		—		8,624,925		—		8,624,925
Software & Services		1,967,982		1,966,545		—		3,934,527
Kazakhstan¹		1,845,158		—		—		1,845,158
Mexico¹		11,535,682		—		—		11,535,682
Peru¹		2,875,262		—		—		2,875,262
Philippines¹		4,346,010		—		—		4,346,010
Russia¹		7,111,867		—		—		7,111,867
Thailand¹		4,523,821		—		—		4,523,821
United States¹		3,938,200		—		—		3,938,200
Preferred Stock
Brazil¹		5,942,395		—		—		5,942,395
Other Investment Company¹		5,614,573		—		—		5,614,573

Total		$68,036,801		$87,654,789		$—		$155,691,590


¹		As categorized in Portfolio Holdings.

The fund’s policy is to recognize transfers between Level 1, Level 2 and Level 3 as of the beginning of the fiscal year. There were no transfers between Level 1, Level 2 and Level 3 for the period ended June 30, 2014.

REG60664JUN14-00

Laudus Trust
Laudus Mondrian International Government Fixed Income Fund

Portfolio Holdings as of June 30, 2014 (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). For variable-rate obligations, the rate shown is the rate as of the report date. The maturity date shown for all the securities is the final legal maturity.


				Cost		Value
Holdings by Category				($)		($)

	80	.3%	Government Bonds		237,322,334		254,320,360
	2	.7%	Government Agency Obligation		8,410,130		8,617,267
	15	.1%	Supranational		49,690,557		47,665,745
	0	.3%	Other Investment Company		835,830		835,830


	98	.4%	Total Investments		296,258,851		311,439,202
	1	.6%	Other Assets and Liabilities, Net				5,086,730


	100	.0%	Net Assets				316,525,932


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

Government Bonds 80.3% of net assets

Australia 9.9%
Australia Government Bond
5.25%, 03/15/19 (AUD)		4,500,000		4,669,260
5.75%, 05/15/21 (AUD)		24,600,000		26,760,133

				31,429,393

Austria 4.4%
Austria Government Bond
6.25%, 07/15/27 (EUR)		6,750,000		14,008,519

Canada 4.2%
Canada Government International Bond
3.50%, 01/13/20 (EUR)		8,430,000		13,425,897

Finland 4.4%
Finland Government Bond
3.50%, 04/15/21 (EUR)		8,661,000		13,899,393

France 4.6%
France Government Bond OAT
5.75%, 10/25/32 (EUR)		7,000,000		14,434,167

Germany 1.7%
Bundesrepublik Deutschland
3.50%, 07/04/19 (EUR)		3,300,000		5,230,846

Japan 12.5%
Japan Government Five Year Bond
0.40%, 09/20/15 (JPY)		1,460,000,000		14,469,702
Japan Government Ten Year Bond
1.90%, 06/20/16 (JPY)		668,000,000		6,829,927
1.00%, 09/20/21 (JPY)		80,000,000		828,393
Japan Government Thirty Year Bond
2.40%, 12/20/34 (JPY)		1,080,000,000		12,442,894
1.70%, 03/20/44 (JPY)		500,000,000		4,955,254

				39,526,170

Mexico 4.6%
Mexico Government Bond
6.50%, 06/10/21 (MXN)		170,000,000		14,102,708
7.50%, 06/03/27 (MXN)		6,150,000		538,937

				14,641,645

Netherlands 4.5%
Netherlands Government Bond
5.50%, 01/15/28 (EUR)		7,193,490		14,198,962

New Zealand 3.9%
New Zealand Government Bond
6.00%, 12/15/17 (NZD)		5,800,000		5,407,380
5.50%, 04/15/23 (NZD)		7,500,000		7,085,659

				12,493,039

Poland 7.8%
Poland Government Bond
5.50%, 10/25/19 (PLN)		39,000,000		14,387,981
5.75%, 09/23/22 (PLN)		26,500,000		10,210,933

				24,598,914

Sweden 9.9%
Sweden Government Bond
5.00%, 12/01/20 (SEK)		80,000,000		14,719,902
3.50%, 06/01/22 (SEK)		97,365,000		16,754,480

				31,474,382

United Kingdom 7.9%
United Kingdom Gilt
3.75%, 09/07/21 (GBP)		10,000,000		18,706,935
4.50%, 09/07/34 (GBP)		3,100,000		6,252,098

				24,959,033

Total Government Bonds
(Cost $237,322,334)				254,320,360

Laudus Mondrian International Government Fixed Income Fund

Portfolio Holdings (Unaudited) continued


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

Government Agency Obligation 2.7% of net assets

Germany 2.7%
Kreditanstalt fuer Wiederaufbau
2.05%, 02/16/26 (JPY) (a)		750,000,000		8,617,267

Total Government Agency Obligation
(Cost $8,410,130)				8,617,267




Supranational* 15.1% of net assets


Asian Development Bank
2.35%, 06/21/27 (JPY)		950,000,000		11,124,214
European Investment Bank
1.40%, 06/20/17 (JPY)		1,290,000,000		13,260,074
European Union Notes
2.75%, 06/03/16 (EUR)		8,500,000		12,237,637
Nordic Investment Bank
1.70%, 04/27/17 (JPY)		1,070,000,000		11,043,820

Total Supranational
(Cost $49,690,557)				47,665,745



	Number		Value
Security	of Shares		($)

Other Investment Company 0.3% of net assets

United States 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (b)		835,830		835,830

Total Other Investment Company
(Cost $835,830)				835,830



End of Investments.

At 06/30/14 the tax basis cost of the fund’s investments was $298,437,684 and the unrealized appreciation and depreciation were $15,619,831 and ($2,618,313) respectively, with a net appreciation of $13,001,518.


*		Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others.
(a)		Guaranteed by the Republic of Germany.
(b)		The rate shown is the 7-day yield.


AUD —		Australian dollar
EUR —		euro currency
GBP —		Great British pound
JPY —		Japanese yen
MXN —		Mexican peso
NZD —		New Zealand dollar
PLN —		Polish zloty
SEK —		Swedish krona
USD —		U.S. dollar
ZAR —		South African rand

In addition to the above, the fund held the following at 06/30/14:

Amount of

Unrealized

Currency

Appreciation

to be

(Depreciation)

Expiration Date

Counterparty

Received

Delivered

($)

Forward Foreign Currency Exchange Contracts

07/31/2014

State Street Bank London

AUD

1,457,000

USD

1,371,031

17,172

07/31/2014

State Street Bank London

AUD

746,500

USD

702,453

16,696

07/31/2014

State Street Bank London

AUD

1,881,000

USD

1,770,013

31,724

07/31/2014

State Street Bank London

AUD

3,504,000

USD

3,297,249

67,472

07/31/2014

State Street Bank London

ZAR

126,551,226

AUD

12,706,000

(113,838

)

07/31/2014

State Street Bank London

NZD

1,004,000

USD

876,740

2,366

07/31/2014

State Street Bank London

NZD

698,500

USD

609,963

15,519

07/31/2014

State Street Bank London

NZD

574,500

USD

501,680

18,434

07/31/2014

State Street Bank London

NZD

989,000

USD

863,641

(1,041

)

07/31/2014

State Street Bank London

NZD

2,014,000

USD

1,758,719

36,508

07/31/2014

State Street Bank London

USD

29,037,716

AUD

30,858,500

(542,052

)

07/31/2014

State Street Bank London

USD

16,858,032

NZD

19,305,000

(465,191

)

07/31/2014

State Street Bank London

AUD

1,442,500

ZAR

14,169,750

31,405

07/31/2014

State Street Bank London

AUD

768,500

ZAR

7,531,039

18,413

07/31/2014

State Street Bank London

AUD

913,000

ZAR

9,148,397

3,037

Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts

(863,376

)

Laudus Mondrian International Government Fixed Income Fund

Portfolio Holdings (Unaudited) continued

The fund values the securities in its portfolio every business day. The fund uses the following policies to value various types of securities:


	•	Bonds and notes: Bonds and notes are valued at halfway between the most recent bid and ask quotes or, if such quotes are unavailable, at prices for securities of comparable maturity, credit quality and type. Valuations for bonds and notes are provided by independent bond-pricing services.

	•	Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is 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. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques 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. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the fund pursuant to the valuation procedures.

	•	Foreign equity security fair valuation: The Board has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the fund valuing its holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the fund seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter “arbitrage” market timers, who seek to exploit delays between the change in the value of a fund’s portfolio holdings and the Net Asset Value (“NAV”) of the fund’s shares, and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The Board regularly reviews fair value determinations made by the fund pursuant to these procedures.

	•	Forward foreign currency exchange contracts (“forwards”): Forwards are valued based on that day’s forward exchange rates or by using an interpolated forward exchange rate for contracts with interim settlement dates.

	•	Short-term securities (60 days or less to maturity): Short-term securities are valued at amortized cost, which approximates market value.

	•	Underlying funds: Mutual funds are valued at their respective NAVs.

Laudus Mondrian International Government Fixed Income Fund

Portfolio Holdings (Unaudited) continued

The three levels of the fair value hierarchy are as follows:


	•	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 and futures contracts. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices.

	•	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 fund values its 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 has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. 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 fund’s 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 fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund 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 fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and, therefore the fund’s results of operations.

Assets Valuation Input


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

Government Bonds¹		$—		$254,320,360			$—		$254,320,360
Government Agency Obligations¹		—		8,617,267			—		8,617,267
Supranational		—		47,665,745			—		47,665,745
Other Investment Company¹		835,830		—			—		835,830

Total		$835,830		$310,603,372			$—		$311,439,202

Other Financial Instruments
Forward Foreign Currency Exchange Contracts²		$—		$258,746			$—		$258,746


Liabilities Valuation Input


Other Financial Instruments
Forward Foreign Currency Exchange Contracts²		$—		($1,122,122	)		$—		($1,122,122	)


¹		As categorized in Portfolio Holdings.
²		Forward foreign currency exchange contracts are not included in Investments in the schedule of portfolio holdings and are valued at unrealized appreciation or depreciation.

Laudus Trust
Laudus Mondrian Global Government Fixed Income Fund

Portfolio Holdings as of June 30, 2014 (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				($)		($)

	63	.6%	Government Bonds		11,751,242		11,288,322
	1	.7%	Supranational		272,434		309,540
	32	.9%	U.S. Government Securities		5,923,823		5,830,032
	0	.7%	Other Investment Company		117,935		117,935


	98	.9%	Total Investments		18,065,434		17,545,829
	1	.1%	Other Assets and Liabilities, Net				188,611


	100	.0%	Net Assets				17,734,440


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

Government Bonds 63.6% of net assets

Australia 7.8%
Australia Government Bond
5.25%, 03/15/19 (AUD)		250,000		259,403
4.50%, 04/15/20 (AUD)		465,000		470,672
5.75%, 05/15/21 (AUD)		601,000		653,774

				1,383,849

Brazil 3.9%
Brazil Notas do Tesouro Nacional
10.00%, 01/01/17 (BRL)		400,000		166,662
10.00%, 01/01/21 (BRL)		782,000		307,145
10.00%, 01/01/23 (BRL)		580,000		222,874

				696,681

Colombia 1.5%
Colombia Government International Bond
7.75%, 04/14/21 (COP)		140,000,000		86,632
Colombian TES
7.25%, 06/15/16 (COP)		80,000,000		44,172
5.00%, 11/21/18 (COP)		97,000,000		49,934
7.00%, 05/04/22 (COP)		54,000,000		29,653
10.00%, 07/24/24 (COP)		81,000,000		53,820

				264,211

Germany 10.4%
Bundesobligation
0.50%, 10/13/17 (EUR)		10,000		13,877
0.50%, 02/23/18 (EUR)		765,000		1,060,584
Bundesrepublik Deutschland
2.50%, 01/04/21 (EUR)		150,000		230,171
3.25%, 07/04/42 (EUR)		317,000		534,236

				1,838,868

Hungary 0.4%
Hungary Government Bond
6.75%, 02/24/17 (HUF)		4,400,000		21,476
6.50%, 06/24/19 (HUF)		4,000,000		20,261
6.00%, 11/24/23 (HUF)		6,000,000		30,145

				71,882

Indonesia 1.3%
Indonesia Treasury Bond
5.25%, 05/15/18 (IDR)		1,400,000,000		108,720
5.63%, 05/15/23 (IDR)		1,130,000,000		80,468
8.38%, 03/15/34 (IDR)		470,000,000		38,139

				227,327

Japan 9.1%
Japan Government Ten Year Bond
1.50%, 03/20/15 (JPY)		17,000,000		169,561
1.40%, 03/20/18 (JPY)		57,300,000		592,535
0.80%, 09/20/20 (JPY)		33,200,000		339,193
Japan Government Thirty Year Bond
1.70%, 03/20/44 (JPY)		50,900,000		504,445

				1,605,734

Malaysia 1.5%
Malaysia Government Bond
3.31%, 10/31/17 (MYR)		380,000		117,521
4.24%, 02/07/18 (MYR)		50,000		15,880
3.42%, 08/15/22 (MYR)		330,000		98,868
3.84%, 04/15/33 (MYR)		130,000		37,529

				269,798

Mexico 2.5%
Mexico Government Bond
8.00%, 12/17/15 (MXN)		1,605,000		132,103
7.25%, 12/15/16 (MXN)		682,600		57,132
6.50%, 06/10/21 (MXN)		560,000		46,456
8.00%, 12/07/23 (MXN)		900,000		81,186
7.50%, 06/03/27 (MXN)		1,500,000		131,448

				448,325

Laudus Mondrian Global Government Fixed Income Fund

Portfolio Holdings (Unaudited) continued


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

Peru 1.1%
Peru Government Bond
8.60%, 08/12/17 (PEN)		64,000		25,955
7.84%, 08/12/20 (PEN)		380,000		156,292
5.20%, 09/12/23 (PEN)		20,000		7,107

				189,354

Poland 2.3%
Poland Government Bond
5.50%, 04/25/15 (PLN)		300,000		101,245
5.25%, 10/25/20 (PLN)		567,000		209,018
5.75%, 09/23/22 (PLN)		270,000		104,036

				414,299

Qatar 0.8%
Qatar Government International Bond
5.25%, 01/20/20 (USD) (a)		120,000		136,944

Russia 1.8%
Russian Federal Bond - OFZ
7.50%, 03/15/18 (RUB)		3,100,000		90,012
7.60%, 04/14/21 (RUB)		7,900,000		227,059

				317,071

South Africa 1.9%
South Africa Government Bond
13.50%, 09/15/15 (ZAR)		592,900		60,046
8.00%, 12/21/18 (ZAR)		1,040,000		99,446
10.50%, 12/21/26 (ZAR)		1,220,000		133,949
6.25%, 03/31/36 (ZAR)		650,000		45,461

				338,902

Sweden 7.8%
Sweden Government Bond
3.75%, 08/12/17 (SEK)		350,000		57,420
4.25%, 03/12/19 (SEK)		4,600,000		792,667
3.50%, 06/01/22 (SEK)		2,845,000		489,565
3.50%, 03/30/39 (SEK)		285,000		50,855

				1,390,507

Thailand 0.4%
Thailand Government Bond
3.88%, 06/13/19 (THB)		1,700,000		54,151
3.63%, 06/16/23 (THB)		800,000		24,451

				78,602

Turkey 1.3%
Turkey Government Bond
9.00%, 03/08/17 (TRY)		70,000		33,767
6.30%, 02/14/18 (TRY)		170,000		75,628
7.10%, 03/08/23 (TRY)		280,000		120,136

				229,531

United Kingdom 7.8%
United Kingdom Gilt
4.00%, 09/07/16 (GBP)		25,000		45,516
3.75%, 09/07/20 (GBP)		197,000		367,619
4.25%, 12/07/27 (GBP)		500,000		973,302

				1,386,437

Total Government Bonds
(Cost $11,751,242)				11,288,322




Supranational* 1.7% of net assets


European Union Notes
2.75%, 06/03/16 (EUR)		215,000		309,540

Total Supranational
(Cost $272,434)				309,540




U.S. Government Securities 32.9% of net assets

United States 32.9%
U.S. Treasury Notes
0.25%, 01/15/15 (USD)		120,000		120,119
4.00%, 08/15/18 (USD)		157,700		174,794
1.50%, 08/31/18 (USD)		800,000		804,250
1.25%, 04/30/19 (USD)		845,000		832,457
3.63%, 08/15/19 (USD)		670,000		735,718
1.00%, 08/31/19 (USD)		242,000		233,795
2.13%, 08/31/20 (USD)		690,000		697,224
3.63%, 02/15/21 (USD)		915,000		1,007,250
2.13%, 08/15/21 (USD)		1,225,000		1,224,425

Total U.S. Government Securities
(Cost $5,923,823)				5,830,032



	Number		Value
Security	of Shares		($)

Other Investment Company 0.7% of net assets

United States 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (b)		117,935		117,935

Total Other Investment Company
(Cost $117,935)				117,935



End of Investments.

Laudus Mondrian Global Government Fixed Income Fund

Portfolio Holdings (Unaudited) continued

At 06/30/14, the tax basis cost of the fund’s investments was $18,073,792 and the unrealized appreciation and depreciation were $341,510 and ($869,473), respectively, with a net depreciation of ($527,963).


*		Supranational bonds represent the debt of international organizations or institutions such as the World Bank, the International Monetary Fund, regional multilateral development banks and others.
(a)		Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $136,944 or 0.8% of net assets.
(b)		The rate shown is the 7-day yield.


AUD —		Australian dollar
BRL —		Brazilian real
CLP —		Chilean peso
CNY —		Chinese yuan renminbi
COP —		Colombian peso
EUR —		euro currency
GBP —		Great British pound
HUF —		Hungarian forint
IDR —		Indonesian rupiah
INR —		Indian rupee
JPY —		Japanese yen
MXN —		Mexican peso
MYR —		Malaysian ringgit
PEN —		Peruvian nuevo sol
PLN —		Polish zloty
RUB —		Russian ruble
SEK —		Swedish krona
THB —		Thailand Baht
TRY —		Turkish lira
USD —		U.S. dollar
ZAR —		South African rand

In addition to the above, the fund held the following at 06/30/14:

Amount of

Unrealized

Currency

Appreciation

to be

(Depreciation)

Expiration Date

Counterparty

Received

Delivered

($)

Forward Foreign Currency Exchange Contracts

07/31/2014

State Street Bank London

AUD

78,500

USD

73,868

731

07/31/2014

Barclays Capital, Inc.

CLP

44,104,000

USD

79,511

2,473

07/31/2014

Barclays Capital, Inc.

CLP

19,751,000

USD

35,607

07/31/2014

JPMorgan Chase Bank

CNY

484,000

USD

77,787

(157

)

07/31/2014

Barclays Capital, Inc.

CNY

491,000

USD

78,912

(532

)

07/31/2014

JPMorgan Chase Bank

INR

7,108,500

USD

117,388

2,753

07/31/2014

State Street Bank London

USD

1,445,840

AUD

1,536,500

(26,990

)

07/31/2014

JPMorgan Chase Bank

USD

156,699

CNY

975,000

686

07/31/2014

Barclays Capital, Inc.

USD

117,388

INR

7,108,500

1,444

Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts

(19,540

)

The fund values the securities in its portfolio every business day. The fund uses the following policies to value various types of securities:


	•	Bonds and notes: Bonds and notes are valued at halfway between the most recent bid and ask quotes or, if such quotes are unavailable, at prices for securities of comparable maturity, credit quality and type. Valuations for bonds and notes are provided by independent bond-pricing services.

	•	Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is 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. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions,

Laudus Mondrian Global Government Fixed Income Fund

Portfolio Holdings (Unaudited) continued


		market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the fund pursuant to the valuation procedures.


	•	Foreign equity security fair valuation: The Board has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the fund valuing its holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the fund seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter “arbitrage” market timers, who seek to exploit delays between the change in the value of a fund’s portfolio holdings and the Net Asset Value (“NAV”) of the fund’s shares, and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The Board regularly reviews fair value determinations made by the fund pursuant to these procedures.

	•	Forward foreign currency exchange contracts (“forwards”): Forwards are valued based on that day’s forward exchange rates or by using an interpolated forward exchange rate for contracts with interim settlement dates.

	•	Short-term securities (60 days or less to maturity): Short-term securities are valued at amortized cost, which approximates market value.

	•	Underlying funds: Mutual funds are valued at their respective NAVs.

The three levels of the fair value hierarchy are as follows:


	•	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 and futures contracts. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices.

	•	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 fund values its 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 has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. 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 fund’s 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

Laudus Mondrian Global Government Fixed Income Fund

Portfolio Holdings (Unaudited) continued


		trade infrequently or not at all. When observable prices are not available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund 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 fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and, therefore the fund’s results of operations.

Assets Valuation Input


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

Government Bonds¹		$—		$11,288,322			$—		$11,288,322
Supranational		—		309,540			—		309,540
U.S. Government Securities¹		—		5,830,032			—		5,830,032
Other Investment Company¹		117,935		—			—		117,935

Total		$117,935		$17,427,894			$—		$17,545,829

Other Financial Instruments
Forward Foreign Currency Exchange Contracts²		$—		$8,139			$—		$8,139


Liabilities Valuation Input


Other Financial Instruments
Forward Foreign Currency Exchange Contracts²		$—		($27,679	)		$—		($27,679	)


¹		As categorized in Portfolio Holdings.
²		Forward foreign currency exchange contracts are not included in Investments in the schedule of portfolio holdings and are valued at unrealized appreciation or depreciation.

The fund invested in forward foreign currency exchange contracts during the period ended June 30, 2014. The fund invested in forwards to hedge part of the fund’s exposure to currencies that were deemed to be overvalued by the sub-adviser.

REG72309JUN14-00

Laudus Trust
Laudus U.S. Large Cap Growth Fund

Portfolio Holdings as of June 30, 2014 (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

($)

.1%

Common Stock

1,882,987,813

2,183,366,237

.0%

Other Investment Company

336,873

.1%

Total Investments

1,883,324,686

2,183,703,110

.9%

Other Assets and Liabilities, Net

19,281,180

100

.0%

Net Assets

2,202,984,290


	Number		Value
Security	of Shares		($)

Common Stock 99.1% of net assets

Automobiles & Components 1.2%
Delphi Automotive plc		391,314		26,898,924

Capital Goods 7.0%
Eaton Corp. plc		522,840		40,352,791
Emerson Electric Co.		516,352		34,265,119
Precision Castparts Corp.		194,668		49,134,203
Roper Industries, Inc.		125,179		18,277,386
SolarCity Corp. *		174,129		12,293,507

				154,323,006

Commercial & Professional Supplies 0.3%
Verisk Analytics, Inc., Class A *		103,706		6,224,434

Consumer Durables & Apparel 1.1%
NIKE, Inc., Class B		322,769		25,030,736

Consumer Services 5.6%
McDonald’s Corp.		385,318		38,816,935
Starbucks Corp.		491,042		37,996,830
Wynn Resorts Ltd.		223,400		46,368,904

				123,182,669

Diversified Financials 3.5%
Berkshire Hathaway, Inc., Class B *		134,816		17,062,313
Discover Financial Services		464,955		28,817,911
Moody’s Corp.		354,974		31,117,021

				76,997,245

Energy 6.1%
Concho Resources, Inc. *		197,378		28,521,121
FMC Technologies, Inc. *		282,988		17,282,077
Gulfport Energy Corp. *		176,585		11,089,538
Laredo Petroleum, Inc. *		986,508		30,562,018
Schlumberger Ltd.		405,558		47,835,566

				135,290,320

Food, Beverage & Tobacco 1.3%
Mondelez International, Inc., Class A		778,385		29,275,060

Health Care Equipment & Services 2.4%
Abbott Laboratories		969,990		39,672,591
Intuitive Surgical, Inc. *		29,938		12,328,469

				52,001,060

Household & Personal Products 0.6%
The Estee Lauder Cos., Inc., Class A		184,795		13,722,877

Materials 1.4%
Monsanto Co.		243,915		30,425,957

Media 8.6%
Comcast Corp., Class A		656,653		35,249,133
Liberty Global plc, Class A *		973,830		43,062,763
The Walt Disney Co.		475,407		40,761,396
Time, Inc. *		1		21
Twenty-First Century Fox, Inc., Class A		2,013,355		70,769,428

				189,842,741

Pharmaceuticals, Biotechnology & Life Sciences 15.4%
AbbVie, Inc.		1,589,848		89,731,021
Allergan, Inc.		145,957		24,698,844
Biogen Idec, Inc. *		119,311		37,619,951
Gilead Sciences, Inc. *		573,311		47,533,215
Regeneron Pharmaceuticals, Inc. *		193,301		54,601,733
United Therapeutics Corp. *		340,283		30,111,643
Valeant Pharmaceuticals International, Inc. *		427,504		53,916,805

				338,213,212

Retailing 7.4%
Netflix, Inc. *		91,397		40,269,518
The Home Depot, Inc.		256,435		20,760,978
The Priceline Group, Inc. *		41,467		49,884,801
TripAdvisor, Inc. *		476,390		51,764,537

				162,679,834

Software & Services 26.7%
Alliance Data Systems Corp. *		126,887		35,686,969
Autodesk, Inc. *		367,834		20,738,481
Baidu, Inc. ADR *		212,661		39,727,201
Facebook, Inc., Class A *		1,042,732		70,165,436

Laudus U.S. Large Cap Growth Fund

Portfolio Holdings (Unaudited) continued


	Number		Value
Security	of Shares		($)
Google, Inc., Class A *		215,336		125,900,499
Intuit, Inc.		265,860		21,409,706
LinkedIn Corp., Class A *		307,176		52,671,469
MasterCard, Inc., Class A		219,421		16,120,861
salesforce.com, Inc. *		491,702		28,558,052
Splunk, Inc. *		136,468		7,550,774
Visa, Inc., Class A		334,260		70,431,925
VMware, Inc., Class A *		317,056		30,694,191
Yahoo! Inc. *		1,968,814		69,164,436

				588,820,000

Technology Hardware & Equipment 4.0%
Apple, Inc.		949,461		88,233,411

Telecommunication Services 2.2%
Crown Castle International Corp.		302,012		22,427,411
SoftBank Corp.		342,100		25,494,301

				47,921,712

Transportation 4.3%
American Airlines Group, Inc. *		709,626		30,485,533
Union Pacific Corp.		639,574		63,797,506

				94,283,039

Total Common Stock
(Cost $1,882,987,813)				2,183,366,237




Other Investment Company 0.0% of net assets

Money Market Fund 0.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.00% (a)		336,873		336,873

Total Other Investment Company
(Cost $336,873)				336,873



End of Investments.

At 06/30/14, the tax basis cost of the fund’s investments was $1,888,382,591 and the unrealized appreciation and depreciation were $309,028,495 and ($13,707,976), respectively, with a net unrealized appreciation of $295,320,519.

At 06/30/14, the values of certain foreign securities held by the fund aggregating $25,494,301 were adjusted from their closing market values in accordance with international fair valuation procedures approved by the fund’s Board of Trustees.


*		Non-income producing security.
(a)		The rate shown is the 7-day yield.


ADR —		American Depositary Receipt

The fund values the securities in its portfolio every business day. The fund uses the following policies 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 halfway between the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

	•	Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a fund may fair value a security when it is 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. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques 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. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon

Laudus U.S. Large Cap Growth Fund

Portfolio Holdings (Unaudited) continued


		the sale of such security. The Board convenes on a regular basis to review fair value determinations made by the fund pursuant to the valuation procedures.


	•	Foreign equity security fair valuation: The Board has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the fund valuing its holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the fund seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter “arbitrage” market timers, who seek to exploit delays between the change in the value of a fund’s portfolio holdings and the Net Asset Value (“NAV”) of the fund’s shares, and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The Board regularly reviews fair value determinations made by the fund pursuant to these procedures.

	•	Short-term securities (60 days or less to maturity): Short-term securities are valued at amortized cost, which approximates market value.

	•	Underlying funds: Mutual funds are valued at their respective NAVs.

The three levels of the fair value hierarchy are as follows:


	•	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. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices.

	•	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 fund values its 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 has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. 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 fund’s 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 fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund 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 U.S. Large Cap Growth Fund

Portfolio Holdings (Unaudited) continued


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

Quoted Prices in

Significant

Active Markets for

Other Significant

Unobservable

Identical Assets

Observable Inputs

Inputs

Description

(Level 1)

(Level 2)

(Level 3)

Total

Common Stock¹

$2,135,444,525

$—

$2,135,444,525

Telecommunication Services

22,427,411

25,494,301

—

47,921,712

Other Investment Company¹

336,873

—

336,873

Total

$2,158,208,809

$25,494,301

$—

$2,183,703,110


¹		As categorized in Portfolio Holdings.

REG60662JUN14

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, Marie Chandoha 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/ Marie Chandoha
		Marie Chandoha
		President and Chief Executive Officer

Date:		August 12, 2014

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/ Marie Chandoha Marie Chandoha
		President and Chief Executive Officer

Date:		August 12, 2014

By:		/s/ George Pereira George Pereira
		Chief Financial Officer

Date:		August 12, 2014

Table of Contents

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	Item 1. Schedule of Investments
	Item 2. Controls and Procedures
	Item 3. Exhibits
EX-99.CERT