NPORT-EX 2 NPORT_2MD3_96904811_0622.htm
Laudus Trust
Schwab Select Large Cap Growth Fund
Portfolio Holdings as of June 30, 2022 (Unaudited)
The following are the portfolio holdings as of the report date. For more information, please refer to the fund’s semiannual or annual shareholder reports. You can also obtain this information at no cost by calling 1-866-414-6349 or by sending an email request to orders@mysummaryprospectus.com.    
 
SECURITY NUMBER
OF SHARES 		VALUE ($)
COMMON STOCKS 98.5% OF NET ASSETS
 
Automobiles & Components 2.2%
Tesla, Inc. * 69,768 46,983,167
 
Capital Goods 2.2%
TransDigm Group, Inc. * 86,834 46,601,203
 
Consumer Durables & Apparel 4.9%
LVMH Moet Hennessy Louis Vuitton SE ADR 483,293 59,068,070
NIKE, Inc., Class B 448,905 45,878,091
    104,946,161
 
Consumer Services 3.3%
Chipotle Mexican Grill, Inc. * 19,576 25,590,922
Domino’s Pizza, Inc. 42,775 16,669,845
Evolution AB ADR 326,339 29,618,528
    71,879,295
 
Diversified Financials 4.6%
Blackstone, Inc. 236,881 21,610,654
S&P Global, Inc. 228,370 76,974,392
    98,585,046
 
Energy 2.4%
EQT Corp. 923,246 31,759,662
Hess Corp. 177,902 18,846,938
    50,606,600
 
Health Care Equipment & Services 5.1%
Edwards Lifesciences Corp. * 235,463 22,390,177
Humana, Inc. 44,833 20,984,982
Intuitive Surgical, Inc. * 66,092 13,265,325
UnitedHealth Group, Inc. 103,077 52,943,440
    109,583,924
 
Household & Personal Products 0.7%
Olaplex Holdings, Inc. * 1,006,938 14,187,756
 
Materials 3.4%
Ball Corp. 159,232 10,950,385
Linde plc 125,300 36,027,509
The Sherwin-Williams Co. 118,442 26,520,348
    73,498,242
 
SECURITY NUMBER
OF SHARES 		VALUE ($)
Media & Entertainment 9.0%
Alphabet, Inc., Class A * 59,618 129,923,123
Match Group, Inc. * 725,587 50,566,158
Meta Platforms, Inc., Class A * 72,525 11,694,656
    192,183,937
 
Pharmaceuticals, Biotechnology & Life Sciences 11.8%
AstraZeneca plc ADR 650,889 43,004,236
Danaher Corp. 216,883 54,984,178
Eli Lilly & Co. 84,607 27,432,128
Lonza Group AG ADR 507,405 27,090,353
Thermo Fisher Scientific, Inc. 104,505 56,775,477
Zoetis, Inc. 250,516 43,061,195
    252,347,567
 
Real Estate 1.3%
Prologis, Inc. 235,820 27,744,223
 
Retailing 7.5%
Amazon.com, Inc. * 1,521,439 161,592,036
 
Semiconductors & Semiconductor Equipment 7.0%
ASML Holding N.V. NY Registry Shares 122,526 58,307,673
Marvell Technology, Inc. 1,028,873 44,786,842
NVIDIA Corp. 316,665 48,003,247
    151,097,762
 
Software & Services 29.7%
Adobe, Inc. * 58,143 21,283,826
Bill.com Holdings, Inc. * 115,549 12,703,457
Cadence Design Systems, Inc. * 145,121 21,772,504
Intuit, Inc. 248,957 95,957,986
Mastercard, Inc., Class A 162,558 51,283,798
Microsoft Corp. 999,720 256,758,088
MongoDB, Inc. * 44,122 11,449,659
ServiceNow, Inc. * 142,044 67,544,763
Visa, Inc., Class A 498,453 98,140,411
    636,894,492
 
Technology Hardware & Equipment 3.4%
Apple Inc. 399,643 54,639,191
Zebra Technologies Corp., Class A * 61,910 18,198,444
    72,837,635
Total Common Stocks
(Cost $1,597,799,628) 		2,111,569,046
    
 
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Schwab Select Large Cap Growth Fund
Portfolio Holdings (Unaudited) continued
SECURITY NUMBEROF SHARES VALUE ($)
SHORT-TERM INVESTMENTS 1.3% OF NET ASSETS
 
Money Market Funds 1.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.43% (a) 26,592,902 26,592,902
Total Short-Term Investments
(Cost $26,592,902) 		26,592,902
Total Investments in Securities
(Cost $1,624,392,530) 		2,138,161,948
    
* Non-income producing security.
(a) The rate shown is the 7-day yield.
    
ADR — American Depositary Receipt
 
The following is a summary of the inputs used to value the fund’s investments as of June 30, 2022:
DESCRIPTION QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) 		OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) 		SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) 		TOTAL
Assets        
Common Stocks1 $2,111,569,046 $— $— $2,111,569,046
Short-Term Investments1 26,592,902 — — 26,592,902
Total $2,138,161,948 $— $— $2,138,161,948
    
1 As categorized in the Portfolio Holdings.
Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.
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Schwab Select Large Cap Growth Fund
Notes to Portfolio Holdings (Unaudited)
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 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.
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 the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.
•  Foreign equity security fair valuation: The 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 the fund’s portfolio holdings and the Net Asset Value (NAV) of the fund’s shares, and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The Board regularly reviews fair value determinations made by the fund pursuant to these procedures.
•   Mutual funds: Mutual funds are valued at their respective NAVs.
•  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, the 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 the 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.
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America (GAAP), the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation 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 mutual funds. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices, without consideration to the classification level of the specific investments held by an underlying fund.
•  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.
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Schwab Select Large Cap Growth Fund
Notes to Portfolio Holdings (Unaudited) (continued)
•  Level 3 — significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not 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.
REG60662JUN22
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