Laudus Trust
Schwab Select Large Cap Growth Fund

Portfolio Holdings as of June 30, 2023 (Unaudited)

  

The following are the portfolio holdings as of the report date. For more information, please refer to the fund’s semiannual or annual shareholder reports. You can also obtain this information at no cost by calling 1-866-414-6349 or by sending an email request to orders@mysummaryprospectus.com.  

 

SECURITY	NUMBER OF SHARES	VALUE ($)
COMMON STOCKS 100.3% OF NET ASSETS
Automobiles & Components 3.0%
Tesla, Inc. *	232,080	60,751,582
Capital Goods 2.6%
TransDigm Group, Inc.	59,000	52,756,030
Commercial & Professional Services 2.0%
Cintas Corp.	44,889	22,313,424
Waste Connections, Inc.	127,605	18,238,583
		40,552,007
Consumer Discretionary Distribution & Retail 8.4%
Amazon.com, Inc. *	1,249,044	162,825,376
Ross Stores, Inc.	84,459	9,470,388
		172,295,764
Consumer Durables & Apparel 3.6%
LVMH Moet Hennessy Louis Vuitton SE, ADR	193,972	36,629,673
NIKE, Inc., Class B	333,384	36,795,592
		73,425,265
Consumer Services 3.2%
Chipotle Mexican Grill, Inc. *	14,654	31,344,906
Evolution AB, ADR	275,180	34,810,270
		66,155,176
Energy 1.2%
Cheniere Energy, Inc.	135,653	20,668,091
EQT Corp.	107,008	4,401,239
		25,069,330
Financial Services 11.4%
Adyen N.V. *	758,054	13,106,754
Blackstone, Inc.	249,660	23,210,890
Mastercard, Inc., Class A	121,368	47,734,034
MSCI, Inc.	51,864	24,339,257
S&P Global, Inc.	102,065	40,916,838
Visa, Inc., Class A	357,623	84,928,310
		234,236,083
Health Care Equipment & Services 7.0%
Boston Scientific Corp. *	417,374	22,575,760
IDEXX Laboratories, Inc. *	46,014	23,109,611

SECURITY	NUMBER OF SHARES	VALUE ($)
Intuitive Surgical, Inc. *	127,927	43,743,358
UnitedHealth Group, Inc.	114,204	54,891,011
		144,319,740
Materials 1.1%
The Sherwin-Williams Co.	87,972	23,358,325
Media & Entertainment 7.7%
Alphabet, Inc., Class A *	831,925	99,581,422
Match Group, Inc. *	189,552	7,932,751
Netflix, Inc. *	112,199	49,422,538
		156,936,711
Pharmaceuticals, Biotechnology & Life Sciences 6.4%
Danaher Corp.	144,247	34,619,280
Eli Lilly & Co.	113,991	53,459,499
Thermo Fisher Scientific, Inc.	36,827	19,214,487
Zoetis, Inc.	142,167	24,482,579
		131,775,845
Semiconductors & Semiconductor Equipment 14.2%
ASML Holding N.V. NY Registry Shares	89,483	64,852,804
Broadcom, Inc.	75,973	65,901,259
KLA Corp.	86,939	42,167,154
NVIDIA Corp.	279,854	118,383,839
		291,305,056
Software & Services 19.2%
Cadence Design Systems, Inc. *	177,031	41,517,310
Intuit, Inc.	167,342	76,674,431
Microsoft Corp.	559,945	190,683,670
MongoDB, Inc. *	15,410	6,333,356
Palo Alto Networks, Inc. *	70,766	18,081,421
Roper Technologies, Inc.	59,175	28,451,340
ServiceNow, Inc. *	58,106	32,653,829
		394,395,357
Technology Hardware & Equipment 9.3%
Apple Inc.	981,536	190,388,538
Total Common Stocks (Cost $1,169,419,155)		2,057,720,809

 

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Schwab Select Large Cap Growth Fund

Portfolio Holdings (Unaudited) continued

SECURITY	NUMBER OF SHARES	VALUE ($)
SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS
Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.03% (a)	4,226,043	4,226,043
Total Short-Term Investments (Cost $4,226,043)		4,226,043
Total Investments in Securities (Cost $1,173,645,198)		2,061,946,852

 

*	Non-income producing security.
(a)	The rate shown is the annualized 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, 2023:  

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	$2,057,720,809	$—	$—	$2,057,720,809
Short-Term Investments1	4,226,043	—	—	4,226,043
Total	$2,061,946,852	$—	$—	$2,061,946,852

 

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)

Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees (the Board) has designated authority to a Valuation Designee, the fund’s investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities held in the fund’s portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

• Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

• Foreign equity security fair valuation: The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of a fund’s holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter “arbitrage” market timers, who seek to exploit delays between the change in the value of the fund’s portfolio holdings and the 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.

• Mutual funds: Mutual funds are valued at their respective net asset values (NAVs).

• Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America (GAAP), the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.

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

• Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds (ETFs) and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held.

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the valuation of a fund’s holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

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Schwab Select Large Cap Growth Fund

Notes to Portfolio Holdings (Unaudited) (continued)

• Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all.  When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information.  Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund’s results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

REG60662JUN23

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