NPORT-EX 2 NPORT_2MDC_23707022_1223.htm EDGAR HTML
Laudus Trust
Schwab Select Large Cap Growth Fund
Portfolio Holdings as of December 31, 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 97.3% OF NET ASSETS
 
Automobiles & Components 2.9%
Tesla, Inc. *
232,933
57,879,192
 
Capital Goods 4.6%
Acuity Brands, Inc.
31,062
6,362,429
Advanced Drainage Systems, Inc.
56,711
7,975,835
Deere & Co.
13,481
5,390,647
Donaldson Co., Inc.
54,021
3,530,272
Eaton Corp. PLC
55,629
13,396,576
Fortive Corp.
102,386
7,538,681
Johnson Controls International PLC
88,189
5,083,214
Nordson Corp.
26,032
6,876,613
Quanta Services, Inc.
22,256
4,802,845
Trane Technologies PLC
34,704
8,464,306
TransDigm Group, Inc.
10,901
11,027,451
Westinghouse Air Brake Technologies
Corp.
42,822
5,434,112
WW Grainger, Inc.
5,675
4,702,816
Yaskawa Electric Corp.
60,002
2,497,396
 
93,083,193
 
Commercial & Professional Services 0.8%
Cintas Corp.
8,144
4,908,063
Copart, Inc. *
149,966
7,348,334
Paycom Software, Inc.
17,415
3,600,029
 
15,856,426
 
Consumer Discretionary Distribution & Retail 7.8%
Amazon.com, Inc. *
847,599
128,784,192
AutoZone, Inc. *
2,550
6,593,306
Lowe's Cos., Inc.
35,326
7,861,801
MercadoLibre, Inc. *
8,324
13,081,499
Pool Corp.
6,735
2,685,312
 
159,006,110
 
Consumer Durables & Apparel 2.1%
DR Horton, Inc.
33,448
5,083,427
Lululemon Athletica, Inc. *
56,983
29,134,838
NIKE, Inc., Class B
72,763
7,899,879
 
42,118,144
 
Consumer Services 3.5%
Airbnb, Inc., Class A *
20,858
2,839,608
Chipotle Mexican Grill, Inc. *
15,362
35,132,280
DoorDash, Inc., Class A *
47,439
4,691,243
Marriott International, Inc., Class A
47,301
10,666,848
SECURITY
NUMBER
OF SHARES
VALUE ($)
Starbucks Corp.
42,051
4,037,317
Wingstop, Inc.
52,752
13,535,108
 
70,902,404
 
Consumer Staples Distribution & Retail 1.2%
Costco Wholesale Corp.
36,368
24,005,789
 
Energy 1.2%
Cheniere Energy, Inc.
21,467
3,664,632
ConocoPhillips
39,688
4,606,586
EOG Resources, Inc.
73,329
8,869,142
Schlumberger NV
121,476
6,321,611
 
23,461,971
 
Financial Services 6.4%
Blackstone, Inc.
48,374
6,333,124
Block, Inc. *
60,337
4,667,067
Mastercard, Inc., Class A
158,241
67,491,369
Morgan Stanley
37,999
3,543,407
MSCI, Inc.
28,138
15,916,260
Visa, Inc., Class A
125,295
32,620,553
 
130,571,780
 
Food, Beverage & Tobacco 0.8%
Celsius Holdings, Inc. *
99,407
5,419,670
Constellation Brands, Inc., Class A
34,776
8,407,098
Monster Beverage Corp. *
47,700
2,747,997
 
16,574,765
 
Health Care Equipment & Services 5.0%
Align Technology, Inc. *
7,571
2,074,454
Dexcom, Inc. *
120,730
14,981,386
Edwards Lifesciences Corp. *
103,218
7,870,373
HCA Healthcare, Inc.
6,800
1,840,624
IDEXX Laboratories, Inc. *
10,249
5,688,707
Insulet Corp. *
17,628
3,824,923
Intuitive Surgical, Inc. *
69,639
23,493,413
McKesson Corp.
21,201
9,815,639
UnitedHealth Group, Inc.
61,851
32,562,696
 
102,152,215
 
Household & Personal Products 0.0%
Estee Lauder Cos., Inc., Class A
2,736
400,140
 
Materials 0.6%
Ecolab, Inc.
47,309
9,383,740
Freeport-McMoRan, Inc.
70,853
3,016,212
 
12,399,952
 
  1
Schwab Select Large Cap Growth Fund
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
Media & Entertainment 11.5%
Alphabet, Inc., Class A *
703,604
98,286,443
Meta Platforms, Inc., Class A *
236,210
83,608,892
Netflix, Inc. *
86,296
42,015,796
Spotify Technology SA *
14,749
2,771,484
Trade Desk, Inc., Class A *
78,280
5,633,029
 
232,315,644
 
Pharmaceuticals, Biotechnology & Life Sciences 6.3%
Alnylam Pharmaceuticals, Inc. *
7,888
1,509,842
Biogen, Inc. *
23,547
6,093,257
Eli Lilly & Co.
107,344
62,572,965
Exact Sciences Corp. *
80,878
5,983,355
Genmab AS *
15,069
4,804,796
Gilead Sciences, Inc.
39,084
3,166,195
Moderna, Inc. *
10,043
998,776
Regeneron Pharmaceuticals, Inc. *
44,018
38,660,569
Thermo Fisher Scientific, Inc.
728
386,415
Waters Corp. *
12,278
4,042,286
 
128,218,456
 
Semiconductors & Semiconductor Equipment 10.9%
Advanced Micro Devices, Inc. *
95,358
14,056,723
Analog Devices, Inc.
68,888
13,678,401
Applied Materials, Inc.
136,901
22,187,545
ASML Holding NV
16,417
12,392,988
ASML Holding NV NY Registry Shares
3,765
2,849,804
Broadcom, Inc.
19,549
21,821,571
First Solar, Inc. *
9,662
1,664,569
Lam Research Corp.
8,537
6,686,691
Lattice Semiconductor Corp. *
110,090
7,595,109
NVIDIA Corp.
231,767
114,775,654
ON Semiconductor Corp. *
36,252
3,028,129
 
220,737,184
 
Software & Services 20.2%
Adobe, Inc. *
24,616
14,685,906
Cognizant Technology Solutions Corp.,
Class A
50,989
3,851,199
Datadog, Inc., Class A *
85,650
10,396,197
DocuSign, Inc. *
150,236
8,931,530
Dynatrace, Inc. *
162,048
8,862,405
Fair Isaac Corp. *
16,207
18,865,110
Gartner, Inc. *
13,750
6,202,763
HubSpot, Inc. *
9,058
5,258,531
Intuit, Inc.
15,437
9,648,588
Microsoft Corp.
500,469
188,196,363
MongoDB, Inc. *
7,960
3,254,446
Okta, Inc. *
146,329
13,247,164
SECURITY
NUMBER
OF SHARES
VALUE ($)
Oracle Corp.
130,965
13,807,640
Palo Alto Networks, Inc. *
20,180
5,950,678
Salesforce, Inc. *
162,837
42,848,928
ServiceNow, Inc. *
10,350
7,312,172
Shopify, Inc., Class A *
159,062
12,390,930
Synopsys, Inc. *
30,296
15,599,713
Workday, Inc., Class A *
21,347
5,893,053
Zscaler, Inc. *
68,571
15,192,591
 
410,395,907
 
Technology Hardware & Equipment 10.4%
Amphenol Corp., Class A
81,740
8,102,886
Apple, Inc.
943,641
181,679,202
Arista Networks, Inc. *
27,664
6,515,149
Cognex Corp.
66,321
2,768,238
Jabil, Inc.
33,544
4,273,506
Keyence Corp.
18,850
8,281,865
 
211,620,846
 
Transportation 1.1%
JB Hunt Transport Services, Inc.
30,372
6,066,503
Uber Technologies, Inc. *
277,878
17,108,949
 
23,175,452
Total Common Stocks
(Cost $1,251,985,958)
1,974,875,570
 
 
 
 
SHORT-TERM INVESTMENTS 1.8% OF NET ASSETS
 
Money Market Funds 1.8%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.32% (a)
36,105,876
36,105,876
Total Short-Term Investments
(Cost $36,105,876)
36,105,876
Total Investments in Securities
(Cost $1,288,091,834)
2,010,981,446
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
Russell 1000 Growth Index,
e-mini, expires 03/15/24
105
16,219,350
159,502
  
SETTLEMENT
DATE
COUNTERPARTY
CURRENCY
TO BE
RECEIVED
AMOUNT OF
CURRENCY
TO BE
RECEIVED
CURRENCY
TO BE
DELIVERED
AMOUNT OF
CURRENCY
TO BE
DELIVERED
UNREALIZED
DEPRECIATION
($)
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
03/29/24
UBS AG
USD
3,632,136
JPY
510,185,777
(34,040
)
 
*
Non-income producing security.
(a)
The rate shown is the annualized 7-day yield.
 
JPY —
Japanese Yen
USD —
U.S. Dollar
 
2  
Schwab Select Large Cap Growth Fund
Portfolio Holdings (Unaudited) continued
The following is a summary of the inputs used to value the fund’s investments as of December 31, 2023 (see notes to portfolio holdings for additional information):  
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks1
$1,974,875,570
$—
$—
$1,974,875,570
Short-Term Investments1
36,105,876
—
—
36,105,876
Futures Contracts2
159,502
—
—
159,502
Liabilities
Forward Foreign Currency Exchange Contracts2
—
(34,040
)
—
(34,040
)
Total
$2,011,140,948
($34,040)
$—
$2,011,106,908
 
1
As categorized in the Portfolio Holdings.
2
Futures contracts and forward foreign currency exchange contracts are reported at cumulative unrealized appreciation or depreciation.
  3
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 the 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 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.
• Futures contracts and forward foreign currency exchange contracts (forwards): Futures contracts are valued at their settlement prices as of the close of their exchanges. 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.
• Mutual funds: Mutual funds are valued at their respective NAVs.
• Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America (GAAP), the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
• Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds (ETFs) and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value heirarchy.
• 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
4  
Schwab Select Large Cap Growth Fund
Notes to Portfolio Holdings (Unaudited) (continued)
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.
• 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.
The levels associated with valuing the fund’s investments as of December 31, 2023, are disclosed in the fund’s Portfolio Holdings.
REG60662DEC23
  5