Laudus Trust
Schwab Select Large Cap Growth Fund
Portfolio Holdings as of June 30, 2026 (Unaudited)
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 95.5% OF NET ASSETS
 
Automobiles & Components 3.7%
Tesla, Inc. *
192,318
80,888,951
 
Capital Goods 8.1%
3M Co.
32,825
5,314,696
Acuity, Inc.
24,411
9,194,647
Advanced Drainage Systems, Inc.
45,455
7,134,617
Bloom Energy Corp., Class A *
18,240
5,521,248
Caterpillar, Inc.
16,544
17,617,706
Deere & Co.
10,444
6,624,943
Donaldson Co., Inc.
36,898
3,312,334
GE Vernova, Inc.
17,940
21,076,988
General Electric Co.
43,054
16,090,571
HEICO Corp.
8,534
3,039,725
Howmet Aerospace, Inc.
52,276
14,054,925
Johnson Controls International PLC
43,917
6,416,713
Nordson Corp.
10,537
3,178,908
Quanta Services, Inc.
11,237
8,091,090
Rocket Lab Corp. *
32,816
3,335,746
Rolls-Royce Holdings PLC
170,269
3,263,995
RTX Corp.
31,126
5,905,536
Vertiv Holdings Co., Class A
88,192
29,528,445
Westinghouse Air Brake Technologies
Corp.
29,989
8,085,034
 
176,787,867
 
Commercial & Professional Services 0.8%
Cintas Corp.
14,708
2,501,537
Planet Labs PBC *
476,515
15,786,942
 
18,288,479
 
Consumer Discretionary Distribution & Retail 3.8%
Amazon.com, Inc. *
341,663
81,431,959
AutoZone, Inc. *
313
1,000,329
Carvana Co. *
11,980
788,524
 
83,220,812
 
Consumer Services 1.0%
Booking Holdings, Inc.
16,773
2,989,619
Chipotle Mexican Grill, Inc. *
89,750
3,051,500
DoorDash, Inc., Class A *
1,828
337,321
McDonald's Corp.
16,878
4,562,292
Viking Holdings Ltd. *
75,810
7,935,033
Wingstop, Inc.
15,744
2,730,167
 
21,605,932
 
Consumer Staples Distribution & Retail 1.1%
Costco Wholesale Corp.
16,061
15,024,584
Walmart, Inc.
78,694
8,912,882
 
23,937,466
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Energy 0.6%
EOG Resources, Inc.
20,002
2,594,859
Exxon Mobil Corp.
68,875
9,416,590
 
12,011,449
 
Financial Services 4.1%
Berkshire Hathaway, Inc., Class B *
8,321
4,163,745
Goldman Sachs Group, Inc.
18,340
18,548,526
Interactive Brokers Group, Inc., Class A
176,462
15,359,252
Mastercard, Inc., Class A
86,637
44,496,763
MSCI, Inc.
4,297
2,406,492
Tradeweb Markets, Inc., Class A
31,519
3,141,184
Visa, Inc., Class A
6,993
2,399,228
 
90,515,190
 
Food, Beverage & Tobacco 1.2%
Coca-Cola Co.
77,800
6,322,806
Monster Beverage Corp. *
90,269
8,676,656
Philip Morris International, Inc.
64,461
11,661,640
 
26,661,102
 
Health Care Equipment & Services 1.1%
Hims & Hers Health, Inc. *
10,040
348,087
IDEXX Laboratories, Inc. *
13,107
6,900,049
Intuitive Surgical, Inc. *
41,361
16,448,443
McKesson Corp.
542
409,535
 
24,106,114
 
Household & Personal Products 0.1%
Procter & Gamble Co.
9,834
1,442,058
 
Materials 0.6%
Ecolab, Inc.
23,960
6,675,496
Freeport-McMoRan, Inc.
83,623
5,259,050
 
11,934,546
 
Media & Entertainment 13.4%
Alphabet, Inc., Class A
599,588
214,274,763
Meta Platforms, Inc., Class A
96,034
54,094,992
Netflix, Inc. *
342,359
24,444,433
ROBLOX Corp., Class A *
1,184
64,386
 
292,878,574
 
Pharmaceuticals, Biotechnology & Life Sciences 5.8%
Alnylam Pharmaceuticals, Inc. *
37,975
11,431,614
Amgen, Inc.
4,632
1,677,340
Ascendis Pharma AS *
32,820
8,753,750
Bristol-Myers Squibb Co.
9,342
538,286
Eli Lilly & Co.
51,607
61,898,984
Gilead Sciences, Inc.
46,529
5,878,474
Insmed, Inc. *
17,391
1,854,228
Johnson & Johnson
47,595
12,087,702
Merck & Co., Inc.
45,419
5,836,341
  
1
Schwab Select Large Cap Growth Fund
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
Natera, Inc. *
38,902
10,559,948
Revolution Medicines, Inc. *
9,834
1,841,712
Vertex Pharmaceuticals, Inc. *
10,220
5,076,581
 
127,434,960
 
Semiconductors & Semiconductor Equipment 24.5%
Advanced Micro Devices, Inc. *
65,273
37,917,738
Analog Devices, Inc.
14,967
5,944,443
Applied Materials, Inc.
58,474
42,276,702
ASML Holding NV
10,660
21,108,670
Broadcom, Inc.
160,956
60,801,129
Lam Research Corp.
56,614
24,532,545
Marvell Technology, Inc.
10,600
3,157,634
Micron Technology, Inc.
24,048
27,758,366
NVIDIA Corp.
1,425,938
285,315,934
Taiwan Semiconductor Manufacturing
Co. Ltd., ADR
31,826
15,199,143
Texas Instruments, Inc.
42,895
12,785,713
 
536,798,017
 
Software & Services 10.2%
AppLovin Corp., Class A *
2,744
1,413,791
Cloudflare, Inc., Class A *
93,190
22,857,643
Crowdstrike Holdings, Inc., Class A *
11,398
8,698,270
Datadog, Inc., Class A *
79,563
20,715,023
DigitalOcean Holdings, Inc. *
30,820
4,839,665
Docusign, Inc. *
42,388
1,882,875
Dynatrace, Inc. *
64,525
2,833,293
Fair Isaac Corp. *
6,200
7,407,636
International Business Machines Corp.
8,307
2,336,011
Microsoft Corp.
201,348
75,106,831
Okta, Inc. *
26,449
3,608,966
Oracle Corp.
78,881
11,560,010
Palantir Technologies, Inc., Class A *
89,874
10,485,600
Palo Alto Networks, Inc. *
28,854
9,839,791
Snowflake, Inc., Class A *
48,914
12,448,613
Synopsys, Inc. *
40,934
18,259,429
Twilio, Inc., Class A *
30,121
6,214,866
Zscaler, Inc. *
20,006
2,823,847
 
223,332,160
 
Technology Hardware & Equipment 14.9%
Amphenol Corp., Class A
196,101
34,576,528
Apple, Inc.
396,407
114,704,330
Celestica, Inc. *
13,705
4,999,584
Ciena Corp. *
90,672
44,480,056
Cisco Systems, Inc.
57,408
6,743,144
Corning, Inc.
150,931
38,552,305
Dell Technologies, Inc., Class C
35,895
15,487,257
Lumentum Holdings, Inc. *
10,046
8,620,071
Samsung Electronics Co. Ltd.
39,880
8,849,257
Sandisk Corp. *
11,388
25,893,237
Western Digital Corp.
35,295
22,543,622
 
325,449,391
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Telecommunication Services 0.2%
Space Exploration Technologies Corp.,
Class A *
26,907
4,597,330
 
Transportation 0.3%
Union Pacific Corp.
22,776
6,195,072
Total Common Stocks
(Cost $1,003,288,061)
2,088,085,470
 
INVESTMENT COMPANIES 1.8% OF NET ASSETS
 
Equity Funds 1.8%
Invesco QQQ Trust
38,762
28,544,337
State Street SPDR S&P 500 ETF Trust
14,256
10,645,953
 
39,190,290
Total Investment Companies
(Cost $38,633,547)
39,190,290
 
 
 
 
SHORT-TERM INVESTMENTS 4.8% OF NET ASSETS
 
Money Market Funds 4.8%
State Street Institutional
U.S. Government Money Market
Fund, Premier Class 3.58% (a)
106,666,812
106,666,812
Total Short-Term Investments
(Cost $106,666,812)
106,666,812
Total Investments in Securities
(Cost $1,148,588,420)
2,233,942,572
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
($)
FUTURES CONTRACTS
Long
NASDAQ 100 Index, e-mini,
expires 09/18/26
62
37,849,140
693,727
 
*
Non-income producing security.
(a)
The rate shown is the annualized 7-day yield.
 
ADR —
American Depositary Receipt
ETF —
Exchange-Traded Fund
SPDR —
Standard & Poor’s Depositary Receipts
 
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 June 30, 2026:  
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
$1,551,287,453
$—
$—
$1,551,287,453
Semiconductors & Semiconductor Equipment
515,689,347
21,108,670
—
536,798,017
Investment Companies1
39,190,290
—
—
39,190,290
Short-Term Investments1
106,666,812
—
—
106,666,812
Futures Contracts2
693,727
—
—
693,727
Total
$2,213,527,629
$21,108,670
$—
$2,234,636,299
 
1
As categorized in the Portfolio Holdings.
2
Futures 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 has designated authority to a Valuation Designee, the fund’s investment adviser, to make fair valuation determinations under adopted procedures, subject to Board of Trustees 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 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: Futures contracts are valued at their settlement prices as of the close of their exchanges.
● Forward foreign currency exchange contracts: Forward foreign currency exchange contracts 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 net asset values.
● 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 and futures contracts. Mutual funds and exchange-traded funds 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 hierarchy.
● 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 forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less
4
  
Schwab Select Large Cap Growth Fund
Notes to Portfolio Holdings (Unaudited) (continued)
liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the valuation of the fund’s holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of 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 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 levels associated with valuing the fund’s investments are disclosed in the fund’s Portfolio Holdings.
REG60662JUN26
  
5