Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
February 28 2013 - 2:19PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05547
The Laudus Trust
(Exact name of registrant as specified in charter)
211 Main Street, San Francisco, California 94105
(Address of principal executive offices) (Zip code)
Marie Chandoha
The Laudus Trust
211 Main Street, San Francisco, California 94105
(Name and address of agent for service)
Registrants telephone number, including area code: (415) 636-7000
Date of fiscal year end: March 31
Date of reporting period: December 31, 2012
Item 1. Schedule of Investments.
Laudus
Trust
Laudus Mondrian International Equity Fund
Portfolio
Holdings
as
of December 31, 2012 (Unaudited)
The following are the portfolio holdings as of the report date.
For more information, please refer to the funds semiannual
or annual shareholder reports.
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Cost
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Value
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Holdings by Category
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($)
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($)
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99
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.7%
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Common Stock
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121,048,316
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128,175,371
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0
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.5%
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Other Investment Company
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566,380
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566,380
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100
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.2%
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Total Investments
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121,614,696
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128,741,751
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(0
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.2)%
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Other Assets and Liabilities, Net
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(203,224
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)
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100
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.0%
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Net Assets
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128,538,527
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Number
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Value
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Security
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of Shares
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($)
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Common Stock
99.7% of net assets
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Australia 4.1%
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Insurance 4.1%
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AMP Ltd.
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555,215
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2,816,255
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QBE Insurance Group Ltd.
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214,825
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2,461,445
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5,277,700
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France 16.2%
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Banks 1.1%
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Societe Generale S.A.
*
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36,579
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1,390,823
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Capital Goods 3.3%
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Compagnie de Saint-Gobain
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98,164
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4,215,540
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Energy 3.0%
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Total S.A.
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74,498
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3,876,348
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Food & Staples Retailing 2.8%
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Carrefour S.A.
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140,595
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3,619,946
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Pharmaceuticals, Biotechnology & Life Sciences
3.5%
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Sanofi
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47,370
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4,492,090
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Telecommunication Services 2.5%
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France Telecom S.A.
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290,761
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3,225,649
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20,820,396
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Germany 5.4%
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Telecommunication Services 2.4%
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Deutsche Telekom AG - Regd
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266,513
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3,033,692
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Utilities 3.0%
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RWE AG
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92,921
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3,854,129
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6,887,821
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Israel 1.9%
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Pharmaceuticals, Biotechnology & Life Sciences
1.9%
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Teva Pharmaceutical Industries Ltd. ADR
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65,600
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2,449,504
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Italy 4.0%
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Banks 1.2%
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Intesa Sanpaolo S.p.A.
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891,620
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1,541,888
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Energy 2.8%
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Eni S.p.A.
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145,148
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3,555,766
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5,097,654
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Japan 19.9%
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Automobiles & Components 3.5%
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Toyota Motor Corp.
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95,800
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4,473,489
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Food & Staples Retailing 2.4%
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Seven & I Holdings Co., Ltd.
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108,900
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3,069,972
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Household & Personal Products 2.6%
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Kao Corp.
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129,800
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3,382,268
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Insurance 3.1%
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Tokio Marine Holdings, Inc.
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140,800
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3,922,582
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Pharmaceuticals, Biotechnology & Life Sciences
3.0%
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Takeda Pharmaceutical Co., Ltd.
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87,100
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3,892,934
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Semiconductors & Semiconductor Equipment 1.5%
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Tokyo Electron Ltd.
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41,600
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1,918,643
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Technology Hardware & Equipment 3.8%
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Canon, Inc.
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126,700
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4,910,858
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25,570,746
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Netherlands 5.1%
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Food & Staples Retailing 3.0%
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Koninklijke Ahold N.V.
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283,900
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3,806,816
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Media 2.1%
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Reed Elsevier N.V.
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186,782
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2,769,544
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6,576,360
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Singapore 3.5%
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Banks 2.1%
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United Overseas Bank Ltd.
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165,535
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2,715,442
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Telecommunication Services 1.4%
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Singapore Telecommunications Ltd.
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647,000
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1,760,505
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4,475,947
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Spain 7.2%
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Banks 1.5%
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Banco Santander S.A.
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236,303
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1,920,436
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Telecommunication Services 2.5%
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Telefonica S.A.
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242,255
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3,279,901
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Utilities 3.2%
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Iberdrola S.A.
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733,368
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4,095,642
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9,295,979
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1
Laudus
Mondrian International Equity Fund
Portfolio
Holdings
(Unaudited)
continued
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Number
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Value
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Security
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of Shares
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($)
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Switzerland 9.5%
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Capital Goods 3.3%
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ABB Ltd. - Regd
*
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204,149
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4,233,544
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Insurance 3.0%
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Zurich Insurance Group AG
*
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14,369
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3,850,288
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Pharmaceuticals, Biotechnology & Life Sciences
3.2%
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Novartis AG - Regd
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66,273
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4,186,682
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12,270,514
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Taiwan 2.8%
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Semiconductors & Semiconductor Equipment 2.8%
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Taiwan Semiconductor Manufacturing Co., Ltd.
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1,063,154
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3,556,046
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United Kingdom 20.1%
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Energy 5.9%
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BP plc
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532,914
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3,705,302
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Royal Dutch Shell plc, Class A
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114,566
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3,943,383
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7,648,685
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Food & Staples Retailing 3.3%
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Tesco plc
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771,730
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4,251,131
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Food, Beverage & Tobacco 3.3%
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Unilever plc
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108,397
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4,213,490
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Pharmaceuticals, Biotechnology & Life Sciences
3.2%
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GlaxoSmithKline plc
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189,346
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4,122,499
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Telecommunication Services 2.4%
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Vodafone Group plc
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1,235,664
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3,110,492
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Utilities 2.0%
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National Grid plc
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222,366
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2,550,407
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25,896,704
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Total Common Stock
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(Cost $121,048,316)
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128,175,371
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Other Investment Company
0.5% of net assets
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United States 0.5%
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State Street Institutional U.S. Government Money Market Fund
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566,380
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566,380
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Total Other Investment Company
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(Cost $566,380)
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566,380
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End of Investments.
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At
12//31/12,
the tax basis cost of the funds investments was
$124,630,842 and the unrealized appreciation and depreciation
were $11,302,992 and ($7,192,083), respectively, with a net
unrealized appreciation of $4,110,909.
At
12/31/12,
the values of certain foreign securities held by the fund
aggregating $125,725,867 were adjusted from their closing market
values in accordance with international fair valuation
procedures approved by the funds Board of Trustees.
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*
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Non-income producing security.
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ADR
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American Depositary Receipt
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Regd
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Registered
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AUD
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Australian dollar
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USD
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U.S. dollar
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In addition to the above, the fund held the following at
12/31/12:
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Amount of
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Amount of
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Currency
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Currency
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Currency
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Currency
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Unrealized
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to be
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to be
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to be
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to be
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Losses
|
Expiration Date
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Counterparty
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Received
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Received
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Delivered
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Delivered
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($)
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Forward Foreign Currency Exchange Contracts
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01/31/2013
|
|
State Street Bank London
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AUD
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311,000
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|
USD
|
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|
322,288
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(3,335
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)
|
01/31/2013
|
|
State Street Bank London
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|
|
USD
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4,815,670
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AUD
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4,647,000
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(38,461
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)
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Net unrealized losses on Forward Foreign Currency Exchange
Contracts
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(41,796
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)
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Under
procedures approved by the funds 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.
The fund
values the securities in its portfolio every business day. The
fund uses the following policies to value various types of
securities:
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Securities
traded on an exchange or
over-the-counter:
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
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2
Laudus
Mondrian International Equity Fund
Portfolio
Holdings
(Unaudited)
continued
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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.
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Securities
for which no quoted value is
available:
The Board has adopted procedures to fair value the funds
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 securitys primary pricing source is
unable or unwilling to provide a price; or when a
securitys primary trading market is closed during regular
market hours. The fund makes fair value determinations in good
faith in accordance with the funds 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. The
Board convenes on a regular basis to review fair value
determinations made by the fund pursuant to the procedures.
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International
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 funds portfolio
holdings and the net asset value of the funds shares, and
seeks to help ensure that the prices at which the funds
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 fund makes fair value determinations in good
faith in accordance with the funds valuation procedures.
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 regularly reviews fair value determinations made by
the fund pursuant to the procedures.
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Forward
foreign currency exchange
contracts:
valued at a value based on that days exchange rates.
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Short-term
securities (60 days or less to
maturity):
valued at amortized cost, which approximates market value.
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Underlying
funds:
valued at their respective net asset values.
|
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 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:
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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 underlying
funds are valued at their NAV daily and are classified as
Level 1 prices.
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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
|
3
Laudus
Mondrian International Equity Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
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 funds 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
funds 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 funds investments as of December 31, 2012:
Assets Valuation
Input
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
Prices in
|
|
|
|
Significant
|
|
|
|
|
Active
Markets for
|
|
Significant
Other
|
|
Unobservable
|
|
|
|
|
Identical
Assets
|
|
Observable
Inputs
|
|
Inputs
|
|
|
Description
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
|
|
Common
Stock
1
|
|
|
$
|
|
|
|
$125,725,867
|
|
|
|
$
|
|
|
|
$125,725,867
|
|
Israel
1
|
|
|
2,449,504
|
|
|
|
|
|
|
|
|
|
|
|
2,449,504
|
|
Other Investment
Company
1
|
|
|
566,380
|
|
|
|
|
|
|
|
|
|
|
|
566,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$3,015,884
|
|
|
|
$125,725,867
|
|
|
|
$
|
|
|
|
$128,741,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities Valuation
Input
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Exchange
Contracts
2
|
|
|
($41,796
|
)
|
|
|
$
|
|
|
|
$
|
|
|
|
($41,796
|
)
|
|
|
|
1
|
|
As categorized in Portfolio Holdings.
|
2
|
|
Forward foreign currency exchange contracts are not included in
Investments and are valued at unrealized appreciation or
depreciation.
|
The
funds policy is to recognize transfers between Level 1,
Level 2 and Level 3 as of the beginning of the fiscal year.
There were no transfers between Level 1, Level 2 and Level 3 for
the period ended December 31, 2012.
The fund
entered into forward foreign currency exchange contracts during
the period ended December 31, 2012. The fund invested in
forward foreign currency exchange contracts to defensively hedge
part of the funds exposure to currencies that were deemed
to be overvalued by the sub-adviser.
REG60667DEC12-00
4
Laudus
Trust
Laudus Mondrian Emerging Markets Fund
Portfolio
Holdings
as
of December 31, 2012 (Unaudited)
The following are the portfolio holdings as of the report date.
For more information, please refer to the funds semiannual
or annual shareholder reports.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
|
Value
|
Holdings by Category
|
|
($)
|
|
($)
|
|
|
89
|
.5%
|
|
Common Stock
|
|
|
103,176,625
|
|
|
|
124,258,978
|
|
|
7
|
.5%
|
|
Preferred Stock
|
|
|
9,943,782
|
|
|
|
10,354,636
|
|
|
2
|
.5%
|
|
Other Investment Company
|
|
|
3,439,095
|
|
|
|
3,439,095
|
|
|
|
|
99
|
.5%
|
|
Total Investments
|
|
|
116,559,502
|
|
|
|
138,052,709
|
|
|
0
|
.5%
|
|
Other Assets and Liabilities, Net
|
|
|
|
|
|
|
747,572
|
|
|
|
|
100
|
.0%
|
|
Net Assets
|
|
|
|
|
|
|
138,800,281
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Value
|
Security
|
|
of Shares
|
|
($)
|
|
Common Stock
89.5% of net assets
|
|
Brazil 5.9%
|
|
|
|
|
|
|
|
|
|
|
Materials 0.7%
|
Vale S.A. ADR
|
|
|
43,300
|
|
|
|
907,568
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 2.9%
|
CCR S.A.
|
|
|
262,400
|
|
|
|
2,492,640
|
|
EcoRodovias Infraestrutura e Logistica S.A.
|
|
|
189,600
|
|
|
|
1,601,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,094,633
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 2.3%
|
CPFL Energia S.A. ADR
|
|
|
151,600
|
|
|
|
3,177,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,179,737
|
|
|
Chile 2.8%
|
|
|
|
|
|
|
|
|
|
|
Utilities 2.8%
|
Enersis S.A. ADR
|
|
|
213,900
|
|
|
|
3,897,258
|
|
|
China 16.2%
|
|
|
|
|
|
|
|
|
|
|
Banks 1.4%
|
China Construction Bank Corp., Class H
|
|
|
2,317,950
|
|
|
|
1,894,256
|
|
|
|
|
|
|
|
|
|
|
|
Capital Goods 1.1%
|
Beijing Enterprises Holdings Ltd.
|
|
|
238,000
|
|
|
|
1,561,108
|
|
|
|
|
|
|
|
|
|
|
|
Energy 2.8%
|
China Shenhua Energy Co., Ltd., Class H
|
|
|
850,000
|
|
|
|
3,807,421
|
|
|
|
|
|
|
|
|
|
|
|
Food, Beverage & Tobacco 0.6%
|
Want Want China Holdings Ltd.
|
|
|
608,000
|
|
|
|
852,054
|
|
|
|
|
|
|
|
|
|
|
|
Household & Personal Products 1.5%
|
Hengan International Group Co., Ltd.
|
|
|
233,000
|
|
|
|
2,127,940
|
|
|
|
|
|
|
|
|
|
|
|
Retailing 2.7%
|
Belle International Holdings Ltd.
|
|
|
1,720,392
|
|
|
|
3,804,775
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 3.6%
|
China Mobile Ltd.
|
|
|
428,000
|
|
|
|
5,036,573
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 2.5%
|
China Resources Power Holdings Co., Ltd.
|
|
|
1,324,000
|
|
|
|
3,411,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,495,332
|
|
|
Hong Kong 2.6%
|
|
|
|
|
|
|
|
|
|
|
Consumer Services 2.6%
|
Sands China Ltd.
|
|
|
805,200
|
|
|
|
3,599,778
|
|
|
India 10.0%
|
|
|
|
|
|
|
|
|
|
|
Automobiles & Components 2.4%
|
Tata Motors Ltd.
|
|
|
583,651
|
|
|
|
3,354,846
|
|
|
|
|
|
|
|
|
|
|
|
Banks 3.8%
|
Axis Bank Ltd.
|
|
|
131,889
|
|
|
|
3,313,835
|
|
Housing Development Finance Corp., Ltd.
|
|
|
127,570
|
|
|
|
1,948,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,262,696
|
|
|
|
|
|
|
|
|
|
|
|
Capital Goods 1.7%
|
Larsen & Toubro Ltd.
|
|
|
77,306
|
|
|
|
2,295,397
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Financials 2.1%
|
Rural Electrification Corp., Ltd.
|
|
|
650,124
|
|
|
|
2,945,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,858,377
|
|
|
Indonesia 5.8%
|
|
|
|
|
|
|
|
|
|
|
Automobiles & Components 2.0%
|
PT Astra International Tbk
|
|
|
3,405,000
|
|
|
|
2,697,262
|
|
|
|
|
|
|
|
|
|
|
|
Banks 1.5%
|
PT Bank Rakyat Indonesia (Persero) Tbk
|
|
|
2,866,500
|
|
|
|
2,078,941
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 2.3%
|
PT Perusahaan Gas Negara (Persero) Tbk
|
|
|
6,782,000
|
|
|
|
3,247,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,023,716
|
|
|
Kazakhstan 1.7%
|
|
|
|
|
|
|
|
|
|
|
Energy 1.7%
|
KazMunaiGas Exploration Production GDR
|
|
|
132,397
|
|
|
|
2,383,146
|
|
|
Mexico 7.4%
|
|
|
|
|
|
|
|
|
|
|
Banks 3.3%
|
Grupo Financiero Santander Mexico SAB de CV, Class B
ADR
*
|
|
|
282,800
|
|
|
|
4,575,704
|
|
|
|
|
|
|
|
|
|
|
|
Materials 2.0%
|
Grupo Mexico S.A.B. de C.V., Series B
|
|
|
774,133
|
|
|
|
2,799,774
|
|
1
Laudus
Mondrian Emerging Markets Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Value
|
Security
|
|
of Shares
|
|
($)
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 2.1%
|
America Movil SAB de C.V., Series L ADR
|
|
|
124,700
|
|
|
|
2,885,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,261,036
|
|
|
Peru 3.5%
|
|
|
|
|
|
|
|
|
|
|
Banks 3.5%
|
Credicorp Ltd.
|
|
|
32,794
|
|
|
|
4,806,289
|
|
|
Philippines 1.9%
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 1.9%
|
Philippine Long Distance Telephone Co. ADR
|
|
|
43,000
|
|
|
|
2,636,330
|
|
|
Republic of Korea 8.1%
|
|
|
|
|
|
|
|
|
|
|
Automobiles & Components 3.4%
|
Hyundai Mobis
|
|
|
17,634
|
|
|
|
4,784,263
|
|
|
|
|
|
|
|
|
|
|
|
Banks 2.3%
|
KB Financial Group, Inc.
|
|
|
87,460
|
|
|
|
3,123,973
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 2.4%
|
Samsung Electronics Co., Ltd.
|
|
|
2,343
|
|
|
|
3,366,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,274,657
|
|
|
Russia 4.5%
|
|
|
|
|
|
|
|
|
|
|
Banks 0.8%
|
Sberbank of Russia ADR
|
|
|
92,471
|
|
|
|
1,161,436
|
|
|
|
|
|
|
|
|
|
|
|
Energy 3.7%
|
Gazprom OAO ADR
|
|
|
309,724
|
|
|
|
3,013,614
|
|
LUKOIL OAO ADR
|
|
|
30,400
|
|
|
|
2,052,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,065,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,227,050
|
|
|
South Africa 3.2%
|
|
|
|
|
|
|
|
|
|
|
Food, Beverage & Tobacco 3.2%
|
SABMiller plc
|
|
|
62,121
|
|
|
|
2,862,796
|
|
Tiger Brands Ltd.
|
|
|
39,431
|
|
|
|
1,520,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,383,309
|
|
|
Taiwan 3.2%
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 3.2%
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
|
|
1,347,719
|
|
|
|
4,507,862
|
|
|
Thailand 4.1%
|
|
|
|
|
|
|
|
|
|
|
Banks 1.0%
|
Kasikornbank PCL NVDR
|
|
|
220,200
|
|
|
|
1,401,244
|
|
|
|
|
|
|
|
|
|
|
|
Energy 3.1%
|
PTT PCL
|
|
|
398,500
|
|
|
|
4,325,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,726,252
|
|
|
Turkey 6.1%
|
|
|
|
|
|
|
|
|
|
|
Banks 1.2%
|
Turkiye Garanti Bankasi A/S
|
|
|
326,392
|
|
|
|
1,703,579
|
|
|
|
|
|
|
|
|
|
|
|
Energy 2.8%
|
Tupras-Turkiye Petrol Rafinerileri A/S
|
|
|
133,238
|
|
|
|
3,868,620
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 2.1%
|
Turk Telekomunikasyon A/S
|
|
|
758,056
|
|
|
|
2,947,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,519,489
|
|
|
United States 2.5%
|
|
|
|
|
|
|
|
|
|
|
Consumer Services 2.5%
|
Yum! Brands, Inc.
|
|
|
52,400
|
|
|
|
3,479,360
|
|
|
|
|
|
|
|
|
|
|
Total Common Stock
|
(Cost $103,176,625)
|
|
|
124,258,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock
7.5% of net assets
|
|
Brazil 7.5%
|
|
|
|
|
|
|
|
|
|
|
Banks 1.9%
|
Itausa - Investimentos Itau S.A.
|
|
|
563,323
|
|
|
|
2,665,983
|
|
|
|
|
|
|
|
|
|
|
|
Energy 2.4%
|
Petroleo Brasileiro S.A.
|
|
|
344,200
|
|
|
|
3,281,457
|
|
|
|
|
|
|
|
|
|
|
|
Food, Beverage & Tobacco 1.3%
|
Companhia de Bebidas das Americas ADR
|
|
|
42,400
|
|
|
|
1,780,376
|
|
|
|
|
|
|
|
|
|
|
|
Materials 1.9%
|
Vale S.A. ADR
|
|
|
129,400
|
|
|
|
2,626,820
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Stock
|
(Cost $9,943,782)
|
|
|
10,354,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Investment Company
2.5% of net assets
|
|
United States 2.5%
|
State Street Institutional U.S. Government Money Market Fund
|
|
|
3,439,095
|
|
|
|
3,439,095
|
|
|
|
|
|
|
|
|
|
|
Total Other Investment Company
|
(Cost $3,439,095)
|
|
|
3,439,095
|
|
|
|
|
|
|
|
|
End of Investments.
|
At
12/31/12,
the tax basis cost of the funds investments was
$120,232,823 and the unrealized appreciation and depreciation
were $20,288,792 and ($2,468,906) respectively, with a net
unrealized appreciation of $17,819,886.
At
12/31/12,
the values of certain foreign securities held by the fund
aggregating $78,063,764 were adjusted from their closing market
values in accordance with international fair valuation
procedures approved by the funds Board of Trustees.
|
|
|
*
|
|
Non-income producing security.
|
2
Laudus
Mondrian Emerging Markets Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
ADR
|
|
American Depositary Receipt
|
GDR
|
|
Global Depositary Receipt
|
NVDR
|
|
Non-Voting Depositary Receipt
|
Under
procedures approved by the funds 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.
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:
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 funds
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 securitys primary pricing source is
unable or unwilling to provide a price; or when a
securitys primary trading market is closed during regular
market hours. The fund makes fair value determinations in good
faith in accordance with the funds 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. The
Board convenes on a regular basis to review fair value
determinations made by the fund pursuant to the procedures.
|
|
|
|
International
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 funds portfolio
holdings and the net asset value of the funds shares, and
seeks to help ensure that the prices at which the funds
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 fund makes fair value determinations in good
faith in accordance with the funds valuation procedures.
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 regularly reviews fair value determinations made by
the fund pursuant to the procedures.
|
|
|
|
Short-term
securities (60 days or less to
maturity):
valued at amortized cost, which approximates market value.
|
|
|
|
Underlying
funds:
valued at their respective net asset values.
|
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 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.
3
Laudus
Mondrian Emerging Markets 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 underlying
funds are valued at their NAV daily and 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 funds 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
funds 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 funds investments as of December 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
Prices in
|
|
|
|
Significant
|
|
|
|
|
Active
Markets for
|
|
Significant
Other
|
|
Unobservable
|
|
|
|
|
Identical
Assets
|
|
Observable
Inputs
|
|
Inputs
|
|
|
Description
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
2
|
|
Common
Stock
1
|
|
|
$
|
|
|
|
$76,662,520
|
|
|
|
$
|
|
|
|
$76,662,520
|
|
Brazil
1
|
|
|
8,179,737
|
|
|
|
|
|
|
|
|
|
|
|
8,179,737
|
|
Chile
1
|
|
|
3,897,258
|
|
|
|
|
|
|
|
|
|
|
|
3,897,258
|
|
Kazakhstan
1
|
|
|
2,383,146
|
|
|
|
|
|
|
|
|
|
|
|
2,383,146
|
|
Mexico
1
|
|
|
10,261,036
|
|
|
|
|
|
|
|
|
|
|
|
10,261,036
|
|
Peru
1
|
|
|
4,806,289
|
|
|
|
|
|
|
|
|
|
|
|
4,806,289
|
|
Philippines
1
|
|
|
2,636,330
|
|
|
|
|
|
|
|
|
|
|
|
2,636,330
|
|
Russia
1
|
|
|
6,227,050
|
|
|
|
|
|
|
|
|
|
|
|
6,227,050
|
|
Thailand
1
|
|
|
|
|
|
|
1,401,244
|
|
|
|
|
|
|
|
1,401,244
|
|
Energy
|
|
|
4,325,008
|
|
|
|
|
|
|
|
|
|
|
|
4,325,008
|
|
United
States
1
|
|
|
3,479,360
|
|
|
|
|
|
|
|
|
|
|
|
3,479,360
|
|
Preferred Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
1
|
|
|
10,354,636
|
|
|
|
|
|
|
|
|
|
|
|
10,354,636
|
|
Other Investment
Company
1
|
|
|
3,439,095
|
|
|
|
|
|
|
|
|
|
|
|
3,439,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$59,988,945
|
|
|
|
$78,063,764
|
|
|
|
$
|
|
|
|
$138,052,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
As categorized in Portfolio Holdings.
|
2
|
|
The fund had no Other Financial Instruments.
|
4
Laudus
Mondrian Emerging Markets Fund
Portfolio
Holdings
(Unaudited)
continued
The
funds policy is to recognize transfers between Level 1,
Level 2 and Level 3 as of the beginning of the fiscal year.
There were no transfers between Level 1, Level 2 and Level 3 for
the period ended December 31, 2012.
REG60664DEC12-00
5
Laudus
Trust
Laudus Mondrian International Fixed Income Fund
Portfolio
Holdings
as
of December 31, 2012 (Unaudited)
The following are the portfolio holdings as of the report date.
For more information, please refer to the funds semiannual
or annual shareholder reports.
For fixed rate obligations, the rate shown is the interest rate
(the rate established when the obligation was issued). For
variable-rate obligations, the rate shown is the rate as of the
report date. The maturity date shown for all the securities is
the final legal maturity.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
|
Value
|
Holdings by Category
|
|
($)
|
|
($)
|
|
|
65
|
.8%
|
|
Government Bonds
|
|
|
541,664,852
|
|
|
|
556,048,863
|
|
|
15
|
.7%
|
|
Government Agency Obligations
|
|
|
139,666,075
|
|
|
|
132,582,301
|
|
|
4
|
.5%
|
|
Corporate Bonds
|
|
|
36,364,402
|
|
|
|
38,039,646
|
|
|
12
|
.1%
|
|
Supranational
|
|
|
100,585,105
|
|
|
|
102,637,393
|
|
|
0
|
.4%
|
|
Other Investment Company
|
|
|
3,780,757
|
|
|
|
3,780,757
|
|
|
|
|
98
|
.5%
|
|
Total Investments
|
|
|
822,061,191
|
|
|
|
833,088,960
|
|
|
1
|
.5%
|
|
Other Assets and Liabilities, Net
|
|
|
|
|
|
|
12,268,291
|
|
|
|
|
100
|
.0%
|
|
Net Assets
|
|
|
|
|
|
|
845,357,251
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Face Amount
|
|
Value
|
Rate, Maturity Date
|
|
(local currency)
|
|
($)
|
|
Government Bonds
65.8% of net assets
|
|
Austria 4.6%
|
Austria Government Bond
|
6.25%,
07/15/27
(EUR)
|
|
|
19,600,000
|
|
|
|
38,980,536
|
|
|
Denmark 4.7%
|
Denmark Government International Bond
|
3.13%,
03/17/14
(EUR)
|
|
|
29,000,000
|
|
|
|
39,665,367
|
|
|
Finland 4.7%
|
Finland Government Bond
|
5.38%,
07/04/13
(EUR)
|
|
|
24,000,000
|
|
|
|
32,526,988
|
|
3.50%,
04/15/21
(EUR)
|
|
|
4,600,000
|
|
|
|
7,121,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,648,802
|
|
|
France 4.2%
|
France Government Bond OAT
|
5.75%,
10/25/32
(EUR)
|
|
|
18,400,000
|
|
|
|
35,590,648
|
|
|
Germany 3.7%
|
Bundesobligation
|
2.75%,
04/08/16
(EUR)
|
|
|
12,000,000
|
|
|
|
17,238,600
|
|
Bundesrepublik Deutschland
|
3.75%,
01/04/17
(EUR)
|
|
|
5,700,000
|
|
|
|
8,600,717
|
|
3.50%,
07/04/19
(EUR)
|
|
|
3,300,000
|
|
|
|
5,145,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,985,029
|
|
|
Japan 20.2%
|
Japan Government Five Year Bond
|
0.40%,
09/20/15
(JPY)
|
|
|
3,500,000,000
|
|
|
|
40,736,388
|
|
Japan Government Ten Year Bond
|
1.90%,
06/20/16
(JPY)
|
|
|
2,900,000,000
|
|
|
|
35,547,135
|
|
1.50%,
09/20/18
(JPY)
|
|
|
3,700,000,000
|
|
|
|
45,767,635
|
|
1.30%,
06/20/20
(JPY)
|
|
|
1,300,000,000
|
|
|
|
15,922,708
|
|
Japan Government Thirty Year Bond
|
2.40%,
12/20/34
(JPY)
|
|
|
2,560,000,000
|
|
|
|
32,639,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
170,613,120
|
|
|
Mexico 4.5%
|
Mexican Bonos
|
7.50%,
06/03/27
(MXN)
|
|
|
30,500,000
|
|
|
|
2,750,963
|
|
Mexico Government Bond
|
9.50%,
12/18/14
(MXN)
|
|
|
30,800,000
|
|
|
|
2,597,545
|
|
8.50%,
12/13/18
(MXN)
|
|
|
40,000,000
|
|
|
|
3,625,208
|
|
6.50%,
06/10/21
(MXN)
|
|
|
350,000,000
|
|
|
|
29,397,422
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,371,138
|
|
|
Poland 9.0%
|
Poland Government Bond
|
6.25%,
10/24/15
(PLN)
|
|
|
22,000,000
|
|
|
|
7,702,477
|
|
5.50%,
10/25/19
(PLN)
|
|
|
71,000,000
|
|
|
|
25,960,173
|
|
5.75%,
09/23/22
(PLN)
|
|
|
112,000,000
|
|
|
|
42,451,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76,113,948
|
|
|
South Africa 3.0%
|
South Africa Government Bond
|
8.25%,
09/15/17
(ZAR)
|
|
|
105,000,000
|
|
|
|
13,634,989
|
|
10.50%,
12/21/26
(ZAR)
|
|
|
78,000,000
|
|
|
|
11,804,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,439,225
|
|
|
Sweden 3.1%
|
Sweden Government Bond
|
4.50%,
08/12/15
(SEK)
|
|
|
67,000,000
|
|
|
|
11,273,605
|
|
3.50%,
06/01/22
(SEK)
|
|
|
82,000,000
|
|
|
|
14,774,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,047,665
|
|
|
United Kingdom 4.1%
|
United Kingdom Gilt
|
4.75%,
09/07/15
(GBP)
|
|
|
7,000,000
|
|
|
|
12,706,043
|
|
5.00%,
03/07/18
(GBP)
|
|
|
4,600,000
|
|
|
|
9,015,617
|
|
1
Laudus
Mondrian International Fixed Income Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
|
|
|
|
Security
|
|
Face Amount
|
|
Value
|
Rate, Maturity Date
|
|
(local currency)
|
|
($)
|
5.00%,
03/07/25
(GBP)
|
|
|
6,000,000
|
|
|
|
12,871,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,593,385
|
|
|
|
|
|
|
|
|
|
|
Total Government Bonds
|
(Cost $541,664,852)
|
|
|
556,048,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government Agency Obligations
15.7% of net
assets
|
|
Germany 12.2%
|
Bayerische Landesbank
|
1.40%,
04/22/13
(JPY)
|
|
|
3,550,000,000
|
|
|
|
41,092,064
|
|
Kreditanstalt fuer Wiederaufbau
|
0.30%,
03/20/13
(JPY) (c)
|
|
|
2,100,000,000
|
|
|
|
24,251,746
|
|
1.35%,
01/20/14
(JPY) (c)
|
|
|
140,000,000
|
|
|
|
1,637,901
|
|
2.05%,
02/16/26
(JPY) (c)
|
|
|
2,860,000,000
|
|
|
|
36,527,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,509,029
|
|
|
Japan 1.7%
|
Development Bank of Japan, Inc.
|
1.75%,
03/17/17
(JPY)
|
|
|
1,160,000,000
|
|
|
|
14,279,066
|
|
|
Netherlands 1.8%
|
Bank Nederlandse Gemeenten
|
1.85%,
11/07/16
(JPY)
|
|
|
1,200,000,000
|
|
|
|
14,794,206
|
|
|
|
|
|
|
|
|
|
|
Total Government Agency Obligations
|
(Cost $139,666,075)
|
|
|
132,582,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
4.5% of net assets
|
|
Netherlands 0.9%
|
ING Bank N.V.
|
6.13%,
05/29/23
(EUR)
(a)(b)
|
|
|
5,420,000
|
|
|
|
7,833,232
|
|
|
Norway 2.0%
|
Eksportfinans ASA
|
1.60%,
03/20/14
(JPY)
|
|
|
1,500,000,000
|
|
|
|
16,899,971
|
|
|
United Kingdom 1.6%
|
HSBC Holdings plc
|
6.25%,
03/19/18
(EUR)
|
|
|
500,000
|
|
|
|
793,087
|
|
6.00%,
06/10/19
(EUR)
|
|
|
4,500,000
|
|
|
|
7,206,639
|
|
Lloyds TSB Bank plc
|
5.38%,
09/03/19
(EUR)
|
|
|
3,300,000
|
|
|
|
5,306,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,306,443
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
|
(Cost $36,364,402)
|
|
|
38,039,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supranational
12.1% of net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asian Development Bank
|
2.35%,
06/21/27
(JPY)
|
|
|
2,230,000,000
|
|
|
|
29,488,510
|
|
European Investment Bank
|
1.40%,
06/20/17
(JPY)
|
|
|
2,270,000,000
|
|
|
|
27,482,577
|
|
1.90%,
01/26/26
(JPY)
|
|
|
640,000,000
|
|
|
|
7,749,175
|
|
Nordic Investment Bank
|
1.70%,
04/27/17
(JPY)
|
|
|
3,050,000,000
|
|
|
|
37,917,131
|
|
|
|
|
|
|
|
|
|
|
Total Supranational
|
(Cost $100,585,105)
|
|
|
102,637,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Value
|
Security
|
|
of Shares
|
|
($)
|
|
Other Investment Company
0.4% of net assets
|
|
United States 0.4%
|
State Street Institutional U.S. Government Money Market Fund
|
|
|
3,780,757
|
|
|
|
3,780,757
|
|
|
|
|
|
|
|
|
|
|
Total Other Investment Company
|
(Cost $3,780,757)
|
|
|
3,780,757
|
|
|
|
|
|
|
|
|
End of Investments.
|
At
12/31/12
the tax basis cost of the funds investments was
$822,655,718 and the unrealized appreciation and depreciation
were $29,955,382 and ($19,522,140) respectively, with a net
appreciation of $10,433,242.
|
|
|
(a)
|
|
Variable-rate security.
|
(b)
|
|
The effective maturity may be
shorter than the final maturity shown because of the possibility
of interim principal payments and prepayments or as the result
of embedded demand features (puts or calls).
|
(c)
|
|
Guaranteed by the Republic of
Germany.
|
|
|
|
EUR
|
|
euro currency
|
GBP
|
|
Great British pound
|
JPY
|
|
Japanese yen
|
MXN
|
|
Mexican peso
|
PLN
|
|
Polish zloty
|
SEK
|
|
Swedish krona
|
ZAR
|
|
South African rand
|
2
Laudus
Mondrian International Fixed Income Fund
Portfolio
Holdings
(Unaudited)
continued
In addition to the above, the fund held the following at
12/31/12:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of
|
|
|
|
Amount of
|
|
|
|
|
|
|
Currency
|
|
Currency
|
|
Currency
|
|
Currency
|
|
Unrealized
|
|
|
|
|
to be
|
|
to be
|
|
to be
|
|
to be
|
|
Losses
|
Expiration Date
|
|
Counterparty
|
|
Received
|
|
Received
|
|
Delivered
|
|
Delivered
|
|
($)
|
|
Forward Foreign Currency Exchange Contract
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/31/2013
|
|
State Street Bank London
|
|
|
GBP
|
|
|
|
21,459,500
|
|
|
|
EUR
|
|
|
|
26,665,383
|
|
|
|
(348,138
|
)
|
Under
procedures approved by the funds 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.
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:
valued at halfway between the most recent bid and asked 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 an independent bond-pricing
service.
|
|
|
|
Securities
for which no quoted value is
available:
The Board has adopted procedures to fair value the funds
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 securitys primary pricing source is
unable or unwilling to provide a price; or when a
securitys primary trading market is closed during regular
market hours. The fund makes fair value determinations in good
faith in accordance with the funds 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. The
Board convenes on a regular basis to review fair value
determinations made by the fund pursuant to the procedures.
|
|
|
|
International
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 funds portfolio
holdings and the net asset value of the funds shares, and
seeks to help ensure that the prices at which the funds
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 fund makes fair value determinations in good
faith in accordance with the funds valuation procedures.
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 regularly reviews fair value determinations made by
the fund pursuant to the procedures.
|
|
|
|
Forward
foreign currency exchange
contracts:
valued at a value based on that days exchange rates.
|
|
|
|
Short-term
securities (60 days or less to
maturity):
valued at amortized cost, which approximates market value.
|
|
|
|
Underlying
funds:
valued at their respective net asset values.
|
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
3
Laudus
Mondrian International Fixed Income Fund
Portfolio
Holdings
(Unaudited)
continued
the lowest
priority to valuations based upon unobservable inputs that are
significant to the valuation (Level 3 measurements). 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 underlying
funds are valued at their NAV daily and 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 funds 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
funds 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 funds investments as of December 31, 2012:
Assets Valuation
Input
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
Prices in
|
|
|
|
Significant
|
|
|
|
|
Active
Markets for
|
|
Significant
Other
|
|
Unobservable
|
|
|
|
|
Identical
Assets
|
|
Observable
Inputs
|
|
Inputs
|
|
|
Description
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
|
|
Government
Bonds
1
|
|
|
$
|
|
|
|
$556,048,863
|
|
|
|
$
|
|
|
|
$556,048,863
|
|
Government Agency
Obligations
1
|
|
|
|
|
|
|
132,582,301
|
|
|
|
|
|
|
|
132,582,301
|
|
Corporate
Bonds
1
|
|
|
|
|
|
|
38,039,646
|
|
|
|
|
|
|
|
38,039,646
|
|
Supranational
|
|
|
|
|
|
|
102,637,393
|
|
|
|
|
|
|
|
102,637,393
|
|
Other Investment
Company
1
|
|
|
3,780,757
|
|
|
|
|
|
|
|
|
|
|
|
3,780,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$3,780,757
|
|
|
|
$829,308,203
|
|
|
|
$
|
|
|
|
$833,088,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
Laudus
Mondrian International Fixed Income Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities Valuation
Input
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
Prices in
|
|
|
|
Significant
|
|
|
|
|
Active
Markets for
|
|
Significant
Other
|
|
Unobservable
|
|
|
|
|
Identical
Assets
|
|
Observable
Inputs
|
|
Inputs
|
|
|
Description
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Exchange
Contract
2
|
|
|
($348,138
|
)
|
|
|
$
|
|
|
|
$
|
|
|
|
($348,138
|
)
|
|
|
|
1
|
|
As categorized in Portfolio Holdings.
|
2
|
|
Forward foreign currency exchange contracts are not included in
Investments and are valued at unrealized appreciation or
depreciation.
|
The
funds policy is to recognize transfers between Level 1,
Level 2 and Level 3 as of the beginning of the fiscal year.
There were no transfers between Level 1, Level 2 and Level 3 for
the period ended December 31, 2012.
The fund
entered into forward foreign currency exchange contracts during
the period ended December 31, 2012. The fund invested in
forward foreign currency exchange contracts to defensively hedge
part of the funds exposure to currencies that were deemed
to be overvalued by the sub-adviser.
REG60666DEC12-00
5
Laudus
Trust
Laudus Mondrian Global Fixed Income Fund
Portfolio
Holdings
as
of December 31, 2012 (Unaudited)
The following are the portfolio holdings as of the report date.
For more information, please refer to the funds semiannual
or annual shareholder reports.
For fixed rate obligations, the rate shown is the interest rate
(the rate established when the obligation was issued). For
variable-rate obligations, the rate shown is the rate as of the
report date. The maturity date shown for all the securities is
the final legal maturity.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
|
Value
|
Holdings by Category
|
|
($)
|
|
($)
|
|
|
64
|
.8%
|
|
Government Bonds
|
|
|
27,045,129
|
|
|
|
26,988,628
|
|
|
10
|
.1%
|
|
Government Agency Obligations
|
|
|
4,550,150
|
|
|
|
4,195,033
|
|
|
1
|
.6%
|
|
Corporate Bonds
|
|
|
566,747
|
|
|
|
685,593
|
|
|
5
|
.1%
|
|
Supranational
|
|
|
2,160,514
|
|
|
|
2,118,942
|
|
|
16
|
.7%
|
|
U.S. Government and Government Agencies
|
|
|
7,000,834
|
|
|
|
6,981,288
|
|
|
|
|
98
|
.3%
|
|
Total Investments
|
|
|
41,323,374
|
|
|
|
40,969,484
|
|
|
1
|
.7%
|
|
Other Assets and Liabilities, Net
|
|
|
|
|
|
|
706,324
|
|
|
|
|
100
|
.0%
|
|
Net Assets
|
|
|
|
|
|
|
41,675,808
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Face Amount
|
|
Value
|
Rate, Maturity Date
|
|
(local currency)
|
|
($)
|
|
Government Bonds
64.8% of net assets
|
|
Australia 7.9%
|
Australia Government Bond
|
4.50%,
10/21/14
(AUD)
|
|
|
150,000
|
|
|
|
160,856
|
|
4.75%,
06/15/16
(AUD)
|
|
|
450,000
|
|
|
|
498,901
|
|
5.25%,
03/15/19
(AUD)
|
|
|
580,000
|
|
|
|
681,109
|
|
4.50%,
04/15/20
(AUD)
|
|
|
730,000
|
|
|
|
830,293
|
|
5.75%,
05/15/21
(AUD)
|
|
|
905,000
|
|
|
|
1,120,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,291,426
|
|
|
Brazil 4.2%
|
Brazil Notas do Tesouro Nacional
|
10.00%,
01/01/14
(BRL)
|
|
|
400,000
|
|
|
|
200,640
|
|
10.00%,
01/01/17
(BRL)
|
|
|
1,500,000
|
|
|
|
773,161
|
|
10.00%,
01/01/21
(BRL)
|
|
|
1,500,000
|
|
|
|
773,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,747,311
|
|
|
Colombia 0.9%
|
Colombia Government International Bond
|
7.75%,
04/14/21
(COP)
|
|
|
510,000,000
|
|
|
|
363,378
|
|
|
Denmark 2.1%
|
Denmark Government International Bond
|
3.13%,
03/17/14
(EUR)
|
|
|
640,000
|
|
|
|
875,374
|
|
|
Germany 2.2%
|
Bundesrepublik Deutschland
|
2.50%,
01/04/21
(EUR)
|
|
|
390,000
|
|
|
|
574,449
|
|
3.25%,
07/04/42
(EUR)
|
|
|
220,000
|
|
|
|
362,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
936,719
|
|
|
Hungary 2.3%
|
Hungary Government Bond
|
5.50%,
02/12/14
(HUF)
|
|
|
4,200,000
|
|
|
|
19,099
|
|
5.50%,
02/12/16
(HUF)
|
|
|
16,300,000
|
|
|
|
73,648
|
|
6.75%,
02/24/17
(HUF)
|
|
|
58,000,000
|
|
|
|
272,140
|
|
6.50%,
06/24/19
(HUF)
|
|
|
27,500,000
|
|
|
|
128,987
|
|
7.50%,
11/12/20
(HUF)
|
|
|
65,000,000
|
|
|
|
323,735
|
|
6.00%,
11/24/23
(HUF)
|
|
|
33,000,000
|
|
|
|
148,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
966,253
|
|
|
Israel 1.1%
|
Israel Government Bond
|
4.25%,
08/31/16
(ILS)
|
|
|
750,000
|
|
|
|
217,716
|
|
6.00%,
02/28/19
(ILS)
|
|
|
280,000
|
|
|
|
91,663
|
|
5.50%,
01/31/22
(ILS)
|
|
|
460,000
|
|
|
|
147,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
456,557
|
|
|
Japan 21.4%
|
Japan Government Ten Year Bond
|
1.30%,
12/20/14
(JPY)
|
|
|
56,000,000
|
|
|
|
661,828
|
|
1.30%,
03/20/15
(JPY)
|
|
|
9,300,000
|
|
|
|
110,227
|
|
1.50%,
03/20/15
(JPY)
|
|
|
60,000,000
|
|
|
|
714,200
|
|
1.40%,
03/20/18
(JPY)
|
|
|
120,000,000
|
|
|
|
1,471,995
|
|
1.50%,
09/20/18
(JPY)
|
|
|
95,000,000
|
|
|
|
1,175,115
|
|
1.40%,
06/20/19
(JPY)
|
|
|
147,500,000
|
|
|
|
1,818,390
|
|
0.80%,
09/20/20
(JPY)
|
|
|
120,000,000
|
|
|
|
1,415,463
|
|
Japan Government Thirty Year Bond
|
2.50%,
06/20/36
(JPY)
|
|
|
40,900,000
|
|
|
|
530,136
|
|
Japan Government Twenty Year Bond
|
1.90%,
03/22/21
(JPY)
|
|
|
80,000,000
|
|
|
|
1,021,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,918,817
|
|
|
Malaysia 1.3%
|
Malaysia Government Bond
|
3.74%,
02/27/15
(MYR)
|
|
|
200,000
|
|
|
|
66,371
|
|
3.31%,
10/31/17
(MYR)
|
|
|
370,000
|
|
|
|
121,369
|
|
4.24%,
02/07/18
(MYR)
|
|
|
490,000
|
|
|
|
167,481
|
|
3.42%,
08/15/22
(MYR)
|
|
|
570,000
|
|
|
|
185,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
540,598
|
|
|
Mexico 2.8%
|
Mexican Bonos
|
8.00%,
12/17/15
(MXN)
|
|
|
4,200,000
|
|
|
|
352,274
|
|
7.25%,
12/15/16
(MXN)
|
|
|
1,900,000
|
|
|
|
158,935
|
|
1
Laudus
Mondrian Global Fixed Income Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
|
|
|
|
Security
|
|
Face Amount
|
|
Value
|
Rate, Maturity Date
|
|
(local currency)
|
|
($)
|
7.75%,
12/14/17
(MXN)
|
|
|
2,200,000
|
|
|
|
189,871
|
|
8.00%,
12/07/23
(MXN)
|
|
|
3,400,000
|
|
|
|
318,696
|
|
7.50%,
06/03/27
(MXN)
|
|
|
1,500,000
|
|
|
|
135,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,155,069
|
|
|
Poland 3.0%
|
Poland Government Bond
|
5.50%,
04/25/15
(PLN)
|
|
|
700,000
|
|
|
|
238,114
|
|
6.25%,
10/24/15
(PLN)
|
|
|
160,000
|
|
|
|
56,018
|
|
5.25%,
10/25/17
(PLN)
|
|
|
310,000
|
|
|
|
109,249
|
|
5.50%,
10/25/19
(PLN)
|
|
|
1,200,000
|
|
|
|
438,763
|
|
5.25%,
10/25/20
(PLN)
|
|
|
140,000
|
|
|
|
50,824
|
|
5.75%,
09/23/22
(PLN)
|
|
|
930,000
|
|
|
|
352,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,245,465
|
|
|
Qatar 0.9%
|
Qatar Government International Bond
|
5.25%,
01/20/20
(USD) (c)
|
|
|
320,000
|
|
|
|
383,200
|
|
|
South Africa 2.8%
|
South Africa Government Bond
|
13.50%,
09/15/15
(ZAR)
|
|
|
2,000,000
|
|
|
|
283,889
|
|
8.00%,
12/21/18
(ZAR)
|
|
|
1,300,000
|
|
|
|
168,532
|
|
6.75%,
03/31/21
(ZAR)
|
|
|
3,000,000
|
|
|
|
362,504
|
|
10.50%,
12/21/26
(ZAR)
|
|
|
2,300,000
|
|
|
|
348,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,162,999
|
|
|
Sweden 6.3%
|
Sweden Government Bond
|
4.50%,
08/12/15
(SEK)
|
|
|
2,500,000
|
|
|
|
420,657
|
|
3.75%,
08/12/17
(SEK)
|
|
|
2,750,000
|
|
|
|
475,640
|
|
4.25%,
03/12/19
(SEK)
|
|
|
5,000,000
|
|
|
|
908,693
|
|
3.50%,
06/01/22
(SEK)
|
|
|
4,450,000
|
|
|
|
801,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,606,753
|
|
|
Turkey 0.9%
|
Turkey Government Bond
|
10.50%,
01/15/20
(TRY)
|
|
|
520,000
|
|
|
|
357,248
|
|
|
United Kingdom 4.7%
|
United Kingdom Gilt
|
2.75%,
01/22/15
(GBP)
|
|
|
255,000
|
|
|
|
434,704
|
|
4.00%,
09/07/16
(GBP)
|
|
|
315,000
|
|
|
|
576,117
|
|
4.50%,
03/07/19
(GBP)
|
|
|
322,000
|
|
|
|
629,603
|
|
4.25%,
06/07/32
(GBP)
|
|
|
170,000
|
|
|
|
341,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,981,461
|
|
|
|
|
|
|
|
|
|
|
Total Government Bonds
|
(Cost $27,045,129)
|
|
|
26,988,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government Agency Obligations
10.1% of net
assets
|
|
Germany 6.9%
|
Bayerische Landesbank
|
1.40%,
04/22/13
(JPY)
|
|
|
90,000,000
|
|
|
|
1,041,771
|
|
Kreditanstalt fuer Wiederaufbau
|
1.35%,
01/20/14
(JPY) (d)
|
|
|
62,000,000
|
|
|
|
725,356
|
|
Landwirtschaftliche Rentenbank
|
1.38%,
04/25/13
(JPY)
|
|
|
95,000,000
|
|
|
|
1,100,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,867,831
|
|
|
Netherlands 3.2%
|
Bank Nederlandse Gemeenten
|
1.85%,
11/07/16
(JPY)
|
|
|
95,000,000
|
|
|
|
1,171,208
|
|
ING Bank N.V.
|
3.90%,
03/19/14
(USD)
|
|
|
150,000
|
|
|
|
155,994
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,327,202
|
|
|
|
|
|
|
|
|
|
|
Total Government Agency Obligations
|
(Cost $4,550,150)
|
|
|
4,195,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
1.6% of net assets
|
|
Netherlands 0.7%
|
ING Bank N.V.
|
6.13%,
05/29/23
(EUR)
(a)(b)
|
|
|
200,000
|
|
|
|
289,049
|
|
|
United Kingdom 0.9%
|
HSBC Holdings plc
|
6.25%,
03/19/18
(EUR)
|
|
|
250,000
|
|
|
|
396,544
|
|
|
|
|
|
|
|
|
|
|
Total Corporate Bonds
|
(Cost $566,747)
|
|
|
685,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supranational
5.1% of net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
European Investment Bank
|
1.90%,
01/26/26
(JPY)
|
|
|
110,000,000
|
|
|
|
1,331,889
|
|
European Union Notes
|
2.75%,
06/03/16
(EUR)
|
|
|
550,000
|
|
|
|
787,053
|
|
|
|
|
|
|
|
|
|
|
Total Supranational
|
(Cost $2,160,514)
|
|
|
2,118,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government and Government Agencies
16.7%
of net assets
|
|
United States 16.7%
|
U.S. Treasury Notes
|
0.63%,
02/28/13
(USD)
|
|
|
360,000
|
|
|
|
360,366
|
|
0.50%,
05/31/13
(USD)
|
|
|
440,000
|
|
|
|
440,774
|
|
1.75%,
01/31/14
(USD)
|
|
|
205,000
|
|
|
|
208,451
|
|
4.13%,
05/15/15
(USD)
|
|
|
870,000
|
|
|
|
948,368
|
|
1.88%,
08/31/17
(USD)
|
|
|
55,000
|
|
|
|
58,098
|
|
4.00%,
08/15/18
(USD)
|
|
|
865,000
|
|
|
|
1,016,510
|
|
1.25%,
04/30/19
(USD)
|
|
|
950,000
|
|
|
|
964,473
|
|
3.63%,
08/15/19
(USD)
|
|
|
1,050,000
|
|
|
|
1,222,840
|
|
3.63%,
02/15/21
(USD)
|
|
|
560,000
|
|
|
|
657,432
|
|
2
Laudus
Mondrian Global Fixed Income Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
|
|
|
|
Security
|
|
Face Amount
|
|
Value
|
Rate, Maturity Date
|
|
(local currency)
|
|
($)
|
2.13%,
08/15/21
(USD)
|
|
|
1,050,000
|
|
|
|
1,103,976
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Government and Government Agencies
|
(Cost $7,000,834)
|
|
|
6,981,288
|
|
|
|
|
|
|
|
|
End of Investments.
|
At
12/31/12,
the tax basis cost of the funds investments was
$41,323,381, and the unrealized appreciation and depreciation
were $973,092 and ($1,326,989), respectively, with a net
depreciation of ($353,897).
|
|
|
(a)
|
|
Variable-rate security.
|
(b)
|
|
The effective maturity may be
shorter than the final maturity shown because of the possibility
of interim principal payments and prepayments or as the result
of embedded demand features (puts or calls).
|
(c)
|
|
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 $383,200 or 0.9%
of net assets.
|
(d)
|
|
Guaranteed by the Republic of
Germany.
|
|
|
|
AUD
|
|
Australian dollar
|
BRL
|
|
Brazilian real
|
CLP
|
|
Chilean peso
|
CNY
|
|
Chinese yuan renminbi
|
COP
|
|
Colombian peso
|
EUR
|
|
euro currency
|
GBP
|
|
Great British pound
|
HUF
|
|
Hungarian forint
|
ILS
|
|
Israeli shekel
|
JPY
|
|
Japanese yen
|
MXN
|
|
Mexican peso
|
MYR
|
|
Malaysian ringgit
|
PLN
|
|
Polish zloty
|
SEK
|
|
Swedish krona
|
TRY
|
|
Turkish lira
|
USD
|
|
U.S. dollar
|
ZAR
|
|
South African rand
|
In addition to the above, the fund held the following at
12/31/12:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of
|
|
|
|
Amount of
|
|
Unrealized
|
|
|
|
|
Currency
|
|
Currency
|
|
Currency
|
|
Currency
|
|
Gains /
|
|
|
|
|
to be
|
|
to be
|
|
to be
|
|
to be
|
|
(Losses)
|
Expiration Date
|
|
Counterparty
|
|
Received
|
|
Received
|
|
Delivered
|
|
Delivered
|
|
($)
|
|
Forward Foreign Currency Exchange Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/31/2013
|
|
State Street Bank London
|
|
|
AUD
|
|
|
|
174,000
|
|
|
|
USD
|
|
|
|
180,316
|
|
|
|
41
|
|
01/31/2013
|
|
Bank of New York Mellon
|
|
|
CLP
|
|
|
|
213,336,000
|
|
|
|
USD
|
|
|
|
443,907
|
|
|
|
3,812
|
|
01/31/2013
|
|
State Street Bank London
|
|
|
CLP
|
|
|
|
168,695,000
|
|
|
|
USD
|
|
|
|
351,018
|
|
|
|
5,048
|
|
01/31/2013
|
|
State Street Bank London
|
|
|
CNY
|
|
|
|
6,020,000
|
|
|
|
USD
|
|
|
|
964,462
|
|
|
|
11,176
|
|
01/31/2013
|
|
State Street Bank London
|
|
|
USD
|
|
|
|
3,410,452
|
|
|
|
AUD
|
|
|
|
3,291,000
|
|
|
|
(26,554
|
)
|
01/31/2013
|
|
Nothern Trust Intenational Banking Corp.
|
|
|
USD
|
|
|
|
964,462
|
|
|
|
CNY
|
|
|
|
6,020,000
|
|
|
|
(9,589
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized losses on Forward Foreign Currency Exchange
Contracts
|
|
|
(16,066
|
)
|
|
|
|
|
|
Under
procedures approved by the funds 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.
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:
valued at halfway between the most recent bid and asked 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 an independent bond-pricing
service.
|
|
|
|
Securities
for which no quoted value is
available:
The Board has adopted procedures to fair value the funds
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 securitys primary pricing source is
unable or unwilling to provide a price; or when a
securitys primary trading market is closed during regular
market hours. The fund makes fair value determinations in good
faith in accordance with the funds valuation procedures.
The Pricing Committee considers a
|
3
Laudus
Mondrian Global Fixed Income Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
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. The Board convenes on a regular basis to review fair
value determinations made by the fund pursuant to the procedures.
|
|
|
|
|
|
International
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 funds portfolio
holdings and the net asset value of the funds shares, and
seeks to help ensure that the prices at which the funds
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 fund makes fair value determinations in good
faith in accordance with the funds valuation procedures.
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 regularly reviews fair value determinations made by
the fund pursuant to the procedures.
|
|
|
|
Forward
foreign currency exchange
contracts:
valued at a value based on that days exchange rates.
|
|
|
|
Short-term
securities (60 days or less to
maturity):
valued at amortized cost, which approximates market value.
|
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 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.
|
|
|
|
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 funds 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,
|
4
Laudus
Mondrian Global Fixed Income Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
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
funds 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 funds investments as of December 31, 2012:
Assets Valuation
Input
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
Prices in
|
|
|
|
Significant
|
|
|
|
|
Active
Markets for
|
|
Significant
Other
|
|
Unobservable
|
|
|
|
|
Identical
Assets
|
|
Observable
Inputs
|
|
Inputs
|
|
|
Description
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
|
|
Government
Bonds
1
|
|
|
$
|
|
|
|
$26,988,628
|
|
|
|
$
|
|
|
|
$26,988,628
|
|
Government Agency
Obligations
1
|
|
|
|
|
|
|
4,195,033
|
|
|
|
|
|
|
|
4,195,033
|
|
Corporate
Bonds
1
|
|
|
|
|
|
|
685,593
|
|
|
|
|
|
|
|
685,593
|
|
Supranational
|
|
|
|
|
|
|
2,118,942
|
|
|
|
|
|
|
|
2,118,942
|
|
U.S. Government and Government
Agencies
1
|
|
|
|
|
|
|
6,981,288
|
|
|
|
|
|
|
|
6,981,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$
|
|
|
|
$40,969,484
|
|
|
|
$
|
|
|
|
$40,969,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Exchange
Contracts
2
|
|
|
$20,077
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$20,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities Valuation
Input
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Exchange
Contracts
2
|
|
|
($36,143
|
)
|
|
|
$
|
|
|
|
$
|
|
|
|
($36,143
|
)
|
|
|
|
1
|
|
As categorized in Portfolio Holdings.
|
2
|
|
Forward foreign currency exchange contracts are not included in
Investments and are valued at unrealized appreciation or
depreciation.
|
The
funds policy is to recognize transfers between Level 1,
Level 2 and Level 3 as of the beginning of the fiscal year.
There were no transfers between Level 1, Level 2 and Level 3 for
the period ended December 31, 2012.
The fund
entered into forward foreign currency exchange contracts during
the period ended December 31, 2012. The fund invested in
forward foreign currency exchange contracts to defensively hedge
part of the funds exposure to currencies that were deemed
to be overvalued by the sub-adviser.
REG72309DEC12-00
5
Laudus
Trust
Laudus Growth Investors U.S. Large Cap Growth Fund
Portfolio
Holdings
as
of December 31, 2012 (Unaudited)
The following are the portfolio holdings as of the report date.
For more information, please refer to the funds semiannual
or annual shareholder reports.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
|
Value
|
Holdings by Category
|
|
($)
|
|
($)
|
|
|
96
|
.3%
|
|
Common Stock
|
|
|
1,249,107,788
|
|
|
|
1,421,309,366
|
|
|
3
|
.5%
|
|
Other Investment Companies
|
|
|
52,310,528
|
|
|
|
52,373,016
|
|
|
|
|
99
|
.8%
|
|
Total Investments
|
|
|
1,301,418,316
|
|
|
|
1,473,682,382
|
|
|
0
|
.2%
|
|
Other Assets and Liabilities, Net
|
|
|
|
|
|
|
2,478,512
|
|
|
|
|
100
|
.0%
|
|
Net Assets
|
|
|
|
|
|
|
1,476,160,894
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Value
|
Security
|
|
of Shares
|
|
($)
|
|
Common Stock
96.3% of net assets
|
|
Capital Goods 7.4%
|
Cummins, Inc.
|
|
|
213,400
|
|
|
|
23,121,890
|
|
Danaher Corp.
|
|
|
623,400
|
|
|
|
34,848,060
|
|
Precision Castparts Corp.
|
|
|
66,100
|
|
|
|
12,520,662
|
|
United Technologies Corp.
|
|
|
470,900
|
|
|
|
38,618,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
109,109,121
|
|
|
Commercial & Professional Supplies 1.0%
|
IHS, Inc., Class A
*
|
|
|
156,400
|
|
|
|
15,014,400
|
|
|
Consumer Durables & Apparel 7.6%
|
Lululemon Athletica, Inc.
*
|
|
|
330,801
|
|
|
|
25,216,960
|
|
Michael Kors Holdings Ltd.
*
|
|
|
428,200
|
|
|
|
21,851,046
|
|
NIKE, Inc., Class B
|
|
|
606,000
|
|
|
|
31,269,600
|
|
Ralph Lauren Corp.
|
|
|
227,300
|
|
|
|
34,076,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112,414,422
|
|
|
Consumer Services 2.5%
|
Las Vegas Sands Corp.
|
|
|
811,900
|
|
|
|
37,477,304
|
|
|
Energy 6.3%
|
Cabot Oil & Gas Corp.
|
|
|
308,400
|
|
|
|
15,339,816
|
|
Concho Resources, Inc.
*
|
|
|
309,300
|
|
|
|
24,917,208
|
|
FMC Technologies, Inc.
*
|
|
|
657,300
|
|
|
|
28,152,159
|
|
Schlumberger Ltd.
|
|
|
351,200
|
|
|
|
24,334,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
92,743,831
|
|
|
Food & Staples Retailing 1.2%
|
CVS Caremark Corp.
|
|
|
362,200
|
|
|
|
17,512,370
|
|
|
Food, Beverage & Tobacco 1.4%
|
Monster Beverage Corp.
*
|
|
|
392,700
|
|
|
|
20,765,976
|
|
|
Health Care Equipment & Services 6.0%
|
Cardinal Health, Inc.
|
|
|
859,500
|
|
|
|
35,394,210
|
|
Intuitive Surgical, Inc.
*
|
|
|
30,300
|
|
|
|
14,858,211
|
|
UnitedHealth Group, Inc.
|
|
|
696,800
|
|
|
|
37,794,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
88,046,853
|
|
|
Household & Personal Products 2.8%
|
The Estee Lauder Cos., Inc., Class A
|
|
|
702,000
|
|
|
|
42,021,720
|
|
|
Materials 1.5%
|
The Sherwin-Williams Co.
|
|
|
147,400
|
|
|
|
22,673,068
|
|
|
Media 1.9%
|
DIRECTV
*
|
|
|
557,000
|
|
|
|
27,939,120
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences
9.0%
|
Agilent Technologies, Inc.
|
|
|
806,900
|
|
|
|
33,034,486
|
|
Allergan, Inc.
|
|
|
556,000
|
|
|
|
51,001,880
|
|
Biogen Idec, Inc.
*
|
|
|
122,300
|
|
|
|
17,937,741
|
|
Gilead Sciences, Inc.
*
|
|
|
420,400
|
|
|
|
30,878,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
132,852,487
|
|
|
Retailing 8.5%
|
Amazon.com, Inc.
*
|
|
|
198,400
|
|
|
|
49,826,176
|
|
Dollar General Corp.
*
|
|
|
858,200
|
|
|
|
37,838,038
|
|
Priceline.com, Inc.
*
|
|
|
60,000
|
|
|
|
37,272,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
124,936,214
|
|
|
Software & Services 24.6%
|
eBay, Inc.
*
|
|
|
569,500
|
|
|
|
29,055,890
|
|
Facebook, Inc., Class A
*
|
|
|
1,308,800
|
|
|
|
34,853,344
|
|
Google, Inc., Class A
*
|
|
|
75,500
|
|
|
|
53,557,435
|
|
Informatica Corp.
*
|
|
|
550,000
|
|
|
|
16,676,000
|
|
MasterCard, Inc., Class A
|
|
|
73,500
|
|
|
|
36,109,080
|
|
MercadoLibre, Inc.
|
|
|
152,800
|
|
|
|
12,005,496
|
|
Salesforce.com, Inc.
*
|
|
|
197,700
|
|
|
|
33,233,370
|
|
ServiceNow, Inc.
*
|
|
|
119,900
|
|
|
|
3,600,597
|
|
Teradata Corp.
*
|
|
|
523,500
|
|
|
|
32,399,415
|
|
VeriSign, Inc.
*
|
|
|
244,300
|
|
|
|
9,483,726
|
|
Visa, Inc., Class A
|
|
|
463,400
|
|
|
|
70,242,172
|
|
VMware, Inc., Class A
*
|
|
|
344,200
|
|
|
|
32,402,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
363,619,513
|
|
|
Technology Hardware & Equipment 11.1%
|
Apple, Inc.
|
|
|
149,100
|
|
|
|
79,474,773
|
|
NetApp, Inc.
*
|
|
|
965,800
|
|
|
|
32,402,590
|
|
QUALCOMM, Inc.
|
|
|
830,800
|
|
|
|
51,526,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
163,403,579
|
|
1
Laudus
Growth Investors U.S. Large Cap Growth Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Value
|
Security
|
|
of Shares
|
|
($)
|
|
Telecommunication Services 1.4%
|
Crown Castle International Corp.
*
|
|
|
284,000
|
|
|
|
20,493,440
|
|
|
Transportation 2.1%
|
Union Pacific Corp.
|
|
|
240,900
|
|
|
|
30,285,948
|
|
|
|
|
|
|
|
|
|
|
Total Common Stock
|
(Cost $1,249,107,788)
|
|
|
1,421,309,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Investment Companies
3.5% of net assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares Russell 1000 Growth Index Fund
|
|
|
261,500
|
|
|
|
17,125,635
|
|
State Street Institutional U.S. Government Money Market Fund
|
|
|
35,247,381
|
|
|
|
35,247,381
|
|
|
|
|
|
|
|
|
|
|
Total Other Investment Companies
|
(Cost $52,310,528)
|
|
|
52,373,016
|
|
|
|
|
|
|
|
|
End of Investments.
|
At
12/31/12,
the tax basis cost of the funds investments was
$1,306,962,665 and the unrealized appreciation and depreciation
were $185,699,921 and ($18,980,204), respectively, with a net
unrealized appreciation of $166,719,717.
|
|
|
*
|
|
Non-income producing security.
|
Under
procedures approved by the funds 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.
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:
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 funds
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 securitys primary pricing source is
unable or unwilling to provide a price; or when a
securitys primary trading market is closed during regular
market hours. The fund makes fair value determinations in good
faith in accordance with the funds 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. The
Board convenes on a regular basis to review fair value
determinations made by the fund pursuant to the procedures.
|
|
|
|
Short-term
securities (60 days or less to
maturity):
valued at amortized cost, which approximates market value.
|
|
|
|
Underlying
funds:
valued at their respective net asset values.
|
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 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.
2
Laudus
Growth Investors U.S. Large Cap Growth 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 underlying
funds are valued at their NAV daily and 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 funds 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
funds 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
Prices in
|
|
|
|
Significant
|
|
|
|
|
Active
Markets for
|
|
Significant
Other
|
|
Unobservable
|
|
|
|
|
Identical
Assets
|
|
Observable
Inputs
|
|
Inputs
|
|
|
Description
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
2
|
|
Common
Stock
1
|
|
|
$1,421,309,366
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$1,421,309,366
|
|
Other Investment Companies
|
|
|
52,373,016
|
|
|
|
|
|
|
|
|
|
|
|
52,373,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$1,473,682,382
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$1,473,682,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
As categorized in Portfolio Holdings.
|
2
|
|
The fund had no Other Financial Instruments.
|
The
funds 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 December 31, 2012.
REG60662DEC12
3
Item 2. Controls and Procedures.
(a)
|
|
Based on their evaluation of Registrants disclosure controls and procedures, as of a date
within 90 days of the filing date, Registrants Chief Executive Officer, Marie Chandoha and
Registrants Principal Financial Officer, George Pereira, have concluded that Registrants
disclosure controls and procedures are: (i) reasonably designed to ensure that information required
to be disclosed in this report is appropriately communicated to Registrants 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 Registrants last fiscal quarter, there have been no changes in Registrants 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, Registrants internal control over financial reporting.
|
Item 3. Exhibits.
Separate certifications for Registrants 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, Chief Executive Officer
|
|
|
|
|
|
|
|
Date:
|
|
February 27, 2013
|
|
|
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, Chief Executive Officer
|
|
|
|
|
|
|
|
Date:
|
|
February 27, 2013
|
|
|
|
|
|
|
|
By:
|
|
/s/ George Pereira
George Pereira
|
|
|
|
|
Treasurer, Principal Financial Officer
|
|
|
|
|
|
|
|
Date:
|
|
February 27, 2013
|
|
|
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