Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

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)

Registrant’s 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 fund’s semiannual or annual shareholder reports.

Cost

Value

Holdings by Category

($)

.7%

Common Stock

121,048,316

128,175,371

.5%

Other Investment Company

566,380

100

.2%

Total Investments

121,614,696

128,741,751

.2)%

Other Assets and Liabilities, Net

(203,224

)

100

.0%

Net Assets

128,538,527


	Number		Value
Security	of Shares		($)

Common Stock 99.7% of net assets

Australia 4.1%


Insurance 4.1%
AMP Ltd.		555,215		2,816,255
QBE Insurance Group Ltd.		214,825		2,461,445

				5,277,700

France 16.2%


Banks 1.1%
Societe Generale S.A. *		36,579		1,390,823


Capital Goods 3.3%
Compagnie de Saint-Gobain		98,164		4,215,540


Energy 3.0%
Total S.A.		74,498		3,876,348


Food & Staples Retailing 2.8%
Carrefour S.A.		140,595		3,619,946


Pharmaceuticals, Biotechnology & Life Sciences 3.5%
Sanofi		47,370		4,492,090


Telecommunication Services 2.5%
France Telecom S.A.		290,761		3,225,649

				20,820,396

Germany 5.4%


Telecommunication Services 2.4%
Deutsche Telekom AG - Reg’d		266,513		3,033,692


Utilities 3.0%
RWE AG		92,921		3,854,129

				6,887,821

Israel 1.9%


Pharmaceuticals, Biotechnology & Life Sciences 1.9%
Teva Pharmaceutical Industries Ltd. ADR		65,600		2,449,504

Italy 4.0%


Banks 1.2%
Intesa Sanpaolo S.p.A.		891,620		1,541,888


Energy 2.8%
Eni S.p.A.		145,148		3,555,766

				5,097,654

Japan 19.9%


Automobiles & Components 3.5%
Toyota Motor Corp.		95,800		4,473,489


Food & Staples Retailing 2.4%
Seven & I Holdings Co., Ltd.		108,900		3,069,972


Household & Personal Products 2.6%
Kao Corp.		129,800		3,382,268


Insurance 3.1%
Tokio Marine Holdings, Inc.		140,800		3,922,582


Pharmaceuticals, Biotechnology & Life Sciences 3.0%
Takeda Pharmaceutical Co., Ltd.		87,100		3,892,934


Semiconductors & Semiconductor Equipment 1.5%
Tokyo Electron Ltd.		41,600		1,918,643


Technology Hardware & Equipment 3.8%
Canon, Inc.		126,700		4,910,858

				25,570,746

Netherlands 5.1%


Food & Staples Retailing 3.0%
Koninklijke Ahold N.V.		283,900		3,806,816


Media 2.1%
Reed Elsevier N.V.		186,782		2,769,544

				6,576,360

Singapore 3.5%


Banks 2.1%
United Overseas Bank Ltd.		165,535		2,715,442


Telecommunication Services 1.4%
Singapore Telecommunications Ltd.		647,000		1,760,505

				4,475,947

Spain 7.2%


Banks 1.5%
Banco Santander S.A.		236,303		1,920,436


Telecommunication Services 2.5%
Telefonica S.A.		242,255		3,279,901


Utilities 3.2%
Iberdrola S.A.		733,368		4,095,642

				9,295,979

Laudus Mondrian International Equity Fund

Portfolio Holdings (Unaudited) continued


	Number		Value
Security	of Shares		($)

Switzerland 9.5%


Capital Goods 3.3%
ABB Ltd. - Reg’d *		204,149		4,233,544


Insurance 3.0%
Zurich Insurance Group AG *		14,369		3,850,288


Pharmaceuticals, Biotechnology & Life Sciences 3.2%
Novartis AG - Reg’d		66,273		4,186,682

				12,270,514

Taiwan 2.8%


Semiconductors & Semiconductor Equipment 2.8%
Taiwan Semiconductor Manufacturing Co., Ltd.		1,063,154		3,556,046

United Kingdom 20.1%


Energy 5.9%
BP plc		532,914		3,705,302
Royal Dutch Shell plc, Class A		114,566		3,943,383

				7,648,685


Food & Staples Retailing 3.3%
Tesco plc		771,730		4,251,131


Food, Beverage & Tobacco 3.3%
Unilever plc		108,397		4,213,490


Pharmaceuticals, Biotechnology & Life Sciences 3.2%
GlaxoSmithKline plc		189,346		4,122,499


Telecommunication Services 2.4%
Vodafone Group plc		1,235,664		3,110,492


Utilities 2.0%
National Grid plc		222,366		2,550,407

				25,896,704

Total Common Stock
(Cost $121,048,316)				128,175,371




Other Investment Company 0.5% of net assets

United States 0.5%
State Street Institutional U.S. Government Money Market Fund		566,380		566,380

Total Other Investment Company
(Cost $566,380)				566,380



End of Investments.

At 12//31/12, the tax basis cost of the fund’s 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 fund’s Board of Trustees.


*		Non-income producing security.


ADR —		American Depositary Receipt
Reg’d —		Registered


AUD —		Australian dollar
USD —		U.S. dollar

In addition to the above, the fund held the following at 12/31/12:

Amount of

Currency

Unrealized

to be

Losses

Expiration Date

Counterparty

Received

Delivered

($)

Forward Foreign Currency Exchange Contracts

01/31/2013

State Street Bank London

AUD

311,000

USD

322,288

(3,335

)

01/31/2013

State Street Bank London

USD

4,815,670

AUD

4,647,000

(38,461

)

Net unrealized losses on Forward Foreign Currency Exchange Contracts

(41,796

)

Under procedures approved by the fund’s Board of Trustees (the “Board”), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair 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

Laudus Mondrian International Equity Fund

Portfolio Holdings (Unaudited) continued


		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 fund’s 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 security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. 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 fund’s portfolio holdings and the net asset value of the fund’s shares, and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The fund makes fair value determinations in good faith in accordance with the fund’s 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 day’s 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 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

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 fund’s 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 fund’s results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the fund’s 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 fund’s 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 fund’s exposure to currencies that were deemed to be overvalued by the sub-adviser.

REG60667DEC12-00

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 fund’s 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

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 fund’s 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 fund’s Board of Trustees.


*		Non-income producing security.

Laudus Mondrian Emerging Markets Fund

Portfolio Holdings (Unaudited) continued


ADR —		American Depositary Receipt
GDR —		Global Depositary Receipt
NVDR —		Non-Voting Depositary Receipt

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 fund’s 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 security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. 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 fund’s portfolio holdings and the net asset value of the fund’s shares, and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The fund makes fair value determinations in good faith in accordance with the fund’s 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.

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 fund’s 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 fund’s results of operations.


	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.

Laudus Mondrian Emerging Markets Fund

Portfolio Holdings (Unaudited) continued

REG60664DEC12-00

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 fund’s 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

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 fund’s 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

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

Currency

Unrealized

to be

Losses

Expiration Date

Counterparty

Received

Delivered

($)

Forward Foreign Currency Exchange Contract

01/31/2013

State Street Bank London

GBP

21,459,500

EUR

26,665,383

(348,138

)

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 fund’s 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 security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. 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 fund’s portfolio holdings and the net asset value of the fund’s shares, and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The fund makes fair value determinations in good faith in accordance with the fund’s 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 day’s 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.

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 fund’s 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 fund’s results of operations.

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

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.

REG60666DEC12-00

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 fund’s semiannual or annual shareholder reports.


				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

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

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 fund’s 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

Unrealized

Currency

Gains /

to be

(Losses)

Expiration Date

Counterparty

Received

Delivered

($)

Forward Foreign Currency Exchange Contracts

01/31/2013

State Street Bank London

AUD

174,000

USD

180,316

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

)

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 fund’s 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 security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a

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 fund’s portfolio holdings and the net asset value of the fund’s shares, and seeks to help ensure that the prices at which the fund’s shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark. The fund makes fair value determinations in good faith in accordance with the fund’s 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 day’s exchange rates.

	•	Short-term securities (60 days or less to maturity): valued at amortized cost, which approximates market 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 fund’s 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,

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 fund’s results of operations.

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.

REG72309DEC12-00

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 fund’s semiannual or annual shareholder reports.

Cost

Value

Holdings by Category

($)

.3%

Common Stock

1,249,107,788

1,421,309,366

.5%

Other Investment Companies

52,310,528

52,373,016

.8%

Total Investments

1,301,418,316

1,473,682,382

.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

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 fund’s 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.

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 fund’s 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 security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs when arriving at fair value. The Pricing Committee may employ techniques such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. 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.

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 fund’s 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 fund’s results of operations.

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

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.

REG60662DEC12

Item 2. Controls and Procedures.

(a)

Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s Chief Executive Officer, Marie Chandoha and Registrant’s Principal Financial Officer, George Pereira, have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant’s 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 Registrant’s last fiscal quarter, there have been no changes in Registrant’s 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, Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for Registrant’s 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