# EDGAR Filing Document

**Accession Number:** 0000832545
**File Stem:** 0001193125-25-133438
**Filing Date:** 2025-6
**Character Count:** 120399
**Document Hash:** 4d70df8b23d7a3cf57ab2b3c60407c08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-133438.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001193125-25-133438

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**EFFECTIVENESS DATE**: 20250602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAUDUS TRUST
- **CENTRAL INDEX KEY:** 0000832545

**ORGANIZATION NAME:**
- **EIN:** 680163788
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05547
- **FILM NUMBER:** 251016080

**BUSINESS ADDRESS:**
- **STREET 1:** 211 MAIN STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 1-415-667-7000

**MAIL ADDRESS:**
- **STREET 1:** 211 MAIN STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BARR ROSENBERG SERIES TRUST
- **DATE OF NAME CHANGE:** 19961003

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROSENBERG SERIES TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ROSENBERG SMALL CAPITALIZATION FUND
- **DATE OF NAME CHANGE:** 19881030

## Series and Classes Contracts Data

### Schwab Select Large Cap Growth Fund (Series ID: S000025589)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000076665 | Schwab Select Large Cap Growth Fund | LGILX           |

?xml version='1.0' encoding='ASCII'? N-CSR

------

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05547

------

Laudus Trust

(Exact name of registrant as specified in charter)

------

211 Main Street, San Francisco, California 94105

(Address of principal executive offices) (Zip code)

------

Omar Aguilar

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: March 31, 2025

------

Item 1: Report(s) to Shareholders.

------

![](g21749g2img23328b1a1.jpg)

Annual Report \| March 31, 2025

Schwab Select Large Cap Growth Fund

Ticker Symbol: LGILX

------

This annual shareholder report contains important information about the fund for the period of April 1, 2024, to March 31, 2025.

You

can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request this

information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase or

hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED March 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Select Large Cap Growth Fund | $75 | &nbsp;&nbsp;0.73% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month period ended March 31, 2025, the fund returned 4.75%. The S&P 500<sup>®</sup>

Index, which serves as the fund's

regulatory index and provides a broad measure of market performance, returned 8.25%. The Russell 1000<sup>®</sup>

Growth Index, which

returned 7.76%, is the fund's additional index and is more representative of the fund's investment universe than the regulatory

index. Over the 12-month reporting period, both of the fund's active subadvisers posted positive returns.

J.P. Morgan Investment Management Inc. (JP Morgan)

underperformed its comparative index. As of March 31, 2025,

JP Morgan managed 39.7% of the fund's net assets.

■

Detracted from total return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Consumer staples sector securities, including Celsius

Holdings, Inc. (which was sold prior to the end of the

reporting period)

&nbsp;&nbsp;&nbsp;&nbsp;

● Materials sector securities

■

Contributed to total return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Communication services sector securities, including

Netflix, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;

● Information technology sector securities

■

From an individual security perspective:

&nbsp;&nbsp;&nbsp;&nbsp;

● Microsoft Corp. was the largest detractor from total return

&nbsp;&nbsp;&nbsp;&nbsp;

● NVIDIA Corp. was the largest contributor to total return

American Century Investment Management, Inc. (American

Century) underperformed its comparative index. As of March 31,

2025, American Century managed 58.1% of the fund's net

assets.

■

Detracted from total return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Industrials sector securities, including Advanced Drainage

Systems, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;

● Health care sector securities

■

Contributed to total return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Information technology sector securities, including

Apple, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;

● Communication services sector securities

■

From an individual security perspective:

&nbsp;&nbsp;&nbsp;&nbsp;

● Dexcom, Inc. was the largest detractor from total return

&nbsp;&nbsp;&nbsp;&nbsp;

● Apple, Inc. was the largest contributor to total return

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Select Large Cap Growth Fund \| Annual Report

REG127392-00 00313260

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (March 31, 2015 - March 31, 2025)

1,2

![](g21749g2lg_2mdc.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Schwab Select Large Cap Growth Fund (10/10/1997)\*<br>,1,2<br>| 4.75% | &nbsp;&nbsp;&nbsp;&nbsp;15.55% | &nbsp;&nbsp;&nbsp;&nbsp;13.01% |
| <br>S&P 500<br>®<br> Index<br>3<br>| 8.25% | &nbsp;&nbsp;&nbsp;&nbsp;18.59% | &nbsp;&nbsp;&nbsp;&nbsp;12.50% |
| <br>Russell 1000<br>®<br> Growth Index<br>| 7.76% | &nbsp;&nbsp;&nbsp;&nbsp;20.09% | &nbsp;&nbsp;&nbsp;&nbsp;15.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

\*

Inception date is that of the fund's predecessor fund, the Class Y Shares of the UBS U.S. Large Cap Growth Fund.

Fund expenses may have been partially absorbed by the investment adviser. Without these reductions, the fund's returns would have been lower.

These returns do not

reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Prior to September 15, 2023, the fund had a different subadviser. The performance history of the fund prior to that date is attributable to the previous subadviser.

Due to new regulatory requirements, the fund's regulatory index has changed from the Russell 1000®

Growth Index to the S&P 500®

Index. The Russell 1000®

Growth Index

is the fund's additional index and is more representative of the fund's investment universe than the regulatory index.

2Schwab Select Large Cap Growth Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $1981 |
| Number of Holdings<br>(excludes derivatives)<br>| 120 |
| Portfolio Turnover Rate | 26% |
| Advisory Fees Paid by the Fund | $13988648 |
| Weighted Average Market Cap (millions) | $1222752 |
| Price/Earnings Ratio (P/E) | 32.6 |
| Price/Book Ratio (P/B) | 8.8 |
| Dividends Received Deduction | 18.95% |
| Qualified Dividend Income | $4167671 |
| Long Term Capital Gain Distribution | $153655158 |

---

Sector Weightings % of Investments

![](g21749g2img539feb5e2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Equity Holdings % of Net Assets

![](g21749g2img7b659b4b3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

Includes the fund's position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Schwab Select Large Cap Growth Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Select Large Cap Growth Fund \| Annual Report

------

#### Item 2: Code of Ethics.
(a) Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other persons who perform a similar function, regardless of whether these individuals are employed by Registrant or a third party.

(c) During the period covered by the report, no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(f)(1) Registrant has filed this code of ethics as an exhibit pursuant to Item 19(a)(1) of Form N-CSR.

#### Item 3: Audit Committee Financial Expert.
Registrant's Board of Trustees has determined that Kimberly S. Patmore, Michael J. Beer and J. Derek Penn, each currently serving on its audit, compliance and valuation committee, are each an "audit committee financial expert," as such term is defined in Item 3 of Form N-CSR. Each member of Registrant's audit, compliance and valuation committee is "independent" under the standards set forth in Item 3 of Form N-CSR.

The designation of each of Ms. Patmore, Mr. Beer and Mr. Penn as an "audit committee financial expert" pursuant to Item 3 of Form N-CSR does not (i) impose upon such individual any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon such individual as a member of Registrant's audit, compliance and valuation committee or Board of Trustees in the absence of such designation; and (ii) affect the duties, obligations or liability of any other member of Registrant's audit, compliance and valuation committee or Board of Trustees.

#### Item 4: Principal Accountant Fees and Services.
Registrant is composed of one series which has a fiscal year-end of March 31. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to the operational series during 2025 and 2024 fiscal years, as applicable.

The following table presents fees billed by the principal accountant in each of the last two fiscal years for the services rendered to the Funds:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (a)Audit Fees<sup>1</sup> | (a)Audit Fees<sup>1</sup> | (b)Audit-Related Fees | (b)Audit-Related Fees | (c) Tax Fees<sup>2</sup> | (c) Tax Fees<sup>2</sup> | (d) All Other Fees | (d) All Other Fees |
| Fiscal Year<br> 2025 | Fiscal<br>Year<br>2024 | Fiscal<br>Year<br>2025 | Fiscal<br>Year<br>2024 | Fiscal<br>Year<br>2025 | Fiscal<br>Year<br>2024 | Fiscal<br>Year<br>2025 | Fiscal<br>Year<br>2024 |
| $33300 | $32945 | $0 | $0 | $3285 | $3285 | $0 | $0 |

---

<sup>1</sup> The nature of the services includes audit of the registrant's annual financial statements and normally provided services in connection with regulatory filings for those fiscal years.

<sup>2</sup> The nature of the services includes tax compliance, tax advice and tax planning.

**(e)(1)** Registrant's audit, compliance and valuation committee does not have pre-approval policies and procedures as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

**(2)** There were no services described in each of paragraphs (b) through (d) above that were approved by Registrant's audit, compliance and valuation committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

**(f)** Not applicable.

------

**(g)** Below are the aggregate non-audit fees billed in each of the last two fiscal years by Registrant's principal accountant for services rendered to Registrant, to Registrant's investment adviser, and to any entity controlling, controlled by, or under common control with Registrant's investment adviser that provides ongoing services to Registrant.

---

| | | |
|:---|:---|:---|
|  2025: $1,533,328 | 2024: $| 4034714.0 |

---

**(h)** During the past fiscal year, all non-audit services provided by Registrant's principal accountant to either Registrant's investment adviser or to any entity controlling, controlled by, or under common control with Registrant's investment adviser that provides ongoing services to Registrant were pre-approved. Included in the audit, compliance and valuation committee's pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

**(i)** Not applicable.

**(j)** Not applicable.

#### Item 5: Audit Committee of Listed Registrants.
Not applicable.

#### Item 6: Schedule of Investments.
The schedules of investments are included under Item 7 of this Form.

#### Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g930646img96dd5a4c1.jpg)

**Annual Holdings and Financial Statements** \| March 31, 2025

Schwab Select Large Cap Growth Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Financial Statements and Portfolio Holdings](#xx_2172653a-76fa-41ed-8c3f-580b7143535a_1) | 2 |
| [Financial Notes](#xx_f84d8234-8b49-4302-b66a-aa3819e08f7a_1) | 9 |
| [Report of Independent Registered Public Accounting Firm](#xx_27c959c5-1353-45f3-8a91-76681b5f9c5f_1) | 18  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

**1**

------

Schwab Select Large Cap Growth Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 4/1/24– <br>3/31/25<br>| 4/1/23– <br>3/31/24<br>| 4/1/22– <br>3/31/23<br>| 4/1/21– <br>3/31/22<br>| 4/1/20– <br>3/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.07 | &nbsp;&nbsp; $19.87 | &nbsp;&nbsp; $26.64 | &nbsp;&nbsp; $29.23 | &nbsp;&nbsp; $19.61 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>| 0.01 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gains (losses) | 1.45 | 8.07 | &nbsp;&nbsp; (4.48)<br>| 1.69 | 11.21 |
| Total from investment operations | 1.42 | 8.05 | &nbsp;&nbsp; (4.47)<br>| 1.60 | 11.14 |
| Less distributions: |  |  |  |  |  |
| Distributions from net realized gains  | &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (3.85)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (4.19)<br>| &nbsp;&nbsp; (1.52)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $23.42 | &nbsp;&nbsp; $24.07 | &nbsp;&nbsp; $19.87 | &nbsp;&nbsp; $26.64 | &nbsp;&nbsp; $29.23 |
| Total return | 4.75<br> %<br>| 43.44<br> %<br>| &nbsp;&nbsp; (15.94<br> %)<br>| 3.88<br> %<br>| 56.98<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.73<br> %<br>| 0.74<br> %<br>| 0.75 %<sup>2</sup><br>| 0.71<br> %<br>| 0.72<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.14<br> %)<br>| &nbsp;&nbsp; (0.09<br> %)<br>| 0.03<br> %<br>| &nbsp;&nbsp; (0.28<br> %)<br>| &nbsp;&nbsp; (0.25<br> %)<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp; 37<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1981 | &nbsp;&nbsp; $2196 | &nbsp;&nbsp; $1876 | &nbsp;&nbsp; $2926 | &nbsp;&nbsp; $2943 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**2**Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

------

Schwab Select Large Cap Growth Fund

Portfolio Holdings as of March 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 95.8% OF NET ASSETS  | **COMMON STOCKS** 95.8% OF NET ASSETS  | **COMMON STOCKS** 95.8% OF NET ASSETS  |
| **Automobiles & Components 2.9%** | **Automobiles & Components 2.9%** | **Automobiles & Components 2.9%** |
| Tesla, Inc. \* | 220470 | **57137005** |
| **Capital Goods 3.4%** | **Capital Goods 3.4%** | **Capital Goods 3.4%** |
| 3M Co.  | 77668 | 11406322 |
| Acuity, Inc.  | 26485 | 6974825 |
| Advanced Drainage Systems, Inc.  | 45395 | 4932167 |
| Donaldson Co., Inc.  | 44625 | 2992552 |
| Eaton Corp. PLC  | 8236 | 2238792 |
| Fortive Corp.  | 88112 | 6448036 |
| Johnson Controls International PLC  | 41222 | 3302294 |
| Nordson Corp.  | 11926 | 2405713 |
| Quanta Services, Inc.  | 12231 | 3108876 |
| Trane Technologies PLC  | 10484 | 3532269 |
| TransDigm Group, Inc.  | 5460 | 7552763 |
| Vertiv Holdings Co., Class A  | 56354 | 4068759 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 34505 | 6257482 |
| WW Grainger, Inc.  | 3161 | 3122531 |
|  |  | **68343381** |
| **Commercial & Professional Services 0.4%** | **Commercial & Professional Services 0.4%** | **Commercial & Professional Services 0.4%** |
| Cintas Corp.  | 16212 | 3332052 |
| Copart, Inc. \* | 80372 | 4548252 |
|  |  | **7880304** |
| **Consumer Discretionary Distribution & Retail 7.9%** | **Consumer Discretionary Distribution & Retail 7.9%** | **Consumer Discretionary Distribution & Retail 7.9%** |
| Alibaba Group Holding Ltd., ADR  | 61362 | 8113897 |
| Amazon.com, Inc. \* | 679825 | 129343505 |
| AutoZone, Inc. \* | 2094 | 7983961 |
| Home Depot, Inc.  | 6398 | 2344803 |
| MercadoLibre, Inc. \* | 3238 | 6316917 |
| Pool Corp.  | 5231 | 1665289 |
|  |  | **155768372** |
| **Consumer Durables & Apparel 0.9%** | **Consumer Durables & Apparel 0.9%** | **Consumer Durables & Apparel 0.9%** |
| DR Horton, Inc.  | 61876 | 7866296 |
| Lululemon Athletica, Inc. \* | 37416 | 10590973 |
|  |  | **18457269** |
| **Consumer Services 3.5%** | **Consumer Services 3.5%** | **Consumer Services 3.5%** |
| Airbnb, Inc., Class A \* | 3122 | 372954 |
| Booking Holdings, Inc.  | 1413 | 6509564 |
| Chipotle Mexican Grill, Inc. \* | 497170 | 24962906 |
| DoorDash, Inc., Class A \* | 57148 | 10444940 |
| McDonald's Corp.  | 31966 | 9985219 |
| Starbucks Corp.  | 77217 | 7574215 |
| Wingstop, Inc.  | 39020 | 8802132 |
|  |  | **68651930** |
| **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** |
| Costco Wholesale Corp.  | 31075 | 29390114 |
| Walmart, Inc.  | 164484 | 14440050 |
|  |  | **43830164** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Energy 0.9%** | **Energy 0.9%** | **Energy 0.9%** |
| Cheniere Energy, Inc.  | 6488 | 1501323 |
| ConocoPhillips  | 26201 | 2751629 |
| EOG Resources, Inc.  | 68385 | 8769692 |
| Schlumberger NV  | 135606 | 5668331 |
|  |  | **18690975** |
| **Financial Services 9.9%** | **Financial Services 9.9%** | **Financial Services 9.9%** |
| Berkshire Hathaway, Inc., Class B \* | 22844 | 12166258 |
| Blackstone, Inc.  | 40998 | 5730700 |
| Block, Inc. \* | 87028 | 4728231 |
| Fiserv, Inc. \* | 41297 | 9119616 |
| Goldman Sachs Group, Inc.  | 14390 | 7861113 |
| Interactive Brokers Group, Inc., Class A  | 47366 | 7843336 |
| Intercontinental Exchange, Inc.  | 14678 | 2531955 |
| KKR & Co., Inc.  | 57585 | 6657402 |
| Mastercard, Inc., Class A  | 144741 | 79335437 |
| MSCI, Inc.  | 22248 | 12581244 |
| PayPal Holdings, Inc. \* | 2819 | 183940 |
| Tradeweb Markets, Inc., Class A  | 62739 | 9314232 |
| Visa, Inc., Class A  | 106063 | 37170839 |
|  |  | **195224303** |
| **Food, Beverage & Tobacco 1.5%** | **Food, Beverage & Tobacco 1.5%** | **Food, Beverage & Tobacco 1.5%** |
| Coca-Cola Co.  | 196472 | 14071325 |
| Constellation Brands, Inc., Class A  | 27877 | 5115987 |
| Monster Beverage Corp. \* | 18848 | 1102985 |
| Philip Morris International, Inc.  | 56030 | 8893642 |
|  |  | **29183939** |
| **Health Care Equipment & Services 4.3%** | **Health Care Equipment & Services 4.3%** | **Health Care Equipment & Services 4.3%** |
| Abbott Laboratories  | 84917 | 11264240 |
| Dexcom, Inc. \* | 49825 | 3402549 |
| Edwards Lifesciences Corp. \* | 64646 | 4685542 |
| IDEXX Laboratories, Inc. \* | 14026 | 5890219 |
| Insulet Corp. \* | 25077 | 6585471 |
| Intuitive Surgical, Inc. \* | 62778 | 31092060 |
| McKesson Corp.  | 11769 | 7920419 |
| UnitedHealth Group, Inc.  | 26764 | 14017645 |
|  |  | **84858145** |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| Ecolab, Inc.  | 42235 | 10707417 |
| Freeport-McMoRan, Inc.  | 14518 | 549652 |
|  |  | **11257069** |
| **Media & Entertainment 14.5%** | **Media & Entertainment 14.5%** | **Media & Entertainment 14.5%** |
| Alphabet, Inc., Class A  | 683590 | 105710358 |
| Meta Platforms, Inc., Class A  | 189037 | 108953366 |
| Netflix, Inc. \* | 66825 | 62316317 |
| Spotify Technology SA \* | 17332 | 9533120 |
| Trade Desk, Inc., Class A \* | 28356 | 1551640 |
|  |  | **288064801** |
| **Pharmaceuticals, Biotechnology & Life Sciences 3.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 3.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 3.9%** |
| AbbVie, Inc.  | 9589 | 2009087 |
| Alnylam Pharmaceuticals, Inc. \* | 35117 | 9482292 |
| Eli Lilly & Co.  | 40057 | 33083477 |
| Genmab AS \* | 5745 | 1119242 |
| Gilead Sciences, Inc.  | 22368 | 2506335 |
| Johnson & Johnson  | 68840 | 11416426 |

---

*See financial notes*

Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

**3**

------

Schwab Select Large Cap Growth Fund

Portfolio Holdings as of March 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Natera, Inc. \* | 15379 | 2174744 |
| Regeneron Pharmaceuticals, Inc.  | 17089 | 10838357 |
| Thermo Fisher Scientific, Inc.  | 2390 | 1189264 |
| Waters Corp. \* | 10588 | 3902419 |
|  |  | **77721643** |
| **Semiconductors & Semiconductor Equipment 13.0%** | **Semiconductors & Semiconductor Equipment 13.0%** | **Semiconductors & Semiconductor Equipment 13.0%** |
| Analog Devices, Inc.  | 63540 | 12814112 |
| Applied Materials, Inc.  | 121059 | 17568082 |
| ASML Holding NV  | 15643 | 10352117 |
| ASML Holding NV, Registry Shares  | 630 | 417457 |
| Broadcom, Inc.  | 163472 | 27370117 |
| Lam Research Corp.  | 40536 | 2946967 |
| NVIDIA Corp.  | 1680058 | 182084686 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd., ADR <br>| 24077 | 3996782 |
|  |  | **257550320** |
| **Software & Services 16.3%** | **Software & Services 16.3%** | **Software & Services 16.3%** |
| Adobe, Inc. \* | 578 | 221680 |
| AppLovin Corp., Class A \* | 14517 | 3846569 |
| Cloudflare, Inc., Class A \* | 40424 | 4555381 |
| Datadog, Inc., Class A \* | 80050 | 7941761 |
| Docusign, Inc. \* | 141073 | 11483342 |
| Dynatrace, Inc. \* | 197819 | 9327166 |
| Fair Isaac Corp. \* | 13005 | 23983301 |
| Gartner, Inc. \* | 11653 | 4891230 |
| HubSpot, Inc. \* | 6514 | 3721383 |
| International Business Machines Corp.  | 60900 | 15143394 |
| Intuit, Inc.  | 11101 | 6815903 |
| Microsoft Corp.  | 334946 | 125735379 |
| MongoDB, Inc. \* | 3880 | 680552 |
| Okta, Inc. \* | 72048 | 7580891 |
| Oracle Corp.  | 40420 | 5651120 |
| Palo Alto Networks, Inc. \* | 23884 | 4075566 |
| Salesforce, Inc.  | 109479 | 29379784 |
| ServiceNow, Inc. \* | 17473 | 13910954 |
| Shopify, Inc., Class A \* | 70715 | 6745150 |
| Snowflake, Inc., Class A \* | 11563 | 1690048 |
| Synopsys, Inc. \* | 23962 | 10276104 |
| Twilio, Inc., Class A \* | 25966 | 2542331 |
| Workday, Inc., Class A \* | 33486 | 7819986 |
| Zscaler, Inc. \* | 75972 | 15074364 |
|  |  | **323093339** |
| **Technology Hardware & Equipment 9.1%** | **Technology Hardware & Equipment 9.1%** | **Technology Hardware & Equipment 9.1%** |
| Amphenol Corp., Class A  | 50968 | 3342991 |
| Apple, Inc.  | 750869 | 166790531 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Arista Networks, Inc. \* | 63020 | 4882789 |
| Keyence Corp.  | 13750 | 5406636 |
|  |  | **180422947** |
| **Transportation 0.6%** | **Transportation 0.6%** | **Transportation 0.6%** |
| Uber Technologies, Inc. \* | 31298 | 2280372 |
| Union Pacific Corp.  | 38159 | 9014682 |
|  |  | **11295054** |
| **Total Common Stocks** <br>**(Cost $1,084,186,326)** | **Total Common Stocks** <br>**(Cost $1,084,186,326)** | **1897430960** |
| **INVESTMENT COMPANIES** 0.4% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.4% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.4% OF NET ASSETS  |
| **Equity Funds 0.4%** | **Equity Funds 0.4%** | **Equity Funds 0.4%** |
| Invesco QQQ Trust  | 18537 | **8692370** |
| **Total Investment Companies** <br>**(Cost $9,206,918)** | **Total Investment Companies** <br>**(Cost $9,206,918)** | **8692370** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 3.7% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 3.7% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 3.7% OF NET ASSETS  |
| **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(a)*<br>| 72945556 | **72945556** |
| **Total Short-Term Investments** <br>**(Cost $72,945,556)** | **Total Short-Term Investments** <br>**(Cost $72,945,556)** | **72945556** |
| **Total Investments in Securities** <br>**(Cost $1,166,338,800)** | **Total Investments in Securities** <br>**(Cost $1,166,338,800)** | **1979068886** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>DEPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| NASDAQ 100 Index, e-mini, <br> expires 06/20/25<br>| 119 | 46266010 | **(1687301)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SETTLEMENT<br> DATE<br>| COUNTERPARTY | &nbsp;&nbsp; CURRENCY<br> TO BE<br> RECEIVED <br>| &nbsp;&nbsp; AMOUNT OF<br> CURRENCY<br> TO BE<br> RECEIVED<br>| &nbsp;&nbsp; CURRENCY<br> TO BE<br> DELIVERED<br>| &nbsp;&nbsp; AMOUNT OF<br> CURRENCY<br> TO BE<br> DELIVERED<br>| &nbsp;&nbsp; UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| 06/27/25 | Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1979355 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 293225625 | &nbsp;&nbsp;&nbsp; **5576** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> *(a)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR — American Depositary Receipt <br> JPY — Japanese Yen <br> USD — U.S. Dollar

*See financial notes*

**4**Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

------

Schwab Select Large Cap Growth Fund

Portfolio Holdings as of March 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of March 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $1381736050 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1381736050 |
| Pharmaceuticals, Biotechnology & Life Sciences | 76602401 | &nbsp;&nbsp; 1119242 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77721643 |
| Semiconductors & Semiconductor Equipment | 247198203 | &nbsp;&nbsp; 10352117 | &nbsp;&nbsp; — | &nbsp;&nbsp; 257550320 |
| Technology Hardware & Equipment | 175016311 | &nbsp;&nbsp; 5406636 | &nbsp;&nbsp; — | &nbsp;&nbsp; 180422947 |
| Investment Companies<sup>1</sup> <br>| 8692370 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8692370 |
| Short-Term Investments<sup>1</sup> <br>| 72945556 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 72945556 |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>|  | &nbsp;&nbsp; 5576 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5576 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (1687301)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1687301)<br>|
| **Total** | **$1960503590** | &nbsp;&nbsp; **$16883571** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1977387161** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts and forward foreign currency exchange contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

**5**

------

Schwab Select Large Cap Growth Fund

Statement of Assets and Liabilities

------

As of March 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $1,166,338,800) |  | $1979068886 |
| Cash |  | 10034 |
| Deposit with broker for futures contracts |  | 3478085 |
| Receivables: |  |  |
| Fund shares sold |  | 4526644 |
| Investments sold |  | 3210347 |
| Dividends |  | 615739 |
| Foreign tax reclaims |  | 28609 |
| Unrealized appreciation on forward foreign currency exchange contracts |  | 5576 |
| Prepaid expenses | + | 19607 |
| **Total assets** |  | **1990963527** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 7575667 |
| Fund shares redeemed |  | 1252472 |
| Investment adviser fees |  | 1025338 |
| Sub-accounting and sub-transfer agent fees |  | 150737 |
| Variation margin on futures contracts |  | 39944 |
| Accrued expenses | + | 110628 |
| **Total liabilities** |  | **10154786** |
| **Net assets** |  | **$1980808741** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1004360911 |
| Total distributable earnings | + | 976447830 |
| **Net assets** |  | **$1980808741** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1980808741 |  | &nbsp;&nbsp;&nbsp;&nbsp; 84590365 |  | &nbsp;&nbsp;&nbsp;&nbsp; $23.42 |

---

*See financial notes*

**6**Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

------

Schwab Select Large Cap Growth Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period April 1, 2024 through March 31, 2025 | For the period April 1, 2024 through March 31, 2025 | For the period April 1, 2024 through March 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $46,002) |  | $13341257 |
| Other Interest | + | 117775 |
| **Total investment income**  |  | **13459032** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 13988648 |
| Sub-accounting and sub-transfer agent fees |  | 2087977 |
| Accounting and administration fees |  | 92376 |
| Independent trustees' fees |  | 73428 |
| Professional fees |  | 66490 |
| Registration fees |  | 52948 |
| Shareholder reports |  | 46281 |
| Custodian fees |  | 43545 |
| Transfer agent fees  |  | 18286 |
| Other expenses | + | 27329 |
| **Total expenses** | – | **16497308** |
| **Net investment loss** |  | **(3038276)**<br>|
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 255003823 |
| Net realized gains on futures contracts |  | 2737122 |
| Net realized gains on forward foreign currency exchange contracts |  | 124729 |
| Net realized losses on foreign currency transactions | + | (15261)<br>|
| **Net realized gains** |  | **257850413** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (137155578)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts |  | (1750320)<br>|
| Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts |  | 3615 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 219 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(138902064)**<br>|
| **Net realized and unrealized gains** |  | **118948349** |
| **Increase in net assets resulting from operations** |  | **$115910073** |

---

*See financial notes*

Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

**7**

------

Schwab Select Large Cap Growth Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 4/1/24-3/31/25 | 4/1/24-3/31/25 | 4/1/23-3/31/24 |
| Net investment loss |  | ($3038276)<br>| &nbsp;&nbsp;&nbsp; ($1721109)<br>|
| Net realized gains |  | 257850413 | &nbsp;&nbsp;&nbsp; 410570053 |
| Net change in unrealized appreciation (depreciation) | + | (138902064)<br>| &nbsp;&nbsp;&nbsp; 323201519 |
| **Increase in net assets resulting from operations** |  | **$115910073** | &nbsp;&nbsp;&nbsp; **$732050463** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($172553943)**<br>| &nbsp;&nbsp;&nbsp; **($321256855)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 4/1/24-3/31/25 | 4/1/24-3/31/25 | 4/1/24-3/31/25 | 4/1/23-3/31/24 | 4/1/23-3/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 8150938 | &nbsp;&nbsp;&nbsp; $212108907 | &nbsp;&nbsp;&nbsp; 9029000 | &nbsp;&nbsp;&nbsp; $199920434 |
| Shares reinvested |  | 5402036 | &nbsp;&nbsp;&nbsp; 145692937 | &nbsp;&nbsp;&nbsp; 12788232 | &nbsp;&nbsp;&nbsp; 267146185 |
| Shares redeemed | + | (20184737)<br>| &nbsp;&nbsp;&nbsp; (516080757)<br>| &nbsp;&nbsp;&nbsp; (25041141)<br>| &nbsp;&nbsp;&nbsp; (558314598)<br>|
| **Net transactions in fund shares**  |  | **(6631763)**<br>| &nbsp;&nbsp;&nbsp; **($158278913)**<br>| &nbsp;&nbsp;&nbsp; **(3223909)**<br>| &nbsp;&nbsp;&nbsp; **($91247979)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 4/1/24-3/31/25 | 4/1/24-3/31/25 | 4/1/24-3/31/25 | 4/1/23-3/31/24 | 4/1/23-3/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 91222128 | &nbsp;&nbsp;&nbsp; $2195731524 | &nbsp;&nbsp;&nbsp; 94446037 | &nbsp;&nbsp;&nbsp; $1876185895 |
| Total increase (decrease) | + | (6631763)<br>| &nbsp;&nbsp;&nbsp; (214922783)<br>| &nbsp;&nbsp;&nbsp; (3223909)<br>| &nbsp;&nbsp;&nbsp; 319545629 |
| **End of period** |  | **84590365** | &nbsp;&nbsp;&nbsp; **$1980808741** | &nbsp;&nbsp;&nbsp; **91222128** | &nbsp;&nbsp;&nbsp; **$2195731524** |

---

*See financial notes*

**8**Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

------

Schwab Select Large Cap Growth Fund

Financial Notes

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Fund:**

The Schwab Select Large Cap Growth Fund (the fund) is the only series of Laudus Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act).

The fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of the fund. Each share has no par value and the fund's Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objective** 

The **Schwab Select Large Cap Growth Fund's** goal is to seek long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in equity securities of U.S. large capitalization companies.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) *Topic 946 Financial Services — Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

The fund may invest in mutual funds and exchange traded funds (ETFs), which are referred to as "underlying funds". For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

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

Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

**9**

------

Schwab Select Large Cap Growth Fund

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of the fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage" market timers, who seek to exploit delays between the change in the value of the fund's portfolio holdings and the NAV of the fund's shares and seeks to help ensure that the prices at which the fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts and forward foreign currency exchange contracts (forwards):** Futures contracts are valued at their settlement prices as of the close of their exchanges. Forwards are valued based on that day's forward exchange rates or by using an interpolated forward exchange rate for contracts with interim settlement dates.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close

**10**Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

------

Schwab Select Large Cap Growth Fund

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

hours before the valuation of the fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of the foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

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

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

The levels associated with valuing the fund's investments as of March 31, 2025, are disclosed in the fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. The fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by the fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**Forward Foreign Currency Exchange Contracts (forwards):** Forwards are contracts to buy and sell a currency at a set price on a future date. The value of the forwards is accounted for as unrealized appreciation or depreciation until the contracts settle, at which time the gains or losses are realized.

**Passive Foreign Investment Companies:** The fund may own shares in certain foreign corporations that meet the Internal Revenue Code definition of a Passive Foreign Investment Company (PFIC). The fund may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to- market gains (as well as any gains realized on sale).

**Central Securities Depositories Regulation:** The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. The fund may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities in the fund's Statement of Operations, if any.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange

Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

**11**

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Schwab Select Large Cap Growth Fund

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations in the fund's Statement of Operations. The fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Gains realized by the fund on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the fund records a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

When the fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the fund records certain foreign security dividends on the date the ex-dividend date is confirmed. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

**(e) Expenses:**

Expenses that are specific to the fund are charged directly to the fund. Expenses that are common to more than one fund in the Fund Complex generally are allocated among those funds in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The fund makes distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Foreign Taxes:**

The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the fund invests. These foreign taxes, if any, are paid by the fund and are disclosed in the fund's Statement of Operations. Foreign taxes accrued as of March 31, 2025, are reflected in the fund's Statement of Assets and Liabilities, if any.

**12**Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

------

Schwab Select Large Cap Growth Fund

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(j) Indemnification:**

Under the fund's organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund's investment adviser pursuant to the Management Contract (Advisory Agreement) between the investment adviser and the trust. American Century Investment Management Inc. (ACIM) and J.P. Morgan Investment Management Inc. (JP Morgan), the fund's subadvisers, provide day-to-day portfolio management services to the fund, subject to the supervision of the investment adviser.

For its advisory services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of the fund's average daily net assets described as follows:

---

| | |
|:---|:---|
| % OF AVERAGE DAILY NET ASSETS |  |
| First $500 million | 0.700<br> %<br>|
| $500 million to $1 billion | 0.650<br> %<br>|
| $1 billion to $1.5 billion | 0.600<br> %<br>|
| $1.5 billion to $2 billion | 0.575<br> %<br>|
| Over $2 billion | 0.550<br> %<br>|

---

For the period ended March 31, 2025, the aggregate net advisory fee paid to the investment adviser was 0.62% (annualized) for the fund, as a percentage of the fund's average daily net assets.

The investment adviser (not the fund) pays a portion of the advisory fees it receives to ACIM and JP Morgan in return for their portfolio management services.

**Shareholder Servicing**

The trustees have authorized the fund to reimburse, out of the assets of the fund, financial intermediaries, including Charles Schwab & Co., Inc. (a broker-dealer affiliate of the investment adviser, Schwab) (together, "service providers") that provide sub-accounting and sub-transfer agency services in connection with the fund's shares in an amount of up to 0.10% of the average daily net assets of the fund on an annual basis. The sub-accounting and sub-transfer agency fee paid to a particular service provider is made pursuant to its written agreement with Schwab, as distributor of the fund (or, in the case of payments made to Schwab acting as a service provider, pursuant to Schwab's written agreement with the fund), and the fund will pay no more than 0.10% of the average annual daily net asset value of the fund shares owned by shareholders holding shares through such service provider. Payments are made as described above without regard to whether the fee is more or less than the service provider's actual cost of providing the services, and if more, such excess may be retained as profit by the service provider.

**Expense Limitation**

The investment adviser has contractually agreed, until at least July 30, 2026, to limit the total annual fund operating expenses (excluding acquired fund fees and expenses, interest, taxes and certain non-routine expenses) of the fund to 0.77%. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds.

Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

**13**

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Schwab Select Large Cap Growth Fund

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments from Affiliates**

Funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentage of shares of the fund that is owned by other funds in the Fund Complex as of March 31, 2025, as applicable:

---

| | |
|:---|:---|
| Schwab Balanced Fund | 5.1<br> %<br>|
| Schwab Target 2010 Fund | 0.1<br> %<br>|
| Schwab Target 2015 Fund | 0.1<br> %<br>|
| Schwab Target 2020 Fund | 0.6<br> %<br>|
| Schwab Target 2025 Fund | 0.8<br> %<br>|
| Schwab Target 2030 Fund | 2.4<br> %<br>|
| Schwab Target 2035 Fund | 1.9<br> %<br>|
| Schwab Target 2040 Fund | 4.3<br> %<br>|
| Schwab Target 2045 Fund | 1.3<br> %<br>|
| Schwab Target 2050 Fund | 1.4<br> %<br>|
| Schwab Target 2055 Fund | 1.0<br> %<br>|
| Schwab Target 2060 Fund | 0.4<br> %<br>|
| Schwab Target 2065 Fund | 0.1<br> %<br>|

---

**Interfund Transactions**

The fund's investment adviser or subadvisers may engage in direct transactions with other funds they manage in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser or subadvisers. The net realized gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended March 31, 2025, the fund did not have any purchases and sales of securities with other funds managed by the investment adviser or subadvisers.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The fund did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in the fund's Statement of Operations.

------

**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), which matured on September 26, 2024. On September 26, 2024, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount increasing to $1.2 billion, maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by the fund, the fund paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

**14**Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

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Schwab Select Large Cap Growth Fund

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Borrowing from Banks (continued):** 

During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street Bank and Trust Company, which matured on September 26, 2024. On September 26, 2024, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Derivatives:**

The fund entered into futures contracts during the report period to equitize available cash. The fund also invested in forwards to minimize the uncertainty of changes in future foreign currency exchange rates and to hedge exposure to certain currencies.

As of March 31, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | | |
|:---|:---|:---|:---|
|  | EQUITY CONTRACTS | FOREIGN <br>CURRENCY <br>EXCHANGE <br>CONTRACTS<br>| TOTAL |
| **Asset Derivatives** |  |  |  |
| Forward Foreign Currency Exchange Contracts<sup>1</sup> <br>| $— | &nbsp;&nbsp; $5576 | &nbsp;&nbsp; $5576 |
| **Liability Derivatives** |  |  |  |
| Futures Contracts<sup>2</sup> <br>| ($1687301)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; ($1687301)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts and Unrealized depreciation on forward foreign currency exchange contracts. 

<sup>2</sup> Includes cumulative unrealized appreciation of futures contracts as reported in each fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities. 

The effects of the derivative contracts in the Statement of Operations for the period ended March 31, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
|  | EQUITY CONTRACTS | FOREIGN <br>CURRENCY <br>EXCHANGE <br>CONTRACTS<br>| TOTAL |
| **Net Realized Gains (Losses)** |  |  |  |
| Futures Contracts<sup>1</sup> <br>| $2737122 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2737122 |
| Forward Foreign Currency Exchange Contracts<sup>1</sup> <br>|  | &nbsp;&nbsp; 124729 | &nbsp;&nbsp; 124729 |
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |  |
| Futures Contracts<sup>2</sup> <br>| ($1750320)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; ($1750320)<br>|
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>|  | &nbsp;&nbsp; 3615 | &nbsp;&nbsp; 3615 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts and net realized gains (losses) on forward foreign currency exchange contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts and net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. 

During the period ended March 31, 2025, the month-end average notional amounts of futures contracts held by the fund and the month-end average number of contracts held were as follows:

---

| | |
|:---|:---|
| NOTIONAL AMOUNT | NUMBER OF CONTRACTS |
| $25322455 | 124 |

---

Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

**15**

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Schwab Select Large Cap Growth Fund

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

During the period ended March 31, 2025, the month-end average notional amounts of forwards held by the fund and the month-end average unrealized appreciation (depreciation) were as follows:

---

| | |
|:---|:---|
| NOTIONAL AMOUNT | UNREALIZED APPRECIATION (DEPRECIATION) |
| $3645361 | $29979 |

---

The fund's forwards are entered into pursuant to International Swaps and Derivatives Association, Inc. (ISDA) agreements which govern certain terms of derivative transactions. ISDA agreements typically contain, among other things, master netting provisions in the event of a default or other termination event. Master netting provisions allow the fund and the counterparty, in the event of a default or other termination event, to offset payable and receivable amounts for each party related to derivative contracts to one net amount payable by either the fund or the counterparty. The fund's forwards, which are reported gross in the Statement of Assets and Liabilities, are presented in the table below. The following table presents the fund's forwards, net of amounts available for offset under a master netting agreement and net of any related collateral received by the fund for assets and pledged by the fund for liabilities as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| COUNTERPARTY | GROSS AMOUNTS OF ASSETS<br> PRESENTED IN THE<br> STATEMENT OF ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br> AVAILABLE FOR OFFSET<br>| &nbsp;&nbsp; CASH COLLATERAL<br> PLEDGED<br>| &nbsp;&nbsp; NET<br> AMOUNT<sup>(a)</sup> <br>|
| Morgan Stanley & Co. | $5576 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5576 |
| **Total** | **$5576** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$5576** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents the net amount due to the counterparty in the event of default.

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**7. Purchases and Sales of Investment Securities:**

For the period ended March 31, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES<br>|
| $561310350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $921730102 |

---

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**8. Federal Income Taxes:**

As of March 31, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $1172264663 | &nbsp;&nbsp; $853319840 | &nbsp;&nbsp; ($48197342)<br>| &nbsp;&nbsp; $805122498 |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales and the realization for tax purposes of unrealized appreciation or depreciation on futures contracts. The tax cost of the fund's investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

As of March 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| UNDISTRIBUTED <br>LONG-TERM <br>CAPITAL GAINS <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| NET OTHER UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>| CAPITAL LOSS <br>CARRYFORWARDS AND OTHER LOSSES<br>| TOTAL  |
| $172214053 | &nbsp;&nbsp; $805122498 | &nbsp;&nbsp; ($49)<br>| &nbsp;&nbsp; ($888672)<br>| &nbsp;&nbsp; $976447830 |

---

For tax purposes, late-year ordinary losses may be deferred and treated as occurring on the first day of the following fiscal year. For the fiscal year ended March 31, 2025, the fund had late-year ordinary losses deferred of $888,672.

**16**Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

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Schwab Select Large Cap Growth Fund

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes (continued):** 

The tax basis components of distributions paid during the current and prior fiscal years were as follows:

---

| | | | |
|:---|:---|:---|:---|
| CURRENT FISCAL YEAR END DISTRIBUTIONS | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
| ORDINARY <br>INCOME<br>| LONG-TERM <br>CAPITAL <br>GAINS<br>| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| $18898785 | &nbsp;&nbsp; $153655158 | &nbsp;&nbsp; $35291477 | &nbsp;&nbsp; $285965378 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.

As of March 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the fund's Statement of Operations. During the fiscal year ended March 31, 2025, the fund did not incur any interest or penalties.

------

**9. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

**17**

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Schwab Select Large Cap Growth Fund

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Laudus Trust and Shareholders of Schwab Select Large Cap Growth Fund:

***Opinion on the Financial Statements and Financial Highlights***

We have audited the accompanying statement of assets and liabilities, including the portfolio holdings, of Schwab Select Large Cap Growth Fund (the "Fund"), the sole Fund constituting Laudus Trust, as of March 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

May 19, 2025

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

**18**Schwab Select Large Cap Growth Fund \| Annual Holdings and Financial Statements

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g930646img96dd5a4c1.jpg)

MFR55508-15

00313255

------

#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to directors, officers and others are included under Item 7 of this Form.

#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.

#### Item 16: 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 Principal Executive Officer, Omar Aguilar and Registrant's Principal Financial Officer, Dana Smith, 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 the period covered by this report, there have been no changes in Registrant's internal control over financial reporting 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 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18: Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable.

#### Item 19: Exhibits.
(a) (1) [Registrant's code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached](d21749dex99codeeth.htm).

(2) Not applicable.

(3) [Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (the "1940 Act"), are attached](d21749dex99cert.htm) .

(b) [A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission](d21749dex99906cert.htm) .

------

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) <u>Laudus</u> <u>Trust</u>

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar |
|  | Principal Executive Officer (Chief Executive Officer) |
| Date: | May 19, 2025 |

---

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/ Omar Aguilar |
|  | Omar Aguilar |
|  | Principal Executive Officer (Chief Executive Officer) |
| Date: | May 19, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Dana Smith |
|  | Dana Smith |
|  | Principal Financial Officer (Chief Financial Officer) |
| Date: | May 19, 2025 |

---

## Ex-99.Code

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| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

**CODE OF BUSINESS CONDUCT AND ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS SCHWAB FUNDS:** 

THE CHARLES SCHWAB FAMILY OF FUNDS

SCHWAB INVESTMENTS

SCHWAB CAPITAL TRUST

SCHWAB ANNUITY PORTFOLIOS

LAUDUS TRUST

**SCHWAB ETFS:** 

SCHWAB STRATEGIC TRUST

**I. SCOPE** 

This Code of Business Conduct and Ethics (the "Code") for the Schwab Funds and Schwab ETFs (the "Funds") covers the Principal Executive Officer and Principal Financial Officer and any other officers who serve a similar function (each an "Officer") of all of the investment companies within the Funds' complex and applies to their service to the Funds.

**II. INTRODUCTION** 

The Funds are committed to the highest standards of ethical conduct. The Code consists of an outline of policies regarding conduct pertaining to legal compliance, personal conflicts of interest, confidentiality and privacy, and certain business practices. You are responsible for reviewing the Code and for acting in compliance with the Code in your daily activities.

The Code is not exhaustive; it provides guidance for carrying out your responsibilities on behalf of the Funds and observing the highest standards of ethical conduct. Because the Code does not address every possible situation that may arise, you are responsible for exercising good judgment, applying ethical principles, and raising questions when in doubt. Your integrity and good judgment reflect on the Funds' brand and reputation, and are the foundation of trust for our shareholder and business relationships.

If you are unsure of what to do in any situation or how to interpret the provisions of the Code, seek guidance before you act. Use the Funds' resources, including the Chief Legal Officer or the Chief Compliance Officer. If you feel that it is not appropriate to discuss a matter with the Chief Legal Officer or the Chief Compliance Officer, you may contact the Ombudsperson for The Charles Schwab Corporation.

CONTACT INFORMATION

---

| | | |
|:---|:---|:---|
| **Title** | **Name** | **Phone Number** |
| Chief Compliance Officer | Mark Hunter | 512-682-7627 |
| Chief Legal Officer of Schwab Funds and Schwab ETFs | Catherine MacGregor | 415-667-0650 |
| The Charles Schwab Corporation Ombudsperson | Amy Pimentel, Esq,<br>McDermott Will & Emery LLP | 617-535-3948 |

---

**III. POLICIES** 

In executing your responsibilities on behalf of the Funds, your conduct should reflect positively on the Funds. A strong personal sense of ethics should always play a significant role in guiding you towards a proper course of action. The appearance of impropriety can be as harmful to the Funds' reputation as improper conduct.

---

| | |
|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 1 |

---

------

---

| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

The Funds' business is subject to various laws, rules and regulations, including federal securities and state and local laws. Although you are not expected to know the details of the myriad of laws governing our business, you are expected to be familiar with and comply with policies and procedures that apply to your business unit and complete any required training that applies to you (e.g., training regarding privacy or anti-money laundering).

A. PERSONAL CONFLICTS OF INTEREST

It is important that you do not place yourself in a position that would cloud your judgment in carrying out the business affairs of the Funds. A "personal conflict of interest" occurs when your private interest interferes in any way – or even appears to interfere – with the interests of the Funds. You have a duty to report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected to be or to create a conflict of interest with the Funds.

Officers, in addition to their obligation to the Funds, may also be an officer or employee of CSIM or a CSIM affiliate. As a result, this Code recognizes that the Officers will, in the normal course of their duties (whether formally for the Funds, for CSIM, for CSIM's affiliate or for more than one entity), be involved in establishing policies and implementing decisions that will have different effects on CSIM, CSIM's affiliates and the Funds. The participation of the Officers in such activities is inherent in the contractual relationship between the Funds and CSIM and is consistent with the performance by the Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "Advisers Act"), such activities will be deemed under the Code to have been handled ethically. In addition, it is recognized by the Trustees that the Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

B. INSIDE INFORMATION

Do not trade on inside information or disclose inside information to anyone except those who have a need to know it in order to fulfill their responsibilities for the Funds and in accordance with the Funds' policy. This applies to information regarding the Funds, The Charles Schwab Corporation and its subsidiaries, and any other publicly traded company.

Generally, material information is any information that an investor would likely consider important in deciding whether to buy, sell or hold securities or that could affect the market price of the securities. Examples include actual or estimated financial results or change in dividends; significant discoveries or product developments; possible mergers, acquisitions or divestitures; major changes in business strategies; obtaining or losing significant contracts; and threatened major litigation or related developments. If you have or receive information and are unsure whether it is within the definition of inside information or whether its release might be contrary to a fiduciary or other obligation, contact the Chief Compliance Officer prior to disclosing any such information.

You must not use the Funds' non-public holdings or transactions information in any way to influence your trades or the trades of other shareholders, including those of other employees, officers and directors. Trading ahead of shareholder or the Funds' transactions (frontrunning) and following shareholder or the Funds' transactions (piggybacking or shadowing) is prohibited.

C. ACCEPTANCE OF GIFTS OR ENTERTAINMENT

You must not accept gifts or entertainment from shareholders, vendors, suppliers, competitors or other employees where they present a conflict of interest or create the appearance of impropriety. You must adhere to the CSIM and The Charles Schwab Corporation policies regarding gifts and entertainment, and apply the more stringent restrictions. In addition, if you are an employee of another CSIM affiliate you must also adhere to that affiliate's policies regarding gifts and entertainment, and apply the more stringent restrictions.

---

| | |
|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 2.0 |

---

------

---

| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

D. CONFIDENTIALITY OF INFORMATION AND PRIVACY

Information concerning the identity of the Funds' underlying shareholders and their transactions and accounts is confidential. Such information may not be disclosed to persons working on behalf of the Funds except as they may need to know it in order to fulfill their responsibilities to the Funds. You may not disclose such information to anyone or any firm outside the Funds unless (i) the outside firm needs to know the information in order to perform services for the Funds and is bound to maintain its confidentiality; (ii) when the shareholder has consented or been given an opportunity to request that the information not be shared; (iii) as required by law; or (iv) as authorized by the Chief Legal Officer or Chief Compliance Officer.

The Funds are committed to safeguarding their customers' privacy. We do not sell any personally identifiable customer information. Sharing of such information with third parties is limited to situations related to the processing and servicing of customer accounts, and to specifically delineated exceptions in the federal privacy law. We share information with our affiliates to the extent permitted by federal law. You must be familiar with the procedural and systemic safeguards we maintain to protect this information.

You have the responsibility to safeguard the Funds' proprietary information. Proprietary information includes intellectual property (copyrights, trademarks or patents or trade secrets), particular know-how (business or organizational designs, or business, marketing or service plans or ideas) and sensitive information about the Funds (databases, records, salary information or unpublished financial reports).

E. PROTECTION AND USE OF FUNDS' ASSETS

You are obligated to protect the Funds' assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Funds. The Funds' equipment should not be used for non-Funds' business, though incidental personal use may be permitted.

F. FINANCIAL DISCLOSURES

The Funds are committed to providing full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission and other regulatory agencies and in other public communications made by the Funds. You are required to comply with the Funds' policies and procedures to provide such full, fair, accurate, timely and understandable disclosure.

G. CONDUCT OF AUDITS

Neither you nor any other person acting under your direction shall directly or indirectly take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified public accountant engaged in the performance of an audit or review of the Funds' financial statements.

Types of conduct that constitute improper influence include, but are not limited to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering or paying bribes or other financial incentives, including offering future employment or contracts for
non-audit services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing an auditor with inaccurate or misleading legal analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the
issuer's accounting

---

| | |
|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 3.0 |

---

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---

| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking to have a partner removed from the audit engagement because the partner objects to the Funds'
accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blackmailing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making physical threats

H. RECORDKEEPING

You must be familiar with the Funds' record retention policies and always retain or destroy records according to them. In the event of litigation, governmental investigation or the threat of such action, you should consult the Chief Legal Officer or the Chief Compliance Officer regarding record retention.

The Funds' books, records and accounts must conform both to applicable legal requirements and to the Funds' internal controls and policies.

Unrecorded or "off-the-books" funds or assets are prohibited unless permitted by applicable law or regulation. Business records must not contain exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies. This applies equally to email, internal memoranda, formal reports, and all other forms of business records.

I. SALES PRACTICES

If you transact business for shareholders, you are required to know and observe the Funds' specific policies and procedures for shareholder sales and transactions, such as the content and use of sales materials, documentation for transactions, quotations and suitability. Likewise, if you transact business with third parties (such as vendors or suppliers), you will be required to know and observe the Funds' policies and procedures for such transactions, such as marketing policies, procedures for performing due diligence on third parties, and obtaining proper authorizations for any agreements. You must be familiar with any enumerated policies and procedures governing your sales activities and use good judgment in complying with them.

J. COMPETITION AND FAIR DEALING

We operate our business fairly and honestly. We seek competitive advantage through performance and never through unethical or illegal business practices. It is our policy to comply with anti-trust laws. These laws are complex and not easily summarized, but at a minimum require that there be no agreement or understanding between the Funds and their competitors that affect prices, terms or conditions of sale or that unreasonably restrain full and fair competition. You must always respect the rights of and deal fairly with the Funds' shareholders and competitors. You must never take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.

K. PROHIBITION OF BRIBERY AND KICKBACKS

Our policies prohibit bribery or kickbacks of any kind and to anyone in the conduct of our business. The U.S. government has a number of laws and regulations applicable specifically to business gratuities that may be offered to or accepted by U.S. and foreign government personnel. The promise, offer or delivery to an official or employee of the U.S. government or an official, employee or candidate of a foreign government of a gift, favor, payment or other gratuity in violation of these rules would not only violate the Funds' policy but could also be a criminal offense. Similarly, federal law, as well as the laws of many states, prohibits engaging in "commercial bribery." Commercial bribery involves soliciting, demanding or agreeing to accept anything of value from any person intending to influence or be rewarded in connection with any business or transaction, and prohibits all such behavior, for example, with respect to vendors, competitors, shareholders, and government employees.

---

| | |
|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 4.0 |

---

------

---

| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

L. WAIVERS

Waivers of the Code may be made only by the Trustees and will be promptly disclosed publicly as required by law.

M. CODE AMENDMENTS

This Code may not be amended except in written form, which is specifically approved or ratified by a majority of the Trustees including a majority of the independent Trustees. Any amendments will, to the extent required, be disclosed in accordance with law.

N. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees, CSIM, The Charles Schwab Corporation and their respective counsel. However, nothing contained in this Code or in any applicable employment or severance agreement(s) should be interpreted as prohibiting employees or former employees from voluntarily communicating with the Securities and Exchange Commission or other authorities regarding possible violations of law or from recovering a whistleblower award.

**IV. ESCALATION AND PROHIBITION AGAINST RETALIATION** 

If you know of, or reasonably believe there is, a violation of this Code, you must report that information immediately to the Funds' Chief Compliance Officer. Depending on the possible violation, you may also be required to report it pursuant to The Charles Schwab Corporation Code of Business Conduct and CSIM and/or CSIM's affiliate's compliance policies and procedures. You should not conduct preliminary investigations unless authorized to do so by the Compliance Department.

No Officer will be retaliated against for making a good faith complaint or for bringing inappropriate conduct to the attention of the Funds' personnel, Ombudsperson of The Charles Schwab Corporation or Trustees, for assisting another employee or applicant in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any Officer who in good faith raises an issue regarding a possible violation of law, regulation or company policy or any suspected illegal or unethical behavior will be protected from retaliation.

If you have violated the Code, however, making a report will not protect you from the consequences of your actions. You can be subject to discipline up to and including termination of employment if you violate the Code or fail to report violations that come to your attention.

Any employee who engages in retaliatory conduct in violation of our policies will be subject to disciplinary action, up to and including termination of employment. If you reasonably believe retaliatory conduct has occurred, you must report such conduct to the Funds' Chief Compliance Officer.

**V. PROCEDURES** 

A. OFFICERS

• Read and be familiar with conduct rules outlined in the Code, and periodically review them.

• Affirm in writing to the Trustees that you have received, read and understand the Code.

• Annually affirm to the Trustees that you have complied with the requirements of the Code.

---

| | |
|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 5.0 |

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| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

• Comply with the conduct standards outlined in this Code in all dealings and actions, including those with
shareholders, the public, and vendors.

• Report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected
to be or to create a personal conflict of interest with the Funds.

• Report in a timely manner to the Chief Compliance Officer any conduct that may constitute a violation of the
Code, the Funds' policies, or laws, rules and regulations.

• Raise questions or concerns about conduct issues with your supervisor, the Chief Legal Officer or Chief
Compliance Officer, and seek advice when in doubt.

• Cooperate with management during fact-finding investigations and comply with any confidentiality rules imposed.

B. CHIEF COMPLIANCE OFFICER

• The Chief Compliance Officer, upon becoming notified of potential violation of this Code, will conduct,
facilitate or delegate a review of the matter and will report to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee any violations of this Code that he or she believes to be material.

• The Chief Compliance Officer, upon becoming notified of a personal conflict of interest between an Officer and
the Funds that the Chief Compliance Officer deems to be material, will report the issue to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee and will work with the Chief Legal Officer and other appropriate parties
to ensure that any required disclosures are made.

C. TRUSTEES

• The Board of Trustees will consider appropriate action to address any violations of the Code that they deem to be
material, which may include review of and appropriate modification to applicable policies and procedures, notification to appropriate personnel of CSIM or its board of directors, notification to appropriate personnel of The Charles Schwab
Corporation or its board of directors, or a recommendation to dismiss the Officer.

**VI. REGULATORY AUTHORITY** 

This Code constitutes the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, CSIM, CSIM's affiliates, The Charles Schwab Corporation or other Fund service providers govern or purport to govern the behavior or activities of an Officer who is subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. CSIM's, the Funds' and Charles Schwab & Co. Inc.'s (as distributor) joint code of ethics under Rule 17j-1 pursuant to the 1940 Act and Rule 204A-1 of the Advisers Act, and CSIM's, CSIM's affiliates', and The Charles Schwab Corporation's policies and procedures set forth in their respective compliance manuals and elsewhere are separate requirements applying to the Officers and are not part of this Code.

<u>VERSION HISTORY</u>

Adopted Schwab and Laudus Funds: June 15, 2011, Schwab ETFs: August 4, 2011

Revised August 8, 2013; December 11, 2015; August 25, 2016; December 11, 2017; September 25, 2018 (no changes); December 12, 2019; November 3, 2020; October 7, 2021; December 13, 2022; December 11, 2023; December 19, 2024

---

| | |
|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or his/her designee.** | 6.0 |

---

## Ex-99.Cert

**CERTIFICATIONS** 

I, Omar Aguilar, certify that:

1. I have reviewed this report on Form N-CSR of Laudus Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 19, 2025 | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |

---

------

**CERTIFICATIONS** 

I, Dana Smith, certify that:

1. I have reviewed this report on Form N-CSR of Laudus Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 19, 2025 | /s/ Dana Smith |
|  | Dana Smith |
|  | Principal Financial Officer (Chief Financial |
|  | Officer) |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES**-**OXLEY ACT OF 2002

In connection with the Annual Report for Laudus Trust (the "Fund") on Form N-CSR for the period ended March 31, 2025 ("periodic report"), each of the undersigned, being the Principal Executive Officer and Principal Financial Officer, respectively, hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes**-**Oxley Act of 2002, that to the best of my knowledge:

(1) The periodic report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Fund for the period presented therein.

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| | | |
|:---|:---|:---|
| /s/ Omar Aguilar | Date: | May 19, 2025 |
| Omar Aguilar |  |  |
| Principal Executive Officer (Chief Executive Officer) |  |  |

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| | | |
|:---|:---|:---|
| /s/ Dana Smith | Date: | May 19, 2025 |
| Dana Smith |  |  |
| Principal Financial Officer (Chief Financial Officer) |  |  |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.