Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
25 February 2014 - 4:24AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-08759
Laudus Institutional Trust
(Exact name of registrant as specified in charter)
211 Main St, San Francisco, California 94105
(Address of principal executive offices) (Zip code)
Marie Chandoha
Laudus Institutional Trust
211 Main St, San Francisco, California 94105
(Name and address of agent for service)
Registrants telephone number, including area code: (415) 636-7000
Date of fiscal year end: March 31
Date of reporting period: December 31, 2013
Item 1. Schedule of Investments.
Laudus
Institutional Trust
Laudus Mondrian Institutional Emerging Markets Fund
Portfolio
Holdings
as
of December 31, 2013 (Unaudited)
The following are the portfolio holdings as of the report date.
For more information, please refer to the funds semiannual
or annual shareholder reports.
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Cost
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Value
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Holdings by Category
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($)
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($)
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94
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.7%
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Common Stock
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364,709,414
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356,088,868
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4
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.5%
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Preferred Stock
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22,209,021
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16,778,914
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1
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.0%
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Other Investment Company
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3,668,350
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3,668,350
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100
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.2%
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Total Investments
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390,586,785
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376,536,132
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(0
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.2)%
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Other Assets and Liabilities, Net
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(643,803
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)
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100
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.0%
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Net Assets
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375,892,329
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Number
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Value
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Security
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of Shares
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($)
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Common Stock
94.7% of net assets
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Brazil 8.6%
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Energy 0.0%
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Petroleo Brasileiro S.A. ADR
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8,200
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120,458
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Food, Beverage & Tobacco 1.5%
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Ambev S.A. ADR
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771,000
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5,666,850
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Materials 0.7%
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Vale S.A. ADR
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163,400
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2,491,850
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Software & Services 1.5%
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Cielo S.A.
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201,700
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5,586,731
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Transportation 3.3%
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CCR S.A.
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947,000
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7,152,193
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EcoRodovias Infraestrutura e Logistica S.A.
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836,500
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5,266,060
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12,418,253
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Utilities 1.6%
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CPFL Energia S.A. ADR
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385,000
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6,163,850
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32,447,992
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Chile 2.3%
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Utilities 2.3%
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Enersis S.A. ADR
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566,100
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8,485,839
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China 17.0%
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Capital Goods 2.6%
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Beijing Enterprises Holdings Ltd.
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998,500
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9,918,373
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Energy 1.4%
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China Shenhua Energy Co., Ltd., Class H
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1,718,000
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5,437,061
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Health Care Equipment & Services 2.9%
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Mindray Medical International Ltd. ADR
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295,000
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10,726,200
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Household & Personal Products 1.5%
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Hengan International Group Co., Ltd.
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493,500
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5,838,746
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Retailing 1.9%
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Belle International Holdings Ltd.
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6,098,456
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7,084,955
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Telecommunication Services 4.2%
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China Mobile Ltd.
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1,502,500
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15,650,524
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Utilities 2.5%
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China Resources Power Holdings Co., Ltd.
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3,886,000
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9,223,246
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63,879,105
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Hong Kong 1.7%
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Consumer Services 1.7%
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Sands China Ltd.
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804,800
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6,595,601
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India 5.7%
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Banks 2.5%
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Axis Bank Ltd.
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260,740
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5,498,004
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Housing Development Finance Corp., Ltd.
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311,337
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4,008,640
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9,506,644
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Capital Goods 2.1%
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Larsen & Toubro Ltd.
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455,838
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7,905,961
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Diversified Financials 0.8%
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Rural Electrification Corp., Ltd.
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798,832
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2,854,135
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Energy 0.3%
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Cairn India Ltd.
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192,574
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1,009,131
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21,275,871
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Indonesia 6.2%
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Automobiles & Components 1.5%
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PT Astra International Tbk
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10,038,500
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5,622,097
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Banks 3.5%
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PT Bank Mandiri (Persero) Tbk
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9,615,000
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6,222,933
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PT Bank Rakyat Indonesia (Persero) Tbk
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11,724,500
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7,007,974
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13,230,907
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Utilities 1.2%
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PT Perusahaan Gas Negara (Persero) Tbk
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12,230,500
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4,508,318
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23,361,322
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Kazakhstan 1.3%
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Energy 1.3%
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KazMunaiGas Exploration Production GDR
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305,466
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4,795,816
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1
Laudus
Mondrian Institutional Emerging Markets Fund
Portfolio
Holdings
(Unaudited)
continued
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Number
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Value
|
Security
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of Shares
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($)
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Malaysia 3.9%
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Consumer Services 1.4%
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Genting Malaysia Berhad
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3,871,200
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5,182,626
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Diversified Financials 2.5%
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Ammb Holdings Berhad
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4,293,900
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9,502,134
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Mexico 7.6%
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Banks 2.2%
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Grupo Financiero Santander Mexico S.A.B. de C.V., Class B
ADR
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615,700
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8,398,148
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Real Estate 3.6%
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Fibra Uno Administracion S.A. de C.V.
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4,176,800
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13,378,300
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Telecommunication Services 1.8%
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America Movil S.A.B. de C.V., Series L ADR
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293,800
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6,866,106
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28,642,554
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Peru 2.3%
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Banks 2.3%
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Credicorp Ltd.
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64,595
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8,573,694
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Philippines 2.5%
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Telecommunication Services 2.5%
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Philippine Long Distance Telephone Co. ADR
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|
|
156,000
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9,372,480
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Republic of Korea 8.3%
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Automobiles & Components 4.4%
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Hyundai Mobis
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|
|
59,194
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16,479,835
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Semiconductors & Semiconductor Equipment 3.9%
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Samsung Electronics Co., Ltd.
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11,369
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14,814,342
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31,294,177
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Russia 4.5%
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Banks 2.1%
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Sberbank of Russia ADR
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|
631,830
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7,942,103
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Energy 2.4%
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Gazprom OAO ADR
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1,028,540
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|
8,896,871
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|
|
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|
16,838,974
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South Africa 4.2%
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Capital Goods 1.5%
|
Bidvest Group Ltd.
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|
|
229,283
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5,873,845
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|
Food, Beverage & Tobacco 2.7%
|
SABMiller plc
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|
|
198,520
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|
10,091,596
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|
|
|
|
|
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15,965,441
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Taiwan 6.0%
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Semiconductors & Semiconductor Equipment 3.7%
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
|
|
3,974,224
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|
|
14,032,814
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Telecommunication Services 2.3%
|
Taiwan Mobile Co., Ltd.
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|
|
2,645,000
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|
8,549,198
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|
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|
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|
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|
22,582,012
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Thailand 2.7%
|
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Energy 2.7%
|
PTT PCL
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|
1,163,200
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|
10,124,017
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Turkey 4.4%
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|
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Energy 2.4%
|
Tupras-Turkiye Petrol Rafinerileri A/S
|
|
|
441,452
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|
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|
8,815,030
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|
|
|
|
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|
|
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|
Telecommunication Services 2.0%
|
Turk Telekomunikasyon A/S
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|
2,761,443
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|
7,659,458
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|
|
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|
|
|
|
|
|
|
|
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|
|
|
16,474,488
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|
United Kingdom 2.6%
|
|
|
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Food, Beverage & Tobacco 2.6%
|
Unilever plc
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|
238,896
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|
|
9,829,568
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|
United States 2.9%
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|
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|
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Consumer Services 2.9%
|
Yum! Brands, Inc.
|
|
|
143,700
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|
|
|
10,865,157
|
|
|
|
|
|
|
|
|
|
|
Total Common Stock
|
(Cost $364,709,414)
|
|
|
356,088,868
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock
4.5% of net assets
|
|
Brazil 4.5%
|
|
|
|
|
|
|
|
|
|
|
Energy 1.7%
|
Petroleo Brasileiro S.A.
|
|
|
850,700
|
|
|
|
6,162,136
|
|
|
|
|
|
|
|
|
|
|
|
Materials 2.8%
|
Vale S.A. ADR
|
|
|
757,800
|
|
|
|
10,616,778
|
|
|
|
|
|
|
|
|
|
|
Total Preferred Stock
|
(Cost $22,209,021)
|
|
|
16,778,914
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
2
Laudus
Mondrian Institutional Emerging Markets Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Value
|
Security
|
|
of Shares
|
|
($)
|
|
Other Investment Company
1.0% of net assets
|
|
United States 1.0%
|
State Street Institutional U.S. Government Money Market Fund,
Institutional Class 0.00%
(a)
|
|
|
3,668,350
|
|
|
|
3,668,350
|
|
|
|
|
|
|
|
|
|
|
Total Other Investment Company
|
(Cost $3,668,350)
|
|
|
3,668,350
|
|
|
|
|
|
|
|
|
End of Investments.
|
At
12/31/13,
the tax basis cost of the funds investments was
$395,655,207 and the unrealized appreciation and depreciation
were $12,867,997 and ($31,987,072), respectively, with a net
unrealized depreciation of ($19,119,075).
At
12/31/13,
the values of certain foreign securities held by the fund
aggregating $239,383,265 were adjusted from their closing market
values in accordance with international fair valuation
procedures approved by the funds Board of Trustees.
|
|
|
(a)
|
|
The rate shown is the 7-day yield.
|
|
|
|
ADR
|
|
American Depositary Receipt
|
GDR
|
|
Global Depositary Receipt
|
Under
procedures approved by the funds Board of Trustees (the
Board), the investment adviser has formed a Pricing
Committee to administer the pricing and valuation of portfolio
securities and other assets and to ensure that prices used for
internal purposes or provided by third parties reasonably
reflect fair market value. Among other things, these procedures
allow the fund to utilize independent pricing services,
quotations from securities and financial instrument dealers and
other market sources to determine fair value.
The fund
values the securities in its portfolio every business day. The
fund uses the following policies to value various types of
securities:
|
|
|
|
|
Securities
traded on an exchange or
over-the-counter:
Traded securities are valued at the closing value for the day,
or, on days when no closing value has been reported, at halfway
between the most recent bid and ask quotes. Securities that are
primarily traded on foreign exchanges are valued at the official
closing price or the last sales price on the exchange where the
securities are principally traded with these values then
translated into U.S. dollars at the current exchange rate,
unless these securities are fair valued as discussed below.
|
|
|
|
Securities
for which no quoted value is
available:
The Board has adopted procedures to fair value the funds
securities when market prices are not readily
available or are unreliable. For example, a fund may fair
value a security when it is de-listed or its trading is halted
or suspended; when a securitys primary pricing source is
unable or unwilling to provide a price; or when a
securitys primary trading market is closed during regular
market hours. The fund makes fair value determinations in good
faith in accordance with the funds valuation procedures.
The Pricing Committee considers a number of factors, including
unobservable market inputs when arriving at fair value. The
Pricing Committee may employ techniques such as the review of
related or comparable assets or liabilities, related market
activities, recent transactions, market multiples, book values,
transactional back-testing, disposition analysis and other
relevant information. The Pricing Committee regularly reviews
these inputs and assumptions to calibrate the valuations. Due to
the subjective and variable nature of fair value pricing, there
can be no assurance that a fund could obtain the fair value
assigned to the security upon the sale of such security. The
Board convenes on a regular basis to review fair value
determinations made by the fund pursuant to the valuation
procedures.
|
|
|
|
Foreign
equity security fair
valuation:
The Board has adopted procedures to fair value foreign equity
securities that are traded in markets that close prior to the
fund valuing its holdings. By fair valuing securities whose
prices may have been affected by events occurring after the
close of trading, the fund seeks to establish prices that
investors might expect to realize upon the current sales of
these securities. This methodology is designed to deter
arbitrage market timers, who seek to exploit delays
between the change in the value of a funds portfolio
holdings and the Net Asset Value (NAV) of the
funds shares, and seeks to help ensure that the prices at
which the funds shares are purchased and redeemed are fair
and do not result in dilution of shareholder interest or other
harm to shareholders. When fair value pricing is used at the
open or close of a reporting period, it may cause a temporary
divergence between the return of the fund and that of its
comparative index or benchmark. The Board regularly reviews fair
value determinations made by the fund pursuant to these
procedures.
|
3
Laudus
Mondrian Institutional Emerging Markets Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
Short-term
securities (60 days or less to
maturity):
Short-term securities are valued at amortized cost, which
approximates market value.
|
|
|
|
Underlying
funds:
Mutual funds are valued at their respective NAVs.
|
In
accordance with the authoritative guidance on fair value
measurements and disclosures under generally accepted accounting
principles in the United States of America (GAAP), the fund
discloses the fair value of its investments in a hierarchy that
prioritizes the inputs to valuation techniques used to measure
the fair value. The hierarchy gives the highest priority to
valuations based upon unadjusted quoted prices in active markets
for identical assets or liabilities (Level 1 measurements)
and the lowest priority to valuations based upon unobservable
inputs that are significant to the valuation (Level 3
measurements). If 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 the fund determines that either
the volume
and/or
level
of activity for an asset or liability has significantly
decreased (from normal conditions for that asset or liability)
or price quotations or observable inputs are not associated with
orderly transactions, increased analysis and management judgment
will be required to estimate fair value.
The three
levels of the fair value hierarchy are as follows:
|
|
|
|
|
Level 1
quoted prices in active markets for identical
securities Investments whose values are based on
quoted market prices in active markets, and whose values are
therefore classified as Level 1 prices, include active
listed equities. Investments in mutual funds are valued daily at
their NAVs, which are classified as Level 1 prices.
|
|
|
|
Level 2
other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) Investments that trade in markets that
are not considered to be active, but whose values are based on
quoted market prices, dealer quotations or valuations provided
by alternative pricing sources supported by observable inputs
are classified as Level 2 prices. These generally include
U.S. government and sovereign obligations, most government
agency securities, investment-grade corporate bonds, certain
mortgage products, less liquid listed equities, and state,
municipal and provincial obligations. In addition, international
securities whose markets close hours before the fund values its
holdings may require fair valuations due to significant movement
in the U.S. markets occurring after the daily close of the
foreign markets. The Board has approved a vendor that calculates
fair valuations of international equity securities based on a
number of factors that appear to correlate to the movements in
the U.S. markets. As investments whose values are
classified as Level 2 prices include positions that are not
traded in active markets
and/or
are
subject to transfer restrictions, valuations may be adjusted to
reflect illiquidity
and/or
non-transferability, which are generally based on available
market information.
|
|
|
|
Level 3
significant unobservable inputs (including the funds own
assumption in determining the fair value of
investments) Investments whose values are classified
as Level 3 prices have significant unobservable inputs, as
they may trade infrequently or not at all. When observable
prices are not available for these securities, the fund uses one
or more valuation techniques for which sufficient and reliable
data is available. The inputs used by the fund in estimating the
value of Level 3 prices may include the original
transaction price, quoted prices for similar securities or
assets in active markets, completed or pending third-party
transactions in the underlying investment or comparable issuers,
and changes in financial ratios or cash flows. Level 3
prices may also be adjusted to reflect illiquidity
and/or
non-transferability, with the amount of such discount estimated
by the fund in the absence of market information. Assumptions
used by the fund due to the lack of observable inputs may
significantly impact the resulting fair value and, therefore the
funds results of operations.
|
4
Laudus
Mondrian Institutional Emerging Markets Fund
Portfolio
Holdings
(Unaudited)
continued
The inputs
or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those
securities. The following is a summary of the inputs used to
value the funds investments as of December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
Prices in
|
|
|
|
Significant
|
|
|
|
|
Active
Markets for
|
|
Significant
Other
|
|
Unobservable
|
|
|
|
|
Identical
Assets
|
|
Observable
Inputs
|
|
Inputs
|
|
|
Description
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
|
|
Common
Stock
1
|
|
|
$
|
|
|
|
$162,063,240
|
|
|
|
$
|
|
|
|
$162,063,240
|
|
Brazil
1
|
|
|
|
|
|
|
18,004,984
|
|
|
|
|
|
|
|
18,004,984
|
|
Energy
|
|
|
120,458
|
|
|
|
|
|
|
|
|
|
|
|
120,458
|
|
Food, Beverage & Tobacco
|
|
|
5,666,850
|
|
|
|
|
|
|
|
|
|
|
|
5,666,850
|
|
Materials
|
|
|
2,491,850
|
|
|
|
|
|
|
|
|
|
|
|
2,491,850
|
|
Utilities
|
|
|
6,163,850
|
|
|
|
|
|
|
|
|
|
|
|
6,163,850
|
|
Chile
1
|
|
|
8,485,839
|
|
|
|
|
|
|
|
|
|
|
|
8,485,839
|
|
China
1
|
|
|
|
|
|
|
53,152,905
|
|
|
|
|
|
|
|
53,152,905
|
|
Health Care Equipment & Services
|
|
|
10,726,200
|
|
|
|
|
|
|
|
|
|
|
|
10,726,200
|
|
Kazakhstan
1
|
|
|
4,795,816
|
|
|
|
|
|
|
|
|
|
|
|
4,795,816
|
|
Mexico
1
|
|
|
28,642,554
|
|
|
|
|
|
|
|
|
|
|
|
28,642,554
|
|
Peru
1
|
|
|
8,573,694
|
|
|
|
|
|
|
|
|
|
|
|
8,573,694
|
|
Philippines
1
|
|
|
9,372,480
|
|
|
|
|
|
|
|
|
|
|
|
9,372,480
|
|
Russia
1
|
|
|
16,838,974
|
|
|
|
|
|
|
|
|
|
|
|
16,838,974
|
|
Thailand
1
|
|
|
10,124,017
|
|
|
|
|
|
|
|
|
|
|
|
10,124,017
|
|
United
States
1
|
|
|
10,865,157
|
|
|
|
|
|
|
|
|
|
|
|
10,865,157
|
|
Preferred Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil
1
|
|
|
|
|
|
|
6,162,136
|
|
|
|
|
|
|
|
6,162,136
|
|
Materials
|
|
|
10,616,778
|
|
|
|
|
|
|
|
|
|
|
|
10,616,778
|
|
Other Investment
Company
1
|
|
|
3,668,350
|
|
|
|
|
|
|
|
|
|
|
|
3,668,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$137,152,867
|
|
|
|
$239,383,265
|
|
|
|
$
|
|
|
|
$376,536,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
As categorized in Portfolio Holdings.
|
The
funds policy is to recognize transfers between Level 1,
Level 2 and Level 3 as of the beginning of the fiscal year.
There were security transfers in the amount of $16,423,171 from
Level 1 to Level 2 for the period ended December 31, 2013.
The transfers between Level 1 and Level 2 were primarily due to
the use of international fair valuation by the fund. There were
no transfers in or out of Level 3 securities during the period.
REG60670DEC13-00
5
Laudus
Institutional Trust
Laudus Mondrian Institutional International Equity Fund
Portfolio
Holdings
as
of December 31, 2013 (Unaudited)
The following are the portfolio holdings as of the report date.
For more information, please refer to the funds semiannual
or annual shareholder reports.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
|
|
Value
|
Holdings by Category
|
|
($)
|
|
($)
|
|
|
99
|
.0%
|
|
Common Stock
|
|
|
19,834,265
|
|
|
|
24,009,523
|
|
|
1
|
.5%
|
|
Other Investment Company
|
|
|
378,579
|
|
|
|
378,579
|
|
|
|
|
100
|
.5%
|
|
Total Investments
|
|
|
20,212,844
|
|
|
|
24,388,102
|
|
|
(0
|
.5)%
|
|
Other Assets and Liabilities, Net
|
|
|
|
|
|
|
(132,012
|
)
|
|
|
|
100
|
.0%
|
|
Net Assets
|
|
|
|
|
|
|
24,256,090
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Value
|
Security
|
|
of Shares
|
|
($)
|
|
Common Stock
99.0% of net assets
|
|
Australia 2.7%
|
|
|
|
|
|
|
|
|
|
|
Insurance 2.7%
|
AMP Ltd.
|
|
|
72,367
|
|
|
|
284,433
|
|
QBE Insurance Group Ltd.
|
|
|
36,085
|
|
|
|
372,242
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
656,675
|
|
|
China 1.6%
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 1.6%
|
China Mobile Ltd.
|
|
|
37,000
|
|
|
|
385,404
|
|
|
France 13.0%
|
|
|
|
|
|
|
|
|
|
|
Capital Goods 2.8%
|
Compagnie de Saint-Gobain
|
|
|
12,541
|
|
|
|
690,846
|
|
|
|
|
|
|
|
|
|
|
|
Energy 2.9%
|
Total S.A.
|
|
|
11,321
|
|
|
|
694,876
|
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing 1.5%
|
Carrefour S.A.
|
|
|
8,889
|
|
|
|
352,834
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences
3.2%
|
Sanofi
|
|
|
7,369
|
|
|
|
786,971
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 2.6%
|
Orange S.A.
|
|
|
49,835
|
|
|
|
618,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,144,235
|
|
|
Germany 7.5%
|
|
|
|
|
|
|
|
|
|
|
Automobiles & Components 2.1%
|
Daimler AG - Regd
|
|
|
5,824
|
|
|
|
505,432
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 3.8%
|
Deutsche Telekom AG - Regd
|
|
|
53,155
|
|
|
|
915,870
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 1.6%
|
RWE AG
|
|
|
10,958
|
|
|
|
401,490
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,822,792
|
|
|
Israel 3.3%
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences
3.3%
|
Teva Pharmaceutical Industries Ltd. ADR
|
|
|
20,200
|
|
|
|
809,616
|
|
|
Italy 2.8%
|
|
|
|
|
|
|
|
|
|
|
Energy 2.8%
|
Eni S.p.A.
|
|
|
27,678
|
|
|
|
668,801
|
|
|
Japan 15.2%
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing 2.3%
|
Seven & I Holdings Co., Ltd.
|
|
|
14,300
|
|
|
|
569,375
|
|
|
|
|
|
|
|
|
|
|
|
Household & Personal Products 3.0%
|
Kao Corp.
|
|
|
23,000
|
|
|
|
724,082
|
|
|
|
|
|
|
|
|
|
|
|
Insurance 2.4%
|
Tokio Marine Holdings, Inc.
|
|
|
17,700
|
|
|
|
592,413
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences
2.5%
|
Takeda Pharmaceutical Co., Ltd.
|
|
|
13,300
|
|
|
|
610,005
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 1.5%
|
Tokyo Electron Ltd.
|
|
|
6,500
|
|
|
|
358,168
|
|
|
|
|
|
|
|
|
|
|
|
Technology Hardware & Equipment 3.0%
|
Canon, Inc.
|
|
|
22,800
|
|
|
|
727,511
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 0.5%
|
NTT DOCOMO, Inc.
|
|
|
6,600
|
|
|
|
108,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,690,231
|
|
|
Netherlands 5.7%
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing 3.3%
|
Koninklijke Ahold N.V.
|
|
|
44,073
|
|
|
|
792,042
|
|
|
|
|
|
|
|
|
|
|
|
Media 2.4%
|
Reed Elsevier N.V.
|
|
|
28,122
|
|
|
|
597,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,389,740
|
|
|
Singapore 3.2%
|
|
|
|
|
|
|
|
|
|
|
Banks 1.9%
|
United Overseas Bank Ltd.
|
|
|
27,442
|
|
|
|
463,414
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 1.3%
|
Singapore Telecommunications Ltd.
|
|
|
104,000
|
|
|
|
302,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
765,610
|
|
|
Spain 8.1%
|
|
|
|
|
|
|
|
|
|
|
Banks 2.0%
|
Banco Santander S.A.
|
|
|
52,566
|
|
|
|
472,699
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 2.7%
|
Telefonica S.A.
|
|
|
40,078
|
|
|
|
655,306
|
|
1
Laudus
Mondrian Institutional International Equity Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
|
|
|
|
|
|
Number
|
|
Value
|
Security
|
|
of Shares
|
|
($)
|
|
|
|
|
|
|
|
|
|
|
Utilities 3.4%
|
Iberdrola S.A.
|
|
|
130,169
|
|
|
|
830,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,958,712
|
|
|
Switzerland 11.9%
|
|
|
|
|
|
|
|
|
|
|
Capital Goods 3.5%
|
ABB Ltd. - Regd
*
|
|
|
31,763
|
|
|
|
839,814
|
|
|
|
|
|
|
|
|
|
|
|
Food, Beverage & Tobacco 2.0%
|
Nestle S.A. - Regd
|
|
|
6,612
|
|
|
|
484,593
|
|
|
|
|
|
|
|
|
|
|
|
Insurance 3.1%
|
Zurich Insurance Group AG
*
|
|
|
2,626
|
|
|
|
761,708
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences
3.3%
|
Novartis AG - Regd
|
|
|
10,151
|
|
|
|
813,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,899,711
|
|
|
Taiwan 1.6%
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 1.6%
|
Taiwan Semiconductor Manufacturing Co., Ltd.
|
|
|
111,839
|
|
|
|
394,899
|
|
|
United Kingdom 22.4%
|
|
|
|
|
|
|
|
|
|
|
Energy 6.6%
|
BP plc
|
|
|
95,598
|
|
|
|
774,737
|
|
Royal Dutch Shell plc, Class A
|
|
|
22,913
|
|
|
|
818,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,592,794
|
|
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing 2.9%
|
Tesco plc
|
|
|
127,480
|
|
|
|
707,939
|
|
|
|
|
|
|
|
|
|
|
|
Food, Beverage & Tobacco 3.3%
|
Unilever plc
|
|
|
19,581
|
|
|
|
805,676
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences
3.4%
|
GlaxoSmithKline plc
|
|
|
30,613
|
|
|
|
817,902
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication Services 3.0%
|
Vodafone Group plc
|
|
|
187,193
|
|
|
|
737,014
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 3.2%
|
National Grid plc
|
|
|
58,243
|
|
|
|
761,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,423,097
|
|
|
|
|
|
|
|
|
|
|
Total Common Stock
|
(Cost $19,834,265)
|
|
|
24,009,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Investment Company
1.5% of net assets
|
|
United States 1.5%
|
State Street Institutional U.S. Government Money Market Fund,
Institutional Class 0.00%
(a)
|
|
|
378,579
|
|
|
|
378,579
|
|
|
|
|
|
|
|
|
|
|
Total Other Investment Company
|
(Cost $378,579)
|
|
|
378,579
|
|
|
|
|
|
|
|
|
End of Investments.
|
At
12/31/13,
the tax basis cost of the funds investments was
$20,987,923 and the unrealized appreciation and depreciation
were 3,954,086 and ($553,907), respectively, with a net
unrealized appreciation of $3,400,179.
At
12/31/13,
the values of certain foreign securities held by the fund
aggregating $23,199,907 were adjusted from their closing market
values in accordance with international fair valuation
procedures approved by the funds Board of Trustees.
|
|
|
*
|
|
Non-income producing security.
|
(a)
|
|
The rate shown is the 7-day yield.
|
|
|
|
ADR
|
|
American Depositary Receipt
|
Regd
|
|
Registered
|
|
|
|
AUD
|
|
Australian dollar
|
USD
|
|
U.S. dollar
|
In addition to the above, the fund held the following at
12/31/13:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount of
|
|
|
|
Amount of
|
|
Unrealized
|
|
|
|
|
Currency
|
|
Currency
|
|
Currency
|
|
Currency
|
|
Appreciation
|
|
|
|
|
to be
|
|
to be
|
|
to be
|
|
to be
|
|
(Depreciation)
|
Expiration Date
|
|
Counterparty
|
|
Received
|
|
Received
|
|
Delivered
|
|
Delivered
|
|
($)
|
|
Forward Foreign Currency Exchange Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/31/2014
|
|
State Street Bank London
|
|
|
AUD
|
|
|
|
63,000
|
|
|
|
USD
|
|
|
|
56,150
|
|
|
|
(1,313
|
)
|
01/31/2014
|
|
State Street Bank London
|
|
|
USD
|
|
|
|
533,868
|
|
|
|
AUD
|
|
|
|
599,000
|
|
|
|
32,846
|
|
01/31/2014
|
|
State Street Bank London
|
|
|
USD
|
|
|
|
34,759
|
|
|
|
AUD
|
|
|
|
39,000
|
|
|
|
460
|
|
01/31/2014
|
|
State Street Bank London
|
|
|
USD
|
|
|
|
69,073
|
|
|
|
AUD
|
|
|
|
77,500
|
|
|
|
119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Unrealized Appreciation on Forward Foreign Currency
Exchange Contracts
|
|
|
32,112
|
|
|
|
|
|
|
Under
procedures approved by the funds Board of Trustees (the
Board), the investment adviser has formed a Pricing
Committee to administer the pricing and valuation of portfolio
securities and other assets and to ensure that prices used for
internal purposes or provided by third parties reasonably
reflect fair market value. Among other things, these procedures
allow the fund to utilize independent pricing services,
quotations from securities and financial instrument dealers and
other market sources to determine fair value.
2
Laudus
Mondrian Institutional International Equity Fund
Portfolio
Holdings
(Unaudited)
continued
The fund
values the securities in its portfolio every business day. The
fund uses the following policies to value various types of
securities:
|
|
|
|
|
Securities
traded on an exchange or
over-the-counter:
Traded securities are valued at the closing value for the day,
or, on days when no closing value has been reported, at halfway
between the most recent bid and ask quotes. Securities that are
primarily traded on foreign exchanges are valued at the official
closing price or the last sales price on the exchange where the
securities are principally traded with these values then
translated into U.S. dollars at the current exchange rate,
unless these securities are fair valued as discussed below.
|
|
|
|
Securities
for which no quoted value is
available:
The Board has adopted procedures to fair value the funds
securities when market prices are not readily
available or are unreliable. For example, a fund may fair
value a security when it is de-listed or its trading is halted
or suspended; when a securitys primary pricing source is
unable or unwilling to provide a price; or when a
securitys primary trading market is closed during regular
market hours. The fund makes fair value determinations in good
faith in accordance with the funds valuation procedures.
The Pricing Committee considers a number of factors, including
unobservable market inputs when arriving at fair value. The
Pricing Committee may employ techniques such as the review of
related or comparable assets or liabilities, related market
activities, recent transactions, market multiples, book values,
transactional back-testing, disposition analysis and other
relevant information. The Pricing Committee regularly reviews
these inputs and assumptions to calibrate the valuations. Due to
the subjective and variable nature of fair value pricing, there
can be no assurance that a fund could obtain the fair value
assigned to the security upon the sale of such security. The
Board convenes on a regular basis to review fair value
determinations made by the fund pursuant to the valuation
procedures.
|
|
|
|
Foreign
equity security fair
valuation:
The Board has adopted procedures to fair value foreign equity
securities that are traded in markets that close prior to the
fund valuing its holdings. By fair valuing securities whose
prices may have been affected by events occurring after the
close of trading, the fund seeks to establish prices that
investors might expect to realize upon the current sales of
these securities. This methodology is designed to deter
arbitrage market timers, who seek to exploit delays
between the change in the value of a funds portfolio
holdings and the Net Asset Value (NAV) of the
funds shares, and seeks to help ensure that the prices at
which the funds shares are purchased and redeemed are fair
and do not result in dilution of shareholder interest or other
harm to shareholders. When fair value pricing is used at the
open or close of a reporting period, it may cause a temporary
divergence between the return of the fund and that of its
comparative index or benchmark. The Board regularly reviews fair
value determinations made by the fund pursuant to these
procedures.
|
|
|
|
Forward
foreign currency exchange
contracts:
Forwards are valued based on that days forward exchange
rates or by using an interpolated forward exchange rate for
contracts with interim settlement dates.
|
|
|
|
Short-term
securities (60 days or less to
maturity):
Short-term securities are valued at amortized cost, which
approximates market value.
|
|
|
|
Underlying
funds:
Mutual funds are valued at their respective NAVs.
|
In
accordance with the authoritative guidance on fair value
measurements and disclosures under generally accepted accounting
principles in the United States of America (GAAP), the fund
discloses the fair value of its investments in a hierarchy that
prioritizes the inputs to valuation techniques used to measure
the fair value. The hierarchy gives the highest priority to
valuations based upon unadjusted quoted prices in active markets
for identical assets or liabilities (Level 1 measurements)
and the lowest priority to valuations based upon unobservable
inputs that are significant to the valuation (Level 3
measurements). If 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 the fund determines that either
the volume
and/or
level
of activity for an asset or liability has significantly
decreased (from normal conditions for that asset or liability)
or price quotations or observable inputs are not associated with
orderly transactions, increased analysis and management judgment
will be required to estimate fair value.
The three
levels of the fair value hierarchy are as follows:
|
|
|
|
|
Level 1
quoted prices in active markets for identical
securities Investments whose values are based on
quoted market prices in active markets, and whose values are
therefore classified as Level 1 prices, include active
listed equities and futures contracts. Investments in mutual
funds are valued daily at their NAVs, which are classified as
Level 1 prices.
|
3
Laudus
Mondrian Institutional International Equity Fund
Portfolio
Holdings
(Unaudited)
continued
|
|
|
|
|
Level 2
other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) Investments that trade in markets that
are not considered to be active, but whose values are based on
quoted market prices, dealer quotations or valuations provided
by alternative pricing sources supported by observable inputs
are classified as Level 2 prices. These generally include
U.S. government and sovereign obligations, most government
agency securities, investment-grade corporate bonds, certain
mortgage products, less liquid listed equities, and state,
municipal and provincial obligations. In addition, international
securities whose markets close hours before the fund values its
holdings may require fair valuations due to significant movement
in the U.S. markets occurring after the daily close of the
foreign markets. The Board has approved a vendor that calculates
fair valuations of international equity securities based on a
number of factors that appear to correlate to the movements in
the U.S. markets. As investments whose values are
classified as Level 2 prices include positions that are not
traded in active markets
and/or
are
subject to transfer restrictions, valuations may be adjusted to
reflect illiquidity
and/or
non-transferability, which are generally based on available
market information.
|
|
|
|
Level 3
significant unobservable inputs (including the funds own
assumption in determining the fair value of
investments) Investments whose values are classified
as Level 3 prices have significant unobservable inputs, as
they may trade infrequently or not at all. When observable
prices are not available for these securities, the fund uses one
or more valuation techniques for which sufficient and reliable
data is available. The inputs used by the fund in estimating the
value of Level 3 prices may include the original
transaction price, quoted prices for similar securities or
assets in active markets, completed or pending third-party
transactions in the underlying investment or comparable issuers,
and changes in financial ratios or cash flows. Level 3
prices may also be adjusted to reflect illiquidity
and/or
non-transferability, with the amount of such discount estimated
by the fund in the absence of market information. Assumptions
used by the fund due to the lack of observable inputs may
significantly impact the resulting fair value and, therefore the
funds results of operations.
|
The inputs
or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those
securities. The following is a summary of the inputs used to
value the funds investments as of December 31, 2013:
Assets Valuation
Input
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
Prices in
|
|
|
|
Significant
|
|
|
|
|
Active
Markets for
|
|
Significant
Other
|
|
Unobservable
|
|
|
|
|
Identical
Assets
|
|
Observable
Inputs
|
|
Inputs
|
|
|
Description
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
|
Total
|
|
Common
Stock
1
|
|
|
$
|
|
|
|
$23,199,907
|
|
|
|
$
|
|
|
|
$23,199,907
|
|
Israel
1
|
|
|
809,616
|
|
|
|
|
|
|
|
|
|
|
|
809,616
|
|
Other Investment
Company
1
|
|
|
378,579
|
|
|
|
|
|
|
|
|
|
|
|
378,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
$1,188,195
|
|
|
|
$23,199,907
|
|
|
|
$
|
|
|
|
$24,388,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Exchange
Contracts
2
|
|
|
$
|
|
|
|
$33,425
|
|
|
|
$
|
|
|
|
$33,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities Valuation
Input
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward Foreign Currency Exchange
Contracts
2
|
|
|
$
|
|
|
|
($1,313
|
)
|
|
|
$
|
|
|
|
($1,313
|
)
|
|
|
|
1
|
|
As categorized in Portfolio Holdings.
|
2
|
|
Forward foreign currency exchange contracts are not included in
Investments and are valued at unrealized appreciation or
depreciation.
|
The
funds policy is to recognize transfers between Level 1,
Level 2 and Level 3 as of the beginning of the fiscal year.
There were no transfers between Level 1, Level 2 and Level 3 for
the period ended December 31, 2013.
4
Laudus
Mondrian Institutional International Equity Fund
Portfolio
Holdings
(Unaudited)
continued
The fund
invested in forward foreign currency exchange contracts
(forwards) during the period ended December 31,
2013. The fund invested in forwards to hedge part of the
funds exposure to currencies that were deemed to be
overvalued by the sub-adviser.
REG60672DEC13-00
5
Item 2. Controls and Procedures.
(a) Based on their evaluation of Registrants disclosure controls and procedures, as of a date
within 90 days of the filing date, Registrants Chief Executive Officer, Marie Chandoha and
Registrants Principal Financial Officer, George Pereira, have concluded that Registrants
disclosure controls and procedures are: (i) reasonably designed to ensure that information required
to be disclosed in this report is appropriately communicated to Registrants officers to allow
timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure
that information required to be disclosed in this report is recorded, processed, summarized and
reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and
(ii) above.
(b)
|
|
During Registrants last fiscal quarter, there have been no changes in Registrants internal
control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that the above officers believe to have materially affected, or to be reasonably
likely to materially affect, Registrants internal control over financial reporting.
|
Item 3. Exhibits.
Separate certifications for Registrants principal executive officer and principal financial
officer, as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), are attached.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
(Registrant)
Laudus Institutional Trust
|
|
|
|
|
By:
|
|
/s/ Marie Chandoha
Marie Chandoha
|
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
|
|
Date:
|
|
2/12/2014
|
|
|
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.
|
|
|
|
|
By:
|
|
/s/ Marie Chandoha
Marie Chandoha
|
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
|
|
Date:
|
|
2/12/2014
|
|
|
|
|
|
|
|
By:
|
|
/s/ George Pereira
George Pereira
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
|
|
Date:
|
|
2/12/2014
|
|
|