nvcsr

Operations

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)

101 Montgomery Street, San Francisco, California 94104
(Address of principal executive offices) (Zip code)

Jeffrey Mortimer
Laudus Trust
101 Montgomery Street, San Francisco, California 94104
(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 627-7000

Date of fiscal year end: March 31

Date of reporting period: March 31, 2009


Item 1:		Report(s) to Shareholders.


Annual Report March 31, 2009

COMMAND PERFORMANCE^TM

Laudus Mondrian Funds^tm

Laudus Mondrian International Equity Fund

Laudus Mondrian Global Equity Fund

Laudus Mondrian Emerging Markets Fund

Laudus Mondrian International Fixed Income Fund

Adviser

Charles Schwab Investment Management, Inc.

Subadviser

Mondrian Investment Partners Limited

Laudus Mondrian Funds


In This Report
Performance at a Glance		2
From the President		3
The Investment Environment		4
Laudus Mondrian International Equity Fund		6
Laudus Mondrian Global Equity Fund		8
Laudus Mondrian Emerging Markets Fund		10
Laudus Mondrian International Fixed Income Fund		12
Fund Expenses		14
Financial Statements		16
Financial Notes		44
Report of Independent Registered Public Accounting Firm		53
Trustees and Officers		55
Glossary		58

Fund investment adviser: Charles Schwab Investment Management, Inc. (CSIM).
Distributor: ALPS Distributors, Inc.

The industry/sector classification of the funds’ portfolio holdings uses the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of Morgan Stanley Capital International Inc. and Standard & Poor’s. GICS is a service mark of MSCI and S&P and has been licensed for use by CSIM and certain affiliates. Charles Schwab & Co, Inc. and ALPS Distributors, Inc. are unaffiliated entities.

Performance at a Glance

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value 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.laudus.com.


Total Return for the Report Period


Laudus Mondrian International Equity Fund

Investor Shares (Ticker Symbol: LIEQX)*		-45.31%
Select Shares^® (Ticker Symbol: LIEFX)*		-45.16%
Institutional Shares (Ticker Symbol: LIEIX)*		-45.15%
Benchmark: MSCI EAFE^® Index (Net)		-47.37%

Performance Details		pages 6-7



Laudus Mondrian Global Equity Fund

Investor Shares (Ticker Symbol: LGEQX)*		-41.35%
Select Shares^® (Ticker Symbol: LGESX)*		-41.27%
Institutional Shares (Ticker Symbol: LGEVX)*		-41.25%
Benchmark: MSCI World^® Index (Net)		-44.22%

Performance Details		pages 8-9



Laudus Mondrian Emerging Markets Fund

Investor Shares (Ticker Symbol: LEMIX)		-42.02%
Select Shares^® (Ticker Symbol: LEMSX)		-41.82%
Institutional Shares (Ticker Symbol: LEMNX)		-41.78%
Benchmark: MSCI Emerging Markets Index (Net)		-47.07%

Performance Details		pages 10-11



Laudus Mondrian International Fixed Income Fund

Investor Shares (Ticker Symbol: LIFIX)		-5.69%
Select Shares^® (Ticker Symbol: LIFSX)		-5.49%
Institutional Shares (Ticker Symbol: LIFNX)		-5.40%
Benchmark: Citigroup non-U.S. Dollar World Government Bond Index		-6.44%

Performance Details		pages 12-13

All fund and index figures 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 you cannot invest in them directly. Performance results less than one year are not annualized. Redemption fees charged on shares sold or exchanged 30 days or less after purchasing them may affect share level returns.

Fund expenses may have been partially absorbed by CSIM. 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.

There are risks associated with investing in foreign companies, such as erratic market conditions, economic and political instability, fluctuations in currency and exchange rates, and an increased risk of price volatility associated with less uniformity in accounting and reporting requirements. Investing in emerging markets accentuates these risks. Investments in emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries.

Bond funds are subject to increased risk of loss of principal during periods of volatile interest rates.

Please see prospectus for further detail and investor eligibility requirements.


*	Not Annualized. For the period 6/17/08 (commencement of operation) to 3/31/09.

2 Laudus Mondrian Funds

From the President

Jeffrey Mortimer is President, CEO, and CIO of Laudus Funds and SVP of Charles Schwab Investment Management, Inc. He joined the firm in 1997 and has held a variety of executive positions at Schwab.

Dear Shareholder,

In the past year, financial markets were besieged with volatility and turmoil, while many economies across the globe experienced slower growth or recession, making investment conditions some of the most difficult in history. Although returns were relatively better in March, the fiscal year was characterized by two particularly bearish periods – the end of 2008 and the beginning of 2009. In this environment, major international equity indices experienced significant declines. The MSCI EAFE Index, for example, was down 46% during the reporting period, while the MSCI Emerging Markets Index declined 47%. On average, returns were down in all major sectors. The fixed income space, usually a bright spot in down markets, was not immune to the current market malady, with the Citigroup Non-U.S. Dollar World Government Bond Index down around 6%.

Within the Laudus Mondrian Fund Family, returns in the funds followed the general downdraft on equity and fixed income prices. In both the international and emerging market fund groups, returns were down between 40-50% on average, indicating that various un-hedged investment strategies were similarly affected by overall market declines. On the fixed income side, returns were down around 6%. In general, modest outperformance relative to funds’ respective benchmarks was primarily attributable to security selection and country allocation. Relative to peers, the Laudus Mondrian Funds performed well in spite of the down market. For more detail, please see the portfolio manager’s commentary in the following pages.

The Laudus Mondrian Funds are sub-advised by Mondrian Investment Partners Limited, a London-based institutional investment manager. Founded in 1990, Mondrian is renowned for its international expertise and its adherence to a consistent value-oriented investment philosophy. Mondrian manages more than $50 billion in assets for some of the world’s largest companies and public retirement plans.

In closing, I would remind you that should you have any questions about the funds we are available to answer them at 1-800-447-3332.

Thank you for investing with us.

Sincerely,

Laudus Mondrian Funds 3

The Investment Environment

The past twelve months produced significant negative returns and high volatility in global capital markets, and nearly all major equity indexes lost more than 40%. Generally, U.S. equity markets fared slightly better than international ones, while fixed income outperformed both. Commodity indexes also lost value. Globally, losses were highly synchronized, exhibiting a pattern typical during periods of global economic weakness.

In the U.S., large-cap stocks lost about 38% for the period, but with a wide spread between growth- and value-style equities, as growth outperformed value by about 8%. U.S. small-caps slightly outperformed U.S. large-caps, losing just under 38%. U.S. small-cap growth stocks outperformed value, but still lost more than 36%. Internationally, the results were worse. International large-cap stocks lost nearly 47%, but outperformed international small-cap stocks, which were down more than 48%. As occurred in the U.S., international growth stocks outperformed their value counterparts, but the difference was less, with growth leading by around 3%.

What caused these weak returns, especially during a relatively short period of time of twelve months? In essence, the credit crisis that began in the summer of 2007 dominated the capital markets during the period. In September 2008, Lehman Brothers declared bankruptcy, while the U.S. government intervened in the operations of Freddie Mac, Fannie Mae and AIG. Several banks also failed, especially during the second half of the reporting period. Companies in all areas but especially in the financial services sector deleveraged their balance sheets. Over the past several years, individuals and companies borrowed significant amounts of capital. Individuals typically used the loans to purchase homes and autos. In turn, many financial companies leveraged their balance sheets to buy these loans and build and sell marketable securities composed of them, such as mortgage-backed securities. On the open market, these securities could be bought by institutional investors and hedge funds, for example. As credit tightened, many of the loans – both consumer and corporate – went into default, requiring firms to acquire capital to shore up their balance sheets or to sell assets to reduce their debt.

Investors and lenders were worried about the value of the debt on company balance sheets. In some cases, there were no bidders for the corporate obligations and securitized assets that were being offered for sale. Without bids, it became difficult to value these securities, and as default rates rose prices became even more depressed. Eventually, the solvency of corporations with large portfolios of leveraged debt was questioned. In this environment, investors took defensive action by reducing their corporate equity exposure. Thus, the equity markets declined precipitously as investors migrated to the safety of government debt.

A few areas performed well. One notable area was the U.S. Treasury market, generally considered the lowest default risk fixed income investment. Short-term Treasury bills gained about 1% during the period, and Treasury bonds maturing in the next ten to twenty years returned about 12%. More diversified fixed income investments also generated positive returns, typically around 3%, as investors flocked to defensive investments.

From a global sector perspective, financial stocks were down nearly 60% on average, primarily due to impacts following the credit crunch. Materials, down more than 50%, and Energy stocks, off about 40%, did poorly due to the deleveraging process described above and due to investors’ movements out of equity positions. Industrials and Consumer Discretionary stocks also lost between 40-50%, on average. On a relative basis,

4 Laudus Mondrian Funds

The Investment Environment continued

global Health Care and Consumer Staples firms performed better, down around 22% and 30%, respectively; these sectors are generally considered to be defensive investments in times of economic or market stress.

Among major developed economies, Japan performed the best during the period, losing about 36% in U.S. dollar terms. The U.S. did slightly worse, down nearly 38%. Most European countries lost more than 45%. It is important to note that through most of the reporting period, the U.S. dollar rallied against the British pound and the Euro, pushing the European returns lower for U.S. dollar-based investors. Emerging markets as a group performed in line with developed markets, losing about 47% in the twelve-month period. A few emerging markets such as Russia lost nearly 70%, but a surprising number such as China did relatively well, losing about 35%.

The dollar’s gains also impacted commodity prices, and most commodity indexes were down more than 50% for the twelve-month period. Crude oil lost 67% for the period, in contrast to the rise in prices over the last few years. Metals and agricultural prices also declined, partially in response to expectations of slowing economies around the globe and thus a likelihood of lower demand. Gold was one relative bright spot among commodity returns, losing about 1% for the period.

Nothing in this report represents a recommendation of a security by the investment adviser.

Manager views and portfolio holdings may have changed since the report date.

Laudus Mondrian Funds 5

Laudus Mondrian International Equity Fund

The Laudus Mondrian International Equity Fund Investor Shares returned -45.31% for the period since inception on 6/17/08, outperforming the benchmark MSCI EAFE Index (Net), which returned -47.37%. For the entire period, index returns were negative across all developed markets. The fund outperformed the benchmark primarily as a result of good stock selection.

All markets were significantly weaker during the period, but the overall impact of country allocation was very positive for returns. Exposure to the non-benchmark Taiwanese market was beneficial to returns. Additionally, the fund also benefited from underweight positions in smaller European markets such as Ireland, Austria and Greece. The fund’s underweight position in Germany was also helpful, as the German equity market fell sharply over the year. These positive contributors were partially offset by the underweight position in Switzerland and overweight position in Belgium. The Swiss market was one of the best performing markets in the index, helped by exposure to the defensive Health Care and consumer staples sectors.

Sector positioning was very positive for returns over the year as the positive impact from overweight positions in the more defensive Telecommunications Services, Health Care and Consumer Staples sectors and underweight positions in the Materials and Energy sectors all added to returns. Stock selection in the Information Technology sector was also strong, helped by the performance of Taiwan Semiconductor Manufacturing Company (TSMC) in Taiwan and Canon in Japan. In the health care sector, the portfolio’s holdings in GlaxoSmithKline in the UK and Novartis increased returns. GlaxoSmithKline was one of the few stocks to produce a positive return over the period.

In Japan, the holdings in Seven & i Holdings (parent company to the “7/11” convenience store chain) and Kao Corporation, both consumer staples stocks, also added positively to returns as they benefited from improving margins from rising consumer prices over the earlier part of the reporting period. The portfolio’s other Japanese holdings such as KDDI and Takeda Pharmaceutical were also helpful for performance. In Germany, the holdings in Deutsche Telekom, a telecommunications company and RWE, a utility company, were also beneficial to returns.

At the other end of the spectrum, the Financials sector was the weakest sector over the period as many financial stocks were affected by the global financial crisis. In the UK, HBOS, Lloyds TSB and Aviva all suffered. Other European financial stocks such as Banco Santander in Spain, Société Générale in France and Intesa Sanpaolo in Italy, also underperformed the broader benchmark over the year. Financial holdings in Asia were helpful for returns; National Australia Bank in Australia and OCBC Bank in Singapore both added to returns. Stock selection in the Consumer Discretionary sector pulled back returns. In particular, automobile stocks, such as Renault in France, were affected by falling demand for vehicles as global economy slowed over the year.

As of 3/31/09:

Fund Characteristics


Number of Companies	36

Weighted Average Market


Cap ($ x 1,000,000)	$47,832

Price/Earnings Ratio


(P/E)	9.6


Price/Book Ratio (P/B)	1.2

Portfolio Turnover


Rate*	8%

Fund Overview


	Investor Shares	Select Shares	Institutional Shares


Initial Investment	$100	$50,000	$500,000
Inception Date	6/17/2008	6/17/2008	6/17/2008
Total Net Assets ($ x 1,000)	$168	$90	$18,694
Ticker Symbol	LIEQX	LIEFX	LIEIX
Cusip	51855Q614	51855Q564	51855Q580
NAV	$5.43	$5.44	$5.44

Manager views and portfolio holdings may have changed since the report date.


*	Not annualized.

6 Laudus Mondrian Funds

Laudus Mondrian International Equity Fund

Performance Summary as of 3/31/09

Past performance does not guarantee future results. The performance data quoted represents past performance, and current returns may be lower or higher. The performance information does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, visit www.laudus.com.

Performance data quoted does not reflect the non-recurring redemption fee of 2% that may be charged if shares are sold or exchanged within 30 days of the purchase date. If these fees were reflected, the performance data quoted would be lower.

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$50,000 Investment in Select Shares¹

Performance of a Hypothetical
$500,000 Investment in Institutional Shares¹

Total Returns¹


Class and Inception Date	Since Inception


Investor Shares (6/17/08)		-45.31%
Select Shares (6/17/08)		-45.16%
Institutional Shares (6/17/08)		-45.15%
Benchmark: MSCI EAFE Index^®(Net)*		-47.37%

Fund Expense Ratios²: Investor Shares: Net 1.40%; Gross 1.47% / Select Shares: Net 1.12%; Gross 1.22% /

Institutional Shares: Net 1.05%; Gross 1.07%

Country Weightings % of Investments³


Japan	23.9%


United Kingdom	18.3%


France	17.4%


Australia	9.1%


Spain	6.7%


Singapore	5.5%


Switzerland	4.2%


Germany	4.1%


Taiwan	3.0%


China	2.7%


Italy	2.4%


Netherlands	2.0%


Other Countries	0.7%


Total	100.0%

Sector Weightings % of Investments³


Telecommunication Services	17.6%


Consumer Staples	16.9%


Financials	16.6%


Energy	12.8%


Health Care	12.2%


Information Technology	7.3%


Utilities	7.1%


Consumer Discretionary	6.5%


Industrials	2.3%


Materials	0.7%


Total	100.0%

Top Holdings % of Net Assets³


Total S.A.	4.3%


GlaxoSmithkline plc	4.3%


CANON, Inc.	4.2%


Unilever plc	4.1%


BP plc	4.1%


Royal Dutch Shell plc, Class A	4.1%


Novartis AG - Reg’d.	4.1%


Carrefour S.A.	3.9%


Telefonica S.A.	3.9%


France Telecom S.A.	3.8%


Total	40.8%

All figures 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 you cannot invest in them directly. Performance results less than one year are not annualized.


*	The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE^®) Index (Net) is a free float-adjusted market capitalization index that is designed to measure market equity performance in 21 developed market countries, excluding the U.S. and Canada. This series approximates the minimum possible dividend reinvestment. Investors cannot invest directly in any index and index figures do not include trading and management costs.
¹	Fund expenses may have been partially absorbed by CSIM. 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.
²	As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/11. Adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the financial highlights section of the financial statements.
³	This list is not a recommendation of any security by the investment adviser.

Laudus Mondrian Funds 7

Laudus Mondrian Global Equity Fund

The Laudus Mondrian Global Equity Fund Investor Shares returned -41.35% for the period since inception on 6/17/08, outperforming the benchmark MSCI World Index (Net), which returned -44.22%. Index returns were negative across all developed markets over this time. The fund outperformed the benchmark as a result of both favourable stock selection and geographic allocation of investments.

Sector positioning was very positive for returns over the year as the positive impact from overweight positions in the more defensive Telecommunications Services, Health Care and Consumer Staples sectors and underweight positions in the Materials and Energy sectors all added to returns. Stock selection in the Information Technology sector was also strong, helped by the performance of Taiwan Semiconductor Manufacturing Company (TSMC) in Taiwan and Canon in Japan. In the Health Care sector, the portfolio’s holdings in GlaxoSmithKline in the UK, Novartis in Switzerland and Wyeth in the US increased returns.

In Japan, the holdings in Seven & i Holdings (parent company to the “7/11” convenience store chain), NTT and Astellas all added positively to returns. Meanwhile, in Germany, the holdings in Deutsche Telekom, a telecommunications company and RWE, a utility company, were also beneficial to returns.

At the other end of the spectrum, the Financials sector was the weakest sector over the period as many of these stocks were affected by the global financial crisis. In the UK, HBOS, Lloyds TSB and Aviva all suffered. Other European financial stocks such as Société Générale in France and Intesa Sanpaolo in Italy, also underperformed the broader benchmark over the year. Further, US financials in portfolio (such as, Bank of America) underperformed. Financial holdings in Asia were helpful for returns; National Australia Bank in Australia and OCBC Bank in Singapore both added to returns. Stock selection in the Consumer Discretionary sector pulled back returns. In particular, automobile stocks, such as Renault in France, were affected by falling demand for vehicles as global economy slowed over the year. Meanwhile, CBS’ share price tumbled on concerns about the slide in television and radio ad spending, particularly, by auto firms in the US.

As of 3/31/09:

Fund Characteristics


Number of Companies	57

Weighted Average Market


Cap ($ x 1,000,000)	$59,024

Price/Earnings Ratio


(P/E)	13.3


Price/Book Ratio (P/B)	1.3

Portfolio Turnover


Rate*	14%

Fund Overview


	Investor Shares	Select Shares	Institutional Shares


Initial Investment	$100	$50,000	$500,000
Inception Date	6/17/2008	6/17/2008	6/17/2008
Total Net Assets ($ x 1,000)	$34	$33	$2,840
Ticker Symbol	LGEQX	LGESX	LGEVX
Cusip	51855Q598	51855Q556	51855Q572
NAV	$5.68	$5.68	$5.68

Manager views and portfolio holdings may have changed since the report date.


*	Not annualized.

8 Laudus Mondrian Funds

Laudus Mondrian Global Equity Fund

Performance Summary as of 3/31/09

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$50,000 Investment in Select Shares¹

Performance of a Hypothetical
$500,000 Investment in Institutional Shares¹

Total Returns¹


Class and Inception Date	Since Inception


Investor Shares (6/17/08)		-41.35%
Select Shares (6/17/08)		-41.27%
Institutional Shares (6/17/08)		-41.25%
Benchmark: MSCI World^® Index (Net)*		-44.22%

Fund Expense Ratios²: Investor Shares: Net 1.40%; Gross 1.46% / Select Shares: Net 1.12%; Gross 1.21% /

Institutional Shares: Net 1.05%; Gross 1.06%

Country Weightings % of Investments³


United States	37.4%


United Kingdom	13.2%


Japan	12.1%


France	9.8%


Australia	6.4%


Spain	5.4%


Germany	3.7%


Singapore	2.9%


Italy	2.4%


Switzerland	2.4%


Taiwan	1.9%


Netherlands	1.8%


Other Countries	0.6%


Total	100.0%

Sector Weightings % of Investments³


Health Care	18.8%


Telecommunication Services	14.3%


Consumer Staples	14.2%


Energy	14.1%


Financials	11.3%


Information Technology	9.0%


Industrials	5.2%


Utilities	4.5%


Consumer Discretionary	4.4%


Materials	4.2%


Total	100.0%

Top Holdings % of Net Assets³


Wyeth	3.9%


Chevron Corp.	3.7%


Total S.A.	3.7%


BP plc	3.4%


GlaxoSmithKline plc	3.3%


Microsoft Corp.	3.2%


Royal Dutch Shell plc, Class A	3.0%


Telefonica S.A.	2.9%


Verizon Communications, Inc.	2.8%


ConAgra Foods, Inc.	2.6%


Total	32.5%


*	The Morgan Stanley Capital International World Index (Net) is a free float-adjusted market capitalization index that is designed to measure global developed markets equity performance. This series approximates the minimum possible dividend reinvestment. Investors cannot invest directly in any index and index figures do not include trading and management costs.
¹	Fund expenses may have been partially absorbed by CSIM. 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.
²	As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/11. Adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the financial highlights section of the financial statements.
³	This list is not a recommendation of any security by the investment adviser.

Laudus Mondrian Funds 9

Laudus Mondrian Emerging Markets Fund

The Laudus Mondrian Emerging Markets Fund Investor Shares returned -42.02% during the period, outperforming the benchmark MSCI Emerging Markets Index (Net), which returned -47.07%. For the entire period, index returns were negative across all regions. The fund outperformed the benchmark primarily as a result of good stock selection in Latin America and Asia.

On a sector specific level, returns in the MSCI Emerging Markets Index were most negative in Materials, Industrials and Energy as a result of the precipitous decline in commodity prices and global trade. The fund benefited from being underweight in materials and from relatively good positioning in Energy and Industrials. The fund also benefited from its large weighting in the Telecommunications Sector where returns were less negative. Currency movements decreased US dollar returns as most emerging market currencies depreciated relative to the US dollar.

The fund’s general investment strategy continued to be driven by several consistent factors implemented by the Mondrian portfolio management team with an overriding strong emphasis on value stocks. The main changes in asset allocation during the year were increasing China from a significant underweight to a more neutral position, and increasing Russia from underweight to overweight given the sharp price declines in both markets presenting attractive value opportunities. Funds were raised by reducing exposure to Brazil, Korea and Malaysia where valuations became less attractive on a relative basis.

Global financial markets experienced one of their most turbulent periods in history. Volatility increased meaningfully in developed and emerging equity markets with absolute performance between the two quite similar. Emerging markets were more affected by the sell off in commodities given their greater leverage to the Mining and Energy sectors, but were less damaged by the Financial sector where share price declines were driven more by concerns of a cyclical earnings fall rather than a major capital write off, as has been the experience in the US and the broader developed world. In Mondrian’s view, selling in many markets tended to be indiscriminate with little regard to valuation fundamentals or positive corporate or economic news. By the end of the period, given hope for positive results from policy stimulus across the global economy, stock markets showed some signs of recovery with the emerging market asset class posting one of its strongest ever months, up 14.37% in March.

As of 3/31/09:

Fund Characteristics


Number of Companies	40

Weighted Average Market


Cap ($ x 1,000,000)	$23,980

Price/Earnings Ratio


(P/E)	7.4


Price/Book Ratio (P/B)	1.2


Portfolio Turnover Rate	52%

Fund Overview


	Investor Shares	Select Shares	Institutional Shares


Initial Investment	$100	$50,000	$500,000
Inception Date	11/2/2007	11/2/2007	11/2/2007
Total Net Assets ($ x 1,000)	$1,927	$559	$25,234
Ticker Symbol	LEMIX	LEMSX	LEMNX
Cusip	51855Q648	51855Q630	51855Q622
NAV	$5.33	$5.34	$5.33

Manager views and portfolio holdings may have changed since the report date.

10 Laudus Mondrian Funds

Laudus Mondrian Emerging Markets Fund

Performance Summary as of 3/31/09

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$50,000 Investment in Select Shares¹

Performance of a Hypothetical
$500,000 Investment in Institutional Shares¹

Total Returns¹


Class and Inception Date	1 Year		Since Inception


Investor Shares (11/2/07)		-42.02%		-35.44%
Select Shares (11/2/07)		-41.82%		-35.17%
Institutional Shares (11/2/07)		-41.78%		-35.23%
Benchmark: MSCI Emerging Markets Index (Net)*		-47.07%		-43.35%

Fund Expense Ratios²: Investor Shares: Net 1.80%; Gross 2.79% / Select Shares: Net 1.52%; Gross 2.74% /

Institutional Shares: Net 1.45%; Gross 2.62%

Country Weightings % of Investments³


China	18.9%


Taiwan	14.7%


Russia	9.7%


Brazil	9.2%


South Africa	6.9%


Mexico	6.7%


Turkey	6.2%


Republic of Korea	5.6%


Egypt	4.2%


India	3.3%


Philippines	3.1%


Thailand	2.8%


Kazakhstan	2.2%


Columbia	2.1%


Argentina	2.0%


Poland	1.9%


Other Countries	0.5%


Total	100.0%

Sector Weightings % of Investments³


Telecommunication Services	26.8%


Energy	20.7%


Financials	17.6%


Information Technology	15.3%


Industrials	7.9%


Materials	4.3%


Consumer Discretionary	3.8%


Utilities	1.8%


Consumer Staples	1.8%


Total	100.0%

Top Holdings % of Net Assets³


Taiwan Semiconductor Manufacturing Co., Ltd.	4.5%


China Construction Bank Corp., Class H	4.3%


China Shenhua Energy Co., Ltd., Class H	3.9%


Redecard S.A.	3.2%


Gazprom-Reg’d ADR	3.2%


Turkcell Iletisim Hizmetleri A/S	3.2%


Mobile TeleSystems ADR	3.2%


Bharti Airtel Ltd.	3.1%


Sasol	3.1%


Philippine Long Distance Telephone Co. ADR	3.0%


Total	34.7%


*	The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. This series approximates the minimum possible dividend reinvestment. Investors cannot invest directly in any index and index figures do not include trading and management costs.
¹	Fund expenses may have been partially absorbed by CSIM. 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.
²	As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/11. Adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the financial highlights section of the financial statements.
³	This list is not a recommendation of any security by the investment adviser.

Laudus Mondrian Funds 11

Laudus Mondrian International Fixed Income Fund

The Laudus Mondrian International Fixed Income Fund Investor Shares returned -5.69% over the 12 month period ending March 31, 2009, while the benchmark Citigroup non-U.S. Dollar World Government Bond Index returned -6.44%. International government bond markets generally rose over the 12 month period, as inflation expectations fell on the back of weak global growth and weakening risk appetites led to a flight-to-quality.

Local bond market strength was more than offset by the depreciation of most international currencies against the US dollar, partially reversing currency gains seen in previous years. In the first half of the year, outperformance was driven by defensive currency hedges of both the euro and UK sterling, as these currencies depreciated markedly relative to the US dollar. Later in the year, the fund’s overweight position to the UK bond market added to performance, as government bond yields fell, helped by the announcement by the Bank of England that quantitative easing would be used to lower long-term bond yields. The fund’s overweight position to Australia, which was initiated part way through the year and removed before year-end, also added to performance late in the year.

Overweight positions to Mexico and Poland detracted from performance over the last 12 months. The local bond markets and currencies of less developed countries were hurt by a weakening of risk appetite amongst investors over the last 12 months. The overweight position to Poland, initiated in December, detracted from performance in the first quarter 2009, after the Polish zloty depreciated, as the appetite for central and eastern European bond markets and currencies weakened.

As of 3/31/09:

Fund Characteristics


Number of Holdings	48


Average Maturity	8.03


Modified Duration	6.18


Average Quality	AA

Portfolio Turnover


Rate (one year trailing)	92%

Fund Overview


	Investor Shares	Select Shares	Institutional Shares


Initial Investment	$100	$100	$100
Inception Date	11/2/2007	11/2/2007	11/2/2007
Total Net Assets ($ x 1,000)	$20,102	$24,033	$64,562
Ticker Symbol	LIFIX	LIFSX	LIFNX
Cusip	51855Q671	51855Q663	51855Q655
NAV	$10.33	$10.32	$10.32

Manager views and portfolio holdings may have changed since the report date.

12 Laudus Mondrian Funds

Laudus Mondrian International Fixed Income Fund

Performance Summary as of 3/31/09

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$10,000 Investment in Select Shares¹

Performance of a Hypothetical
$10,000 Investment in Institutional Shares¹

Total Returns¹


Class and Inception Date	1 Year		Since Inception


Investor Shares (11/2/07)		-5.69%		4.79%
Select Shares (11/2/07)		-5.49%		5.04%
Institutional Shares (11/2/07)		-5.40%		5.12%
Benchmark: Citigroup non-U.S. Dollar World Government Bond Index*		-6.44%		3.74%

Fund Expense Ratios²: Investor Shares: Net 1.10%; Gross 1.57% / Select Shares: Net 0.82%; Gross 1.31% /

Institutional Shares: Net 0.75%; Gross 1.23%

Geographic Breakdown % of Investments³


Eurozone	50.6%


Pacific Asia	38.3%


Latin America	5.0%


Other	6.1%


Total	100.0%

Sector Weightings % of Investments¹


Government Bonds	92.5%


Government Agency Obligations	2.8%


Corporate Bonds	2.4%


Other Investment Companies	1.6%


Covered Bonds	0.7%


Total	100.0%

Top Holdings % of Net Assets³


Japan Government Ten Year Bond, 2.00%, 03/20/16	4.5%


Japan Government Ten Year Bond, 1.90%, 06/20/16	4.5%


France Government Bond OAT, 5.75%, 10/25/32	4.3%


Belgium Government Bond, 5.50%, 09/28/17	4.2%


Japan Government Ten Year Bond, 1.60%, 09/20/13	4.2%


Japan Government Ten Year Bond, 0.90%, 06/20/13	4.1%


Japan Government Ten Year Bond, 1.50%, 03/20/15	3.8%


Japan Government Ten Year Bond, 1.10%, 09/20/12	3.7%


France Government Bond OAT, 5.00%, 10/25/16	3.6%


Netherlands Government Bond, 3.75%, 07/15/14	3.5%


Total	40.4%


*	The Citigroup non-US DollarWorld Government Bond Index measures the total rate of return performance for the government bonds of 23 countries, excluding the U.S., with a remaining maturity of at least one year. Investors cannot invest directly in any index and index figures do not include trading and management costs.
¹	Fund expenses may have been partially absorbed by CSIM. 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.
²	As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/11. Adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the financial highlights section of the financial statements. Effective May 5, 2009, the expense limitation for Investor and Select Shares will be further reduced to 0.75%. See Financial Notes for more information.
³	This list is not a recommendation of any security by the investment adviser.

Laudus Mondrian Funds 13

Fund Expenses (Unaudited)

Examples for a $1,000 Investment

As a fund shareholder, you incur two types of costs: transaction costs, such as redemption fees; and, ongoing costs, such as management fees, transfer agent and shareholder services fees, and other fund expenses.

The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an investment of $1,000 invested for period beginning October 1, 2008 and held through March 31, 2009.

Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ¸ $1,000 = 8.6), then multiply the result by the number given for your fund or share class under the heading entitled “Expenses Paid During Period”.

Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s or share class’ actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.

You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs, such as redemption fees. If these transactional costs were included, your costs would have been higher.


					Ending
			Beginning		Account Value		Expenses Paid
	Expense Ratio		Account Value		(Net of Expenses)		During Period
	(Annualized)		at 10/1/08		at 3/31/09		10/1/08–3/31/09



Laudus Mondrian International Equity Fund
Investor Shares
Actual Return		1.40%	$	1,000	$	661.30	$	5.80
Hypothetical 5% Return		1.40%	$	1,000	$	1,017.95	$	7.04
Select Shares
Actual Return		1.12%	$	1,000	$	663.10	$	4.64
Hypothetical 5% Return		1.12%	$	1,000	$	1,019.35	$	5.64
Institutional Shares
Actual Return		1.05%	$	1,000	$	662.50	$	4.35
Hypothetical 5% Return		1.05%	$	1,000	$	1,019.70	$	5.29


Laudus Mondrian Global Equity Fund
Investor Shares
Actual Return		1.40%	$	1,000	$	698.30	$	5.93
Hypothetical 5% Return		1.40%	$	1,000	$	1,017.95	$	7.04
Select Shares
Actual Return		1.12%	$	1,000	$	699.20	$	4.74
Hypothetical 5% Return		1.12%	$	1,000	$	1,019.35	$	5.64
Institutional Shares
Actual Return		1.05%	$	1,000	$	699.40	$	4.45
Hypothetical 5% Return		1.05%	$	1,000	$	1,019.70	$	5.29


Laudus Mondrian Emerging Markets Fund
Investor Shares
Actual Return		1.80%	$	1,000	$	753.40	$	7.87
Hypothetical 5% Return		1.80%	$	1,000	$	1,015.96	$	9.05
Select Shares
Actual Return		1.52%	$	1,000	$	755.40	$	6.65
Hypothetical 5% Return		1.52%	$	1,000	$	1,017.35	$	7.64
Institutional Shares
Actual Return		1.45%	$	1,000	$	754.30	$	6.34
Hypothetical 5% Return		1.45%	$	1,000	$	1,017.70	$	7.29


¹	Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights.

²	Expenses for each fund or share class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 days of the period, and divided by 365 days of the fiscal year.

14 Laudus Mondrian Funds

Fund Expenses (Unaudited) continued


					Ending
			Beginning		Account Value		Expenses Paid
	Expense Ratio¹		Account Value		(Net of Expenses)		During Period²
	(Annualized)		at 10/1/08		at 3/31/09		10/1/08–3/31/09



Laudus Mondrian International Fixed Income Fund
Investor Shares*
Actual Return		1.10%	$	1,000	$	1,019.70	$	5.54
Hypothetical 5% Return		1.10%	$	1,000	$	1,019.45	$	5.54
Select Shares*
Actual Return		0.82%	$	1,000	$	1,021.50	$	4.13
Hypothetical 5% Return		0.82%	$	1,000	$	1,020.84	$	4.13
Institutional Shares
Actual Return		0.74%	$	1,000	$	1,021.40	$	3.73
Hypothetical 5% Return		0.74%	$	1,000	$	1,021.24	$	3.73

¹ Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights

² Expenses for each fund or share class are equal to its annualized expense ratio, multiplied by the average account value over the period multiplied by 182 days of the period, and divided by 365 days of the fiscal year

* Effective May 5, 2009, the expense limitation for Investor and Select Shares will be further reduced to 0.75%. See Financial Notes for more information

Laudus Mondrian Funds 15

Laudus Mondrian International Equity Fund

Financial Statements

Financial Highlights


	6/17/08¹–
Investor Shares	3/31/09


Per-Share Data ($)

Net asset value at beginning of period		10.00

Income (loss) from investment operations:
Net investment income (loss)		0.07
Net realized and unrealized gains (losses)		(4.59	)

Total from investment operations		(4.52	)
Less distributions:
Distributions from net investment income		(0.05	)
Distributions from net realized gains		(0.00	)²

Total distributions		(0.05	)

Net asset value at end of period		5.43

Total return (%)		(45.31	)³

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.39	^4,5
Gross operating expenses		2.78	⁴
Net investment income (loss)		2.46	⁴
Portfolio turnover rate		8	³
Net assets, end of period ($ x 1,000)		168


	6/17/08¹–
Select Shares	3/31/09


Per-Share Data ($)

Net asset value at beginning of period		10.00

Income (loss) from investment operations:
Net investment income (loss)		0.12
Net realized and unrealized gains (losses)		(4.63	)

Total from investment operations		(4.51	)
Less distributions:
Distributions from net investment income		(0.05	)
Distributions from net realized gains		(0.00	)²

Total distributions		(0.05	)

Net asset value at end of period		5.44

Total return (%)		(45.16	)³

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.12	⁴
Gross operating expenses		3.10	⁴
Net investment income (loss)		2.22	⁴
Portfolio turnover rate		8	³
Net assets, end of period ($ x 1,000)		90

¹ Commencement of operations.

² Distribution from realized gains is less than 0.01.

³ Not annualized.

⁴ Annualized.

⁵ The ratio of net operating expenses would have been 1.40% for the Investor Shares, if custody credits had not been included.

16 See financial notes

Laudus Mondrian International Equity Fund

Financial Highlights continued


	6/17/08¹–
Institutional Shares	3/31/09


Per-Share Data ($)

Net asset value at beginning of period		10.00

Income (loss) from investment operations:
Net investment income (loss)		0.08
Net realized and unrealized gains (losses)		(4.59	)

Total from investment operations		(4.51	)
Less distributions:
Distributions from net investment income		(0.05	)
Distributions from net realized gains		(0.00	)²

Total distributions		(0.05	)

Net asset value at end of period		5.44

Total return (%)		(45.15	)³

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.05	⁴
Gross operating expenses		2.11	⁴
Net investment income (loss)		2.52	⁴
Portfolio turnover rate		8	³
Net assets, end of period ($ x 1,000)		18,694

¹ Commencement of operations.

² Distribution from realized gains is less than 0.01.

³ Not annualized.

⁴ Annualized.

See financial notes 17

Laudus Mondrian International Equity Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.

The fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be viewed and copied at the SEC’s Public Reference Room in Washington, D.C. Call 1-800-SEC-0330 for information on the operation of the Public Reference Room. The schedule of portfolio holdings filed on a fund’s most recent Form N-Q is also available by visiting the Fund’s website at www.laudus.com.


				Cost		Value
Holdings by Category				($)		($)


	97	.3%	Common Stock		23,819,537		18,448,345
		—%	Rights		—		—
	2	.0%	Other Investment Companies		376,607		376,607

	99	.3%	Total Investments		24,196,144		18,824,952
	0	.7%	Other Assets and Liabilities, Net				126,234

	100	.0%	Net Assets				18,951,186


	Number		Value
Security	of Shares		($)





Common Stock 97.3% of net assets


Australia 8.9%


Banks 2.8%
National Australia Bank Ltd.		38,324		534,977


Food & Staples Retailing 2.7%
Wesfarmers Ltd.		38,131		500,345


Telecommunication Services 3.4%
Telstra Corp., Ltd.		291,410		650,499

				1,685,821


China 2.6%


Utilities 2.6%
Hongkong Electric Holdings Ltd.		84,500		502,047


Finland 0.7%


Materials 0.7%
UPM-Kymmene Oyj		23,810		137,418


France 16.9%


Automobiles & Components 1.1%
Renault S.A.		10,458		215,038


Banks 1.5%
Societe Generale		7,109		278,082


Capital Goods 2.3%
Compagnie de Saint-Gobain		15,297		428,606


Energy 4.3%
Total S.A.		16,428		812,354


Food & Staples Retailing 3.9%
Carrefour S.A.		18,955		739,434


Telecommunication Services 3.8%
France Telecom S.A.		31,995		729,394

				3,202,908


Germany 4.0%


Telecommunication Services 0.5%
Deutsche Telekom AG - Reg’d.		7,247		89,761


Utilities 3.5%
RWE AG		9,553		669,001

				758,762


Italy 2.3%


Banks 2.3%
Intesa Sanpaolo		160,650		441,864


Japan 23.3%


Automobiles & Components 3.3%
Toyota Motor Corp.		19,600		622,572


Food & Staples Retailing 2.3%
Seven & i Holdings Co., Ltd.		20,000		441,541


Household & Personal Products 3.4%
Kao Corp.		33,000		643,909


Insurance 2.8%
Tokio Marine Holdings, Inc.		21,200		522,134


Pharmaceuticals, Biotechnology & Life Sciences 3.5%
Takeda Pharmaceutical Co., Ltd.		19,400		673,074


Technology Hardware & Equipment 4.2%
CANON, Inc.		27,200		792,930


Telecommunication Services 3.8%
KDDI Corp.		152		715,789

				4,411,949


Netherlands 1.9%


Media 1.9%
Reed Elsevier N.V.		34,407		368,183


Singapore 5.4%


Banks 3.7%
Oversea-Chinese Banking Corp., Ltd.		156,000		497,321
United Overseas Bank Ltd.		31,000		198,843

				696,164


Telecommunication Services 1.7%
Singapore Telecommunications Ltd.		194,000		323,372

				1,019,536


Spain 6.5%


Banks 1.9%
Banco Santander S.A.		52,179		359,763


Telecommunication Services 3.9%
Telefonica S.A.		36,908		735,994

18 See financial notes

Laudus Mondrian International Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Utilities 0.7%
Iberdrola S.A.		19,361		135,836

				1,231,593


Switzerland 4.1%


Pharmaceuticals, Biotechnology & Life Sciences 4.1%
Novartis AG - Reg’d.		20,305		768,210


Taiwan 2.9%


Semiconductors & Semiconductor Equipment 2.9%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		61,047		546,371


United Kingdom 17.8%


Energy 8.2%
BP plc		116,052		778,173
Royal Dutch Shell plc, Class A		34,743		775,083

				1,553,256


Food, Beverage & Tobacco 4.1%
Unilever plc		41,472		784,225


Insurance 1.2%
Aviva plc		72,515		224,869


Pharmaceuticals, Biotechnology & Life Sciences 4.3%
GlaxoSmithKline plc		52,093		811,333

				3,373,683

Total Common Stock (Cost $23,819,537)				18,448,345




Rights 0.0% of net assets


Belgium 0.0%
Fortis (a)(b) *		7,434		—

Total Rights (Cost $—)				—




Other Investment Company 2.0% of net assets
State Street Institutional Liquid Reserves Fund - Institutional Class		376,607		376,607

Total Other Investment Company (Cost $376,607)				376,607


End of Investments.

At 03/31/09, the tax basis cost of the fund’s investments was $24,249,328 and the unrealized appreciation and depreciation were $40,278 and ($5,464,654), respectively, with a net unrealized depreciation of ($5,424,376).

At 03/31/09, the values of certain foreign securities held by the fund aggregating $17,901,974 were adjusted from their closing market values following the guidelines adopted by the fund’s Board of Trustees.


*		Non-income producing security.
(a)		Fair-valued by Management.
(b)		Illiquid security. At the period end, the value of these amounted to $0 or 0% of net assets.

ADR — American Depositary Receipt

Reg’d — Registered

See financial notes 19

Laudus Mondrian International Equity Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $24,196,144)		$18,824,952
Foreign currency, at value (cost $22,248)		22,104
Receivables:
Dividends		115,352
Due from investment adviser		9,466
Foreign tax reclaims		7,180
Interest		242
Fund shares sold		100
Prepaid expenses	+	57


Total assets		18,979,453


Liabilities
Payables:
Distribution and shareholder services fees		36
Accrued expenses	+	28,231


Total liabilities		28,267


Net Assets
Total assets		18,979,453
Total liabilities	−	28,267


Net assets		$18,951,186
Net Assets by Source
Capital received from investors		24,890,944
Net investment income not yet distributed		117,444
Net realized capital losses		(687,436	)
Net unrealized capital losses		(5,369,766	)

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$167,587		30,837			$5.43
Select Shares	$89,791		16,506			$5.44
Institutional Shares	$18,693,808		3,436,292			$5.44

20 See financial notes

Laudus Mondrian International Equity Fund

Statement of

Operations

For June 17, 2008 * through March 31, 2009.




Investment Income
Dividends (net of foreign withholding taxes of $27,771)		$354,168
Interest	+	1,926


Total Investment Income		356,094


Net Realized Gains and Losses
Net realized losses on investments		(681,059	)
Net realized gains on foreign currency transactions	+	41,399


Net realized losses		(639,660	)


Net Unrealized Gains and Losses
Net unrealized losses on investments		(5,371,192	)
Net unrealized gains on foreign currency translations	+	1,426


Net unrealized losses		(5,369,766	)


Expenses
Investment adviser fees		84,855
Registration fees		37,123
Professional fees		24,049
Transfer agent fees		23,073
Accounting and administration fees		19,218
Custodian fees		9,177
Shareholder reports		6,235
Trustees’ fees		4,500
Sub-Accounting fees
Investor Shares		70
Select Shares		170
Distribution and shareholder services fees (Investor Shares)		145
Other expenses	+	3,374


Total expenses		211,989
Expense reduction by adviser	−	106,871
Custody credits	−	115


Net expenses		105,003


Increase (Decrease) in Net Assets from Operations
Total investment income		356,094
Net expenses	−	105,003


Net investment income		251,091
Net realized losses		(639,660	)
Net unrealized losses	+	(5,369,766	)


Decrease in net assets from operations		($5,758,335	)


*	Commencement of operations.

See financial notes 21

Laudus Mondrian International Equity Fund

Statements of

Changes in Net Assets

For the current report period only.


		*6/17/08-3/31/09**
Net investment income			$251,091
Net realized losses			(639,660	)
Net unrealized losses	+		(5,369,766	)


Decrease in net assets from operations			(5,758,335	)


Distributions to Shareholders
Distributions from net investment income
Investor Shares			591
Select Shares			1,300
Institutional Shares	+		173,024


Total distributions from net investment income			174,915


Distributions from net realized gains
Investor Shares			25
Select Shares			51
Institutional Shares	+		6,444


Total distributions from net realized gains			6,520

Total distributions			$181,435




Transactions in Fund Shares


		*6/17/08-3/31/09**
		SHARES			VALUE


Shares Sold
Investor Shares			32,887			$227,554
Select Shares			38,195			329,781
Institutional Shares	+		3,424,157			24,406,571


Total shares sold			3,495,239			$24,963,906


Shares Reinvested
Investor Shares			92			$616
Select Shares			203			1,351
Institutional Shares	+		12,699			84,704


Total shares reinvested			12,994			$86,671


Shares Redeemed
Investor Shares			(2,142	)		($14,629	)
Select Shares			(21,892	)		(142,072	)
Institutional Shares	+		(564	)		(2,920	)


Total shares redeemed			(24,598	)		($159,621	)

Net transactions in fund shares			3,483,635			$24,890,956


Shares Outstanding and Net Assets
		*6/17/08-3/31/09**
		SHARES			NET ASSETS
Beginning of period			-			$-
Total increase	+		3,483,635			18,951,186


End of period			3,483,635			$18,951,186


Net investment income not yet distributed						$117,444


*	Commencement of operations.

22 See financial notes

Laudus Mondrian Global Equity Fund

Financial Statements

Financial Highlights


	6/17/08¹–
Investor Shares	3/31/09


Per-Share Data ($)

Net asset value at beginning of period		10.00

Income (loss) from investment operations:
Net investment income (loss)		0.17
Net realized and unrealized gains (losses)		(4.27	)

Total from investment operations		(4.10	)
Less distributions:
Distributions from net investment income		(0.22	)

Net asset value at end of period		5.68

Total return (%)		(41.35	)²

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.40	³
Gross operating expenses		4.43	³
Net investment income (loss)		2.63	³
Portfolio turnover rate		14	²
Net assets, end of period ($ x 1,000)		34


	6/17/08¹–
Select Shares	3/31/09


Per-Share Data ($)

Net asset value at beginning of period		10.00

Income (loss) from investment operations:
Net investment income (loss)		0.16
Net realized and unrealized gains (losses)		(4.25	)

Total from investment operations		(4.09	)
Less distributions:
Distributions from net investment income		(0.23	)

Net asset value at end of period		5.68

Total return (%)		(41.27	)²

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.12	³
Gross operating expenses		4.27	³
Net investment income (loss)		2.89	³
Portfolio turnover rate		14	²
Net assets, end of period ($ x 1,000)		33

¹ Commencement of operations.

² Not annualized.

³ Annualized.

See financial notes 23

Laudus Mondrian Global Equity Fund

Financial Highlights continued


	6/17/08¹–
Institutional Shares	3/31/09


Per-Share Data ($)

Net asset value at beginning of period		10.00

Income (loss) from investment operations:
Net investment income (loss)		0.16
Net realized and unrealized gains (losses)		(4.25	)

Total from investment operations		(4.09	)
Less distributions:
Distributions from net investment income		(0.23	)

Net asset value at end of period		5.68

Total return (%)		(41.25	)²

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.05	³
Gross operating expenses		4.08	³
Net investment income (loss)		2.74	³
Portfolio turnover rate		14	²
Net assets, end of period ($ x 1,000)		2,840

¹ Commencement of operations.

² Not annualized.

³ Annualized.

24 See financial notes

Laudus Mondrian Global Equity Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.


				Cost		Value
Holdings by Category				($)		($)


	98	.4%	Common Stock		4,797,115		2,861,032
	1	.2%	Other Investment Company		35,095		35,095
		—%	Rights		—		—

	99	.6%	Total Investments		4,832,210		2,896,127
	0	.4%	Other Assets and Liabilities, Net				10,800

	100	.0%	Net Assets				2,906,927


	Number		Value
Security	of Shares		($)





Common Stock 98.4% of net assets


Australia 6.3%


Banks 1.5%
National Australia Bank Ltd.		3,200		44,670


Food & Staples Retailing 1.4%
Wesfarmers Ltd.		3,049		40,008


Food, Beverage & Tobacco 1.2%
Foster’s Group Ltd.		9,728		34,212


Materials 0.9%
Amcor Ltd.		8,926		27,607


Telecommunication Services 1.3%
Telstra Corp., Ltd.		16,917		37,763

				184,260


Belgium 0.2%


Diversified Financials 0.2%
Fortis		3,366		6,150


Finland 0.3%


Materials 0.3%
UPM-Kymmene Oyj		1,700		9,811


France 9.6%


Automobiles & Components 0.3%
Renault S.A.		394		8,101


Banks 1.4%
Societe Generale		1,060		41,464


Energy 3.7%
Total S.A.		2,167		107,157


Food & Staples Retailing 2.5%
Carrefour S.A.		1,867		72,832


Telecommunication Services 1.7%
France Telecom S.A.		2,228		50,792

				280,346


Germany 3.6%


Telecommunication Services 1.5%
Deutsche Telekom AG - Reg’d.		3,624		44,887


Utilities 2.1%
RWE AG		854		59,806

				104,693


Italy 2.3%


Banks 2.3%
Intesa Sanpaolo		9,855		27,106
UniCredit S.p.A.		24,450		40,241

				67,347


Japan 12.0%


Food & Staples Retailing 1.5%
Seven & i Holdings Co., Ltd.		2,000		44,154


Insurance 1.8%
Tokio Marine Holdings, Inc.		2,100		51,721


Materials 1.8%
Nitto Denko Corp.		2,600		53,205


Pharmaceuticals, Biotechnology & Life Sciences 3.1%
Astellas Pharma, Inc.		1,200		37,135
Takeda Pharmaceutical Co., Ltd.		1,500		52,042

				89,177


Technology Hardware & Equipment 1.9%
CANON, Inc.		1,900		55,389


Telecommunication Services 0.7%
Nippon Telegraph & Telephone Corp.		500		19,082


Transportation 1.2%
West Japan Railway Co.		11		34,880

				347,608


Netherlands 1.8%


Diversified Financials 0.8%
ING Groep N.V. CVA		4,032		22,093


Media 1.0%
Reed Elsevier N.V.		2,690		28,785

				50,878


Singapore 2.9%


Banks 1.1%
Oversea-Chinese Banking Corp., Ltd.		10,000		31,879


Telecommunication Services 1.8%
Singapore Telecommunications Ltd.		31,000		51,673

				83,552

See financial notes 25

Laudus Mondrian Global Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Spain 5.3%


Telecommunication Services 2.9%
Telefonica S.A.		4,298		85,708


Utilities 2.4%
Iberdrola S.A.		9,791		68,693

				154,401


Switzerland 2.4%


Pharmaceuticals, Biotechnology & Life Sciences 2.4%
Novartis AG - Reg’d.		1,805		68,290


Taiwan 1.9%


Semiconductors & Semiconductor Equipment 1.9%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		6,217		55,642


United Kingdom 13.0%


Automobiles & Components 0.3%
GKN plc		7,886		7,719


Energy 6.5%
BP plc		15,112		101,332
Royal Dutch Shell plc, Class A		3,972		88,611

				189,943


Food, Beverage & Tobacco 2.6%
Unilever plc		3,918		74,088


Insurance 0.3%
Aviva plc		3,025		9,381


Pharmaceuticals, Biotechnology & Life Sciences 3.3%
GlaxoSmithKline plc		6,158		95,909

				377,040


United States 36.8%


Banks 0.5%
Wells Fargo & Co.		1,055		15,023


Capital Goods 3.9%
3M Co.		1,100		54,692
General Electric Co.		5,700		57,627

				112,319


Diversified Financials 1.1%
Bank of America Corp.		4,950		33,759


Energy 3.7%
Chevron Corp.		1,600		107,584


Food, Beverage & Tobacco 4.9%
ConAgra Foods, Inc.		4,500		75,915
H.J. Heinz Co.		2,000		66,120

				142,035


Materials 1.0%
Alcoa, Inc.		4,100		30,094


Media 0.3%
CBS Corp., Class B		2,100		8,064


Pharmaceuticals, Biotechnology & Life Sciences 9.8%
Johnson & Johnson		800		42,080
Merck & Co., Inc.		2,600		69,550
Pfizer, Inc.		4,200		57,204
Wyeth		2,700		116,208

				285,042


Retailing 2.5%
Genuine Parts Co.		2,400		71,664


Software & Services 5.0%
Microsoft Corp.		5,100		93,687
Oracle Corp. *		2,900		52,403

				146,090


Telecommunication Services 4.1%
AT&T, Inc.		1,500		37,800
Verizon Communications, Inc.		2,700		81,540

				119,340

				1,071,014

Total Common Stock (Cost $4,797,115)				2,861,032




Other Investment Company 1.2% of net assets
State Street Institutional Liquid Reserves Fund - Institutional Class		35,095		35,095

Total Other Investment Company (Cost $35,095)				35,095




Rights 0.0% of net assets


Belgium 0.0%
Fortis (a)(b) *		3,366		—

Total Rights (Cost $—)				—


End of Investments.

At 03/31/09, the tax basis cost of the fund’s investments was $4,832,226 and the unrealized appreciation and depreciation were $10,609 and ($1,946,708), respectively, with a net unrealized depreciation of ($1,936,099).

At 03/31/09, the values of certain foreign securities held by the fund aggregating $1,734,375 were adjusted from their closing market values following the guidelines adopted by the fund’s Board of Trustees.


*		Non-income producing security.
(a)		Fair-valued by Management.
(b)		Illiquid security. At the period end, the value of these amounted to $0 or 0% of net assets.

ADR - American Depositary Receipt

CVA - Dutch Certificate

Reg’d - Registered

26 See financial notes

Laudus Mondrian Global Equity Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $4,832,210)		$2,896,127
Foreign currency (cost $8,374)		8,429
Receivables:
Dividends		14,775
Due from investment adviser		11,290
Foreign tax reclaims		659
Interest		23
Prepaid expenses	+	57


Total assets		2,931,360


Liabilities
Payables:
Distribution and shareholder services fees		12
Accrued expenses	+	24,421


Total liabilities		24,433


Net Assets
Total assets		2,931,360
Total liabilities	−	24,433


Net assets		$2,906,927
Net Assets by Source
Capital received from investors		5,103,612
Net investment income not yet distributed		25,801
Net realized capital losses		(286,598	)
Net unrealized capital losses		(1,935,888	)

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$34,299		6,041			$5.68
Select Shares	$32,539		5,729			$5.68
Institutional Shares	$2,840,089		500,000			$5.68

See financial notes 27

Laudus Mondrian Global Equity Fund

Statement of

Operations

For June 17, 2008 * through March 31, 2009.




Investment Income
Dividends (net of foreign withholding taxes of $4,589)		$112,929
Interest	+	575


Total Investment Income		113,504


Net Realized Gains and Losses
Net realized losses on investments		(286,599	)
Net realized gains on foreign currency transactions	+	62,975


Net realized losses		(223,624	)


Net Unrealized Gains and Losses
Net unrealized losses on investments		(1,936,083	)
Net unrealized gains on foreign currency translations	+	195


Net unrealized losses		(1,935,888	)


Expenses
Investment adviser fees		25,429
Transfer agent fees		25,279
Professional fees		23,449
Accounting and administration fees		19,563
Registration fees		15,441
Trustees’ fees		4,300
Custodian fees		3,064
Shareholder reports		1,453
Distribution and shareholder services fees (Investor Shares)		59
Sub-Accounting fees
Investor Shares		31
Select Shares		43
Interest expense		6
Other expenses	+	4,039


Total expenses		122,156
Expense reduction by adviser	−	90,576
Custody credits	−	144


Net expenses		31,436


Increase (Decrease) in Net Assets from Operations
Total investment income		113,504
Net expenses	−	31,436


Net investment income		82,068
Net realized losses		(223,624	)
Net unrealized losses	+	(1,935,888	)


Decrease in net assets from operations		($2,077,444	)


*	Commencement of operations.

28 See financial notes

Laudus Mondrian Global Equity Fund

Statements of

Changes in Net Assets

For the current report period only.


		*6/17/08-3/31/09**
Net investment income			$82,068
Net realized losses			(223,624	)
Net unrealized losses	+		(1,935,888	)


Decrease in net assets from operations			(2,077,444	)


Distributions to Shareholders
Distributions from net investment income
Investor Shares			918
Select Shares			1,239
Institutional Shares	+		117,100


Total distributions from net investment income			$119,257




Transactions in Fund Shares


		*6/17/08-3/31/09**
		SHARES			VALUE


Shares Sold
Investor Shares			7,553			$60,839
Select Shares			5,549			51,715
Institutional Shares	+		500,003			5,000,030


Total shares sold			513,105			$5,112,584


Shares Reinvested
Investor Shares			111			$756
Select Shares			182			1,239
Institutional Shares	+		—			—


Total shares reinvested			293			$1,995


Shares Redeemed
Investor Shares			(1,623	)		($10,909	)
Select Shares			(2	)		(19	)
Institutional Shares	+		(3	)		(23	)


Total shares redeemed			(1,628	)		($10,951	)

Net transactions in fund shares			511,770			$5,103,628


Shares Outstanding and Net Assets
		*6/17/08-3/31/09**
		SHARES			NET ASSETS
Beginning of period			—			$-
Total increase	+		511,770			2,906,927


End of period			511,770			$2,906,927


Net investment income not yet distributed						$25,801


*	Commencement of operations

See financial notes 29

Laudus Mondrian Emerging Markets Fund

Financial Statements

Financial Highlights


	4/1/08–			11/2/07¹–
Investor Shares	3/31/09			3/31/08


Per-Share Data ($)

Net asset value at beginning of period		9.29			10.00

Income (loss) from investment operations:
Net investment income (loss)		0.11			0.02
Net realized and unrealized gains (losses)		(4.01	)		(0.72	)

Total from investment operations		(3.90	)		(0.70	)
Less distributions:
Distributions from net investment income		(0.06	)		(0.01	)

Net asset value at end of period		5.33			9.29

Total return (%)		(42.02	)		(6.98	)²

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.80			1.82	^3,4
Gross operating expenses		2.46			2.79	³
Net investment income (loss)		1.54			0.89	³
Portfolio turnover rate		52			49	²
Net assets, end of period ($ x 1,000)		1,927			1,937


	4/1/08–			11/2/07¹–
Select Shares	3/31/09			3/31/08


Per-Share Data ($)

Net asset value at beginning of period		9.31			10.00

Income (loss) from investment operations:
Net investment income (loss)		0.08			0.02
Net realized and unrealized gains (losses)		(3.97	)		(0.70	)

Total from investment operations		(3.89	)		(0.68	)
Less distributions:
Distributions from net investment income		(0.08	)		(0.01	)

Net asset value at end of period		5.34			9.31

Total return (%)		(41.82	)		(6.75	)²

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.52			1.54	^3,5
Gross operating expenses		2.23			2.74	³
Net investment income (loss)		1.70			0.69	³
Portfolio turnover rate		52			49	²
Net assets, end of period ($ x 1,000)		559			760

¹ Commencement of operations.

² Not annualized.

³ Annualized.

⁴ The ratio of net operating expenses would have been 1.80%, if interest expense had not been included.

⁵ The ratio of net operating expenses would have been 1.52%, if interest expense had not been included.

30 See financial notes

Laudus Mondrian Emerging Markets Fund

Financial Highlights continued


	4/1/08–			11/2/07¹–
Institutional Shares	3/31/09			3/31/08


Per-Share Data ($)

Net asset value at beginning of period		9.29			10.00

Income (loss) from investment operations:
Net investment income (loss)		0.10			0.02
Net realized and unrealized gains (losses)		(3.98	)		(0.71	)

Total from investment operations		(3.88	)		(0.69	)
Less distributions:
Distributions from net investment income		(0.08	)		(0.02	)

Net asset value at end of period		5.33			9.29

Total return (%)		(41.78	)		(6.94	)²

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.45			1.47	^3,4
Gross operating expenses		2.13			2.62	³
Net investment income (loss)		1.94			0.59	³
Portfolio turnover rate		52			49	²
Net assets, end of period ($ x 1,000)		25,234			19,414

¹ Commencement of operations.

² Not annualized.

³ Annualized.

⁴ The ratio of net operating expenses would have been 1.45%, if interest expense had not been included.

See financial notes 31

Laudus Mondrian Emerging Markets Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.


				Cost		Value
Holdings by Category				($)		($)


	88	.9%	Common Stock		34,471,663		24,628,957
	7	.7%	Preferred Stock		3,668,123		2,140,652
	2	.0%	Other Investment Company		559,133		559,133

	98	.6%	Total Investments		38,698,919		27,328,742
	1	.4%	Other Assets and Liabilities, Net				392,361

	100	.0%	Net Assets				27,721,103


	Number		Value
Security	of Shares		($)





Common Stock 88.9% of net assets


Argentina 2.0%


Energy 2.0%
Tenaris S.A. ADR		26,969		543,965


Brazil 5.0%


Software & Services 3.2%
Redecard S.A.		74,500		900,841


Utilities 1.8%
CPFL Energia S.A. ADR		12,000		486,840

				1,387,681


China 18.3%


Banks 4.3%
China Construction Bank Corp., Class H		2,115,000		1,200,640


Energy 3.9%
China Shenhua Energy Co., Ltd., Class H		482,500		1,088,649


Telecommunication Services 2.4%
China Mobile Ltd.		77,000		670,740


Transportation 7.7%
China Merchants Holdings International Co., Ltd.		306,000		704,356
China Shipping Development Co., Ltd., Class H		776,000		735,791
Cosco Pacific Ltd.		690,000		679,497

				2,119,644

				5,079,673


Columbia 2.0%


Banks 2.0%
Bancolombia S.A. ADR		29,100		566,577


Czech Republic 0.4%


Banks 0.4%
Komercni Banka A/S		1,232		124,510


Egypt 4.1%


Telecommunication Services 4.1%
Orascom Telecom Holding S.A.E. -Reg’d GDR		19,430		434,327
Telecom Egypt		261,070		694,980

				1,129,307


India 3.1%


Telecommunication Services 3.1%
Bharti Airtel Ltd. *		70,519		867,494


Kazahkstan 2.1%


Energy 2.1%
KazMunaiGas Exploration Production GDR		39,727		591,932


Mexico 6.5%


Food, Beverage & Tobacco 1.7%
Grupo Modelo, S.A. de C.V., Series C		157,300		476,397


Media 2.1%
Grupo Televisa S.A. ADR		41,600		567,424


Telecommunication Services 2.7%
America Movil SAB de C.V., Series L ADR		27,900		755,532

				1,799,353


Philippines 3.0%


Telecommunication Services 3.0%
Philippine Long Distance Telephone Co. ADR		19,000		838,470


Poland 1.8%


Banks 1.8%
Bank Pekao S.A.		20,634		496,902


Republic of Korea 1.6%


Banks 1.6%
KB Financial Group, Inc. *		14,626		353,798
KB Financial Group, Inc. ADR *		3,200		77,600

				431,398

32 See financial notes

Laudus Mondrian Emerging Markets Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Russia 9.4%


Energy 6.2%
Gazprom - Reg’d ADR		60,650		900,653
LUKOIL ADR		21,800		817,500

				1,718,153


Telecommunication Services 3.2%
Mobile TeleSystems ADR		29,200		873,664

				2,591,817


South Africa 6.7%


Energy 3.1%
Sasol		29,267		848,385


Materials 2.0%
Impala Platinum Holdings Ltd.		33,438		559,595


Telecommunication Services 1.6%
Telkom South Africa Ltd.		39,246		437,260

				1,845,240


Taiwan 14.2%


Banks 2.4%
Chinatrust Financial Holding Co., Ltd.		1,132,565		415,434
Mega Financial Holding Co., Ltd.		666,000		238,940

				654,374


Semiconductors & Semiconductor Equipment 6.4%
MediaTek, Inc.		56,410		531,025
Taiwan Semiconductor Manufacturing Co., Ltd.		832,000		1,252,868

				1,783,893


Technology Hardware & Equipment 2.9%
Asustek Computer, Inc.		759,716		801,055


Telecommunication Services 2.5%
Chunghwa Telecom Co., Ltd. ADR		38,385		699,759

				3,939,081


Thailand 2.7%


Energy 2.7%
PTT Public Co., Ltd.		171,700		745,575


Turkey 6.0%


Banks 2.8%
Akbank T.A.S.		257,836		757,604


Telecommunication Services 3.2%
Turkcell Iletisim Hizmetleri A/S		182,172		892,378

				1,649,982

Total Common Stock (Cost $34,471,663)				24,628,957




Preferred Stock 7.7% of net assets


Brazil 3.9%


Banks 1.8%
Itausa - Investimentos Itau S.A.		142,667		490,163


Materials 2.1%
Companhia Vale do Rio Doce ADR (Vale)		52,400		591,072

				1,081,235


Republic of Korea 3.8%


Automobiles & Components 1.6%
Hyundai Motor Co.		30,510		459,923


Semiconductors & Semiconductor Equipment 2.2%
Samsung Electronics Co., Ltd.		2,615		599,494

				1,059,417

Total Preferred Stock (Cost $3,668,123)				2,140,652




Other Investment Company 2.0% of net assets
State Street Institutional Liquid Reserves Fund - Institutional Class		559,133		559,133

Total Other Investment Company (Cost $559,133)				559,133


End of Investments.

At 03/31/09, the tax basis cost of the fund’s investments was $41,371,385 and the unrealized appreciation and depreciation were $667,700 and ($14,710,343), respectively, with a net unrealized depreciation of ($14,042,643).

At 03/31/09, the values of certain foreign securities held by the fund aggregating $15,845,646 were adjusted from their closing market values following the guidelines adopted by the fund’s Board of Trustees.


*		Non-income producing security.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Reg’d — Registered

See financial notes 33

Laudus Mondrian Emerging Markets Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $38,698,919)		$27,328,742
Cash		16
Foreign currency, at value (cost $527,570)		526,422
Receivables:
Investments sold		495,978
Dividends		151,655
Fund shares sold		24,622
Due from investment adviser		11,749
Interest		210
Prepaid expenses	+	358


Total assets		28,539,752


Liabilities
Payables:
Investments bought		755,524
Fund shares redeemed		7,884
Distribution and shareholder services fees		372
Accrued expenses	+	54,869


Total liabilities		818,649


Net Assets
Total assets		28,539,752
Total liabilities	−	818,649


Net assets		$27,721,103
Net Assets by Source
Capital received from investors		45,596,792
Net investment income not yet distributed		59,424
Net realized capital losses		(6,559,044	)
Net unrealized capital losses		(11,376,069	)

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$1,927,289		361,338			$5.33
Select Shares	$559,365		104,793			$5.34
Institutional Shares	$25,234,449		4,731,965			$5.33

34 See financial notes

Laudus Mondrian Emerging Markets Fund

Statement of

Operations

For April 1, 2008 through March 31, 2009.




Investment Income
Dividends (net of foreign withholding taxes of $86,256)		$889,801
Interest	+	12,707


Total Investment Income		902,508


Net Realized Gains and Losses
Net realized losses on investments		(5,788,156	)
Net realized losses on foreign currency transactions	+	(67,909	)


Net realized losses		(5,856,065	)


Net Unrealized Gains and Losses
Net unrealized losses on investments		(11,232,843	)
Net unrealized losses on foreign currency translations	+	(3,560	)


Net unrealized losses		(11,236,403	)


Expenses
Investment adviser fees		320,323
Custodian fees		55,189
Professional fees		51,524
Accounting and administration fees		44,731
Registration fees		33,623
Transfer agent fees		26,113
Shareholder reports		8,928
Distribution and shareholder services fees (Investor Shares)		7,969
Trustees’ fees		5,684
Sub-Accounting fees
Investor Shares		4,499
Select Shares		1,263
Interest expense		1,364
Other expenses	+	18,096


Total expenses		579,306
Expense reduction by adviser	−	180,441
Custody credits	−	126


Net expenses		398,739


Increase (Decrease) in Net Assets from Operations
Total investment income		902,508
Net expenses	−	398,739


Net investment income		503,769
Net realized losses		(5,856,065	)
Net unrealized losses	+	(11,236,403	)


Decrease in net assets from operations		($16,588,699	)

See financial notes 35

Laudus Mondrian Emerging Markets Fund

Statements of

Changes in Net Assets

For the current and prior report periods.




Operations


		4/1/08-3/31/09			*11/2/07-3/31/08**
Net investment income			$503,769			$42,705
Net realized losses			(5,856,065	)		(786,482	)
Net unrealized losses	+		(11,236,403	)		(139,666	)


Decrease in net assets from operations			(16,588,699	)		(883,443	)


Distributions to Shareholders
Distributions from net investment income
Investor Shares			27,359			595
Select Shares			14,482			1,121
Institutional Shares	+		331,693			28,590


Total distributions from net investment income			$373,534			$30,306

Transactions in Fund Shares


		4/1/08-3/31/09						*11/2/07-3/31/08**
		SHARES			VALUE			SHARES			VALUE


Shares Sold
Investor Shares			613,995			$4,874,466			221,053			$2,073,502
Select Shares			256,716			1,613,030			97,917			934,439
Institutional Shares	+		3,669,648			25,898,356			2,608,232			25,103,782


Total shares sold			4,540,359			$32,385,852			2,927,202			$28,111,723


Shares Reinvested
Investor Shares			4,795			$26,132			62			$571
Select Shares			2,510			13,678			122			1,121
Institutional Shares	+		35,677			194,084			3,100			28,584


Total shares reinvested			42,982			$233,894			3,284			$30,276


Shares Redeemed
Investor Shares			(465,969	)		($2,619,733	)		(12,598	)		($113,103	)
Select Shares			(236,046	)		(1,396,739	)		(16,426	)		(152,547	)
Institutional Shares	+		(1,062,185	)		(6,030,105	)		(522,507	)		(4,852,433	)


Total shares redeemed			(1,764,200	)		($10,046,577	)		(551,531	)		($5,118,083	)

Net transactions in fund shares			2,819,141			$22,573,169			2,378,955			$23,023,916


Shares Outstanding and Net Assets
		4/1/08-3/31/09						*11/2/07-3/31/08**
		SHARES			NET ASSETS			SHARES			NET ASSETS
Beginning of period			2,378,955			$22,110,167			—			$-
Total increase	+		2,819,141			5,610,936			2,378,955			22,110,167


End of period			5,198,096			$27,721,103			2,378,955			$22,110,167


Net investment income not yet distributed/						$59,424						($2,902	)
Distribution in excess of net investment income


*	Commencement of operations

36 See financial notes

Laudus Mondrian International Fixed Income Fund

Financial Statements

Financial Highlights


	4/01/08–			11/2/07¹–
Investor Shares	3/31/09			3/31/08


Per-Share Data ($)

Net asset value at beginning of period		11.28			10.00

Income (loss) from investment operations:
Net investment income (loss)		0.18			0.05
Net realized and unrealized gains (losses)		(0.80	)		1.27

Total from investment operations		(0.62	)		1.32
Less distributions:
Distributions from net investment income		(0.33	)		(0.04	)

Net asset value at end of period		10.33			11.28

Total return (%)		(5.69	)		13.27	²

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.10			1.10	³
Gross operating expenses		1.27			1.57	³
Net investment income (loss)		1.88			1.61	³
Portfolio turnover rate		92			1	²
Net assets, end of period ($ x 1,000)		20,102			16,148


	4/01/08–			11/2/07¹–
Select Shares	3/31/09			3/31/08


Per-Share Data ($)

Net asset value at beginning of period		11.29			10.00

Income (loss) from investment operations:
Net investment income (loss)		0.24			0.06
Net realized and unrealized gains (losses)		(0.84	)		1.28

Total from investment operations		(0.60	)		1.34
Less distributions:
Distributions from net investment income		(0.37	)		(0.05	)

Net asset value at end of period		10.32			11.29

Total return (%)		(5.49	)		13.42	²

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		0.82			0.82	³
Gross operating expenses		1.02			1.31	³
Net investment income (loss)		2.17			1.89	³
Portfolio turnover rate		92			1	²
Net assets, end of period ($ x 1,000)		24,033			20,078

¹ Commencement of operations.

² Not annualized.

³ Annualized.

See financial notes 37

Laudus Mondrian International Fixed Income Fund

Financial Highlights continued


	4/01/08–			11/2/07¹–
Institutional Shares	3/31/09			3/31/08


Per-Share Data ($)

Net asset value at beginning of period		11.29			10.00

Income (loss) from investment operations:
Net investment income (loss)		0.27			0.07
Net realized and unrealized gains (losses)		(0.86	)		1.27

Total from investment operations		(0.59	)		1.34
Less distributions:
Distributions from net investment income		(0.38	)		(0.05	)

Net asset value at end of period		10.32			11.29

Total return (%)		(5.40	)		13.42	²

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		0.75			0.75	³
Gross operating expenses		0.87			1.23	³
Net investment income (loss)		2.24			1.98	³
Portfolio turnover rate		92			1	²
Net assets, end of period ($ x 1,000)		64,562			52,214

¹ Commencement of operations.

² Not annualized.

³ Annualized.

38 See financial notes

Laudus Mondrian International Fixed Income Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.

For fixed rate obligations, the rate shown is the interest rate (the rate established when the obligation was issued) and the maturity date shown is the stated legal maturity. For variable-rate obligations, the rate shown is the rate as of the report date, and the maturity date shown is the next interest rate change date.


				Cost		Value
Holdings by Category				($)		($)


	91	.4%	Government Bonds		102,890,870		99,369,387
	2	.8%	Government Agency Obligations		2,552,443		2,975,414
	2	.3%	Corporate Bonds		3,725,549		2,536,156
	0	.7%	Covered Bond		952,427		709,972
	1	.6%	Other Investment Company		1,767,464		1,767,464

	98	.8%	Total Investments		111,888,753		107,358,393
	1	.2%	Other Assets and Liabilities, Net				1,338,907

	100	.0%	Net Assets				108,697,300


Security	Face Amount		Value
Rate, Maturity Date	(local currency)		($)





Government Bonds 91.4% of net assets


Austria 2.7%
Austria Government Bond
3.50%, 07/15/15		2,200,000		2,931,627


Belgium 7.3%
Belgium Government Bond
3.75%, 09/28/15		2,500,000		3,361,451
5.50%, 09/28/17		3,100,000		4,617,775

				7,979,226


France 9.0%
France Government Bond OAT
4.00%, 04/25/13		400,000		563,608
4.00%, 04/25/14		370,000		521,299
5.00%, 10/25/16		2,700,000		4,006,257
5.75%, 10/25/32		2,900,000		4,711,178

				9,802,342


Germany 1.7%
Bundesrepublik Deutschland
4.00%, 01/04/18		800,000		1,155,108
4.75%, 07/04/34		500,000		736,389

				1,891,497


Ireland 2.8%
Ireland Government Bond
4.50%, 10/18/18		2,500,000		3,092,579


Italy 13.1%
Italy Government International Bond
2.75%, 06/15/10		2,500,000		3,372,784
4.75%, 02/01/13		2,400,000		3,397,614
4.25%, 08/01/14		1,340,000		1,863,926
4.50%, 02/01/18		2,500,000		3,451,098
4.00%, 02/01/37		1,400,000		1,547,563
Republic of Italy
1.80%, 02/23/10		58,000,000		584,531

				14,217,516


Japan 35.8%
Development Bank of Japan
1.75%, 03/17/17		40,000,000		413,256
Japan Government Ten Year Bond
1.40%, 09/20/11		110,000,000		1,136,379
1.10%, 09/20/12		400,000,000		4,109,285
1.20%, 09/20/12		66,000,000		680,312
0.80%, 03/20/13		260,000,000		2,639,781
0.90%, 06/20/13		440,000,000		4,482,146
1.60%, 09/20/13		440,000,000		4,617,508
1.30%, 12/20/14		331,000,000		3,424,346
1.50%, 03/20/15		400,000,000		4,186,816
2.00%, 03/20/16		460,000,000		4,976,918
1.90%, 06/20/16		460,000,000		4,946,665
Japan Government Thirty Year Bond
2.40%, 12/20/34		300,000,000		3,246,974

				38,860,386


Mexico 4.9%
Mexican Bonos
9.00%, 12/20/12		24,600,000		1,858,590
8.00%, 12/07/23		50,000,000		3,511,966

				5,370,556


Netherlands 6.3%
Netherlands Government Bond
4.25%, 07/15/13		2,100,000		2,979,921
3.75%, 07/15/14		2,750,000		3,818,974

				6,798,895


Poland 7.8%
Poland Government Bond
5.25%, 04/25/13		2,400,000		672,479
5.00%, 10/24/13		3,300,000		911,876
6.25%, 10/24/15		3,100,000		902,723

See financial notes 39

Laudus Mondrian International Fixed Income Fund

Portfolio Holdings continued


Security	Face Amount		Value
Rate, Maturity Date	(local currency)		($)

5.25%, 10/25/17		11,000,000		2,969,412
5.75%, 09/23/22		10,900,000		2,968,273

				8,424,763

Total Government Bonds (Cost $102,890,870)				99,369,387




Government Agency Obligations 2.8% of net assets


Germany 0.7%
Kreditanstalt fuer Wiederaufbau
2.05%, 09/21/09		70,000,000		711,704


Japan 2.1%
Japan Finance Org. for Municipal Enterprises
1.55%, 02/21/12		100,000,000		1,030,916
1.35%, 11/26/13		120,000,000		1,232,794

				2,263,710

Total Government Agency Obligations (Cost $2,552,443)				2,975,414




Corporate Bonds 2.3% of net assets


Netherlands 0.4%
ING Bank N.V.
6.13%, 05/29/09 (a)(b)(c)		490,000		410,790


United Kingdom 1.7%
HSBC Holdings plc
6.25%, 03/19/18 (c)		500,000		658,244
Lloyds TSB Bank plc
5.63%, 03/05/13 (a)(b)(c)		620,000		620,867
SL Finance plc
6.38%, 07/12/09 (a)(b)(c)		290,000		223,355
Standard Chartered Bank
5.88%, 09/26/17 (c)		350,000		357,166

				1,859,632


United States 0.2%
Zurich Finance (USA), Inc.
4.50%, 06/15/09 (a)(b)(c)		280,000		265,734

Total Corporate Bonds (Cost $3,725,549)				2,536,156




Covered Bond 0.7% of net assets


Ireland 0.7%
Depfa ACS Bank
1.65%, 12/20/16		110,000,000		709,972

Total Covered Bond (Cost $952,427)				709,972

	Number		Value
Security	of Shares		($)


Other Investment Company 1.6% of net assets
State Street Institutional Liquid Reserves Fund - Institutional Class		1,767,464		1,767,464

Total Other Investment Company (Cost $1,767,464)				1,767,464


End of Investments.

At 03/31/09 the tax basis cost of the fund’s investments was $111,888,753, and the unrealized appreciation and depreciation were $1,454,332 and ($5,984,692), respectively, with a net depreciation of ($4,530,360).


(a)		Variable-rate security.
(b)		Callable security.
(c)		Illiquid security. At the period end, the value of these amounted to $2,536,156 or 2.3% of net assets.

In addition to the above, the fund held the following at 03/31/09.

Currency

Amount of

Currency

Amount of

Expiration

to be

Currency to be

to be

Currency to be

Unrealized

Date

Received

Delivered

Gains / Losses

Forward Foreign Currency Contracts

04/30/2009

GBP

9,899,500

EUR

10,723,296

188,913

04/30/2009

GBP

9,899,500

EUR

10,723,296

(229,725

)

Net unrealized losses on Forward Foreign Currency Contracts

(40,812

)

40 See financial notes

Laudus Mondrian International Fixed Income Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $111,888,753)		$107,358,393
Foreign currency, at value (cost $3,979)		3,940
Receivables:
Interest		1,394,102
Fund shares sold		317,123
Unrealized gains on forward foreign currency contracts		188,913
Prepaid expenses	+	1,340


Total assets		109,263,811


Liabilities
Payables:
Investment adviser fees		5,783
Distributions to shareholders		149,232
Fund shares redeemed		83,800
Distribution and shareholder services fees		4,267
Unrealized losses on forward foreign currency contracts		229,725
Accrued expenses	+	93,704


Total liabilities		566,511


Net Assets
Total assets		109,263,811
Total liabilities	−	566,511


Net assets		$108,697,300
Net Assets by Source
Capital received from investors		112,265,714
Net investment income not yet distributed		1,015,851
Net realized capital gains		7,990
Net unrealized capital losses		(4,592,255	)

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$20,102,325		1,946,934			$10.33
Select Shares	$24,033,421		2,328,843			$10.32
Institutional Shares	$64,561,554		6,258,143			$10.32

See financial notes 41

Laudus Mondrian International Fixed Income Fund

Statement of

Operations

For April 1, 2008 through March 31, 2009.




Investment Income
Interest		$2,937,642


Net Realized Gains and Losses
Net realized gains on investments		903,567
Net realized gains on foreign currency transactions	+	1,321,168


Net realized gains		2,224,735


Net Unrealized Gains and Losses
Net unrealized losses on investments		(10,512,451	)
Net unrealized losses on foreign currency translations	+	(28,333	)


Net unrealized losses		(10,540,784	)


Expenses
Investment adviser fees		589,430
Transfer agent fees		28,642
Distribution and shareholder services fees (Investor Shares)		56,126
Professional fees		55,107
Accounting and administrator fees		43,912
Shareholder reports		42,252
Registration fees		39,777
Sub-accounting fees
Investor Shares		34,692
Select Shares		34,553
Custodian fees		30,647
Interest expense		5,254
Trustees’ fees		5,104
Other expenses	+	11,440


Total expenses		976,936
Expense reduction by adviser	−	143,612
Custody credits	−	10


Net expenses		833,314


Increase (Decrease) in Net Assets from Operations
Total investment income		2,937,642
Net expenses	−	833,314


Net investment income		2,104,328
Net realized gains		2,224,735
Net unrealized losses	+	(10,540,784	)


Decrease in net assets from operations		($6,211,721	)

42 See financial notes

Laudus Mondrian International Fixed Income Fund

Statements of

Changes in Net Assets

For the current and prior report periods.




Operations


		4/01/08-3/31/09			*11/2/07-3/31/08**
Net investment income			$2,104,328			$338,363
Net realized gains (losses)			2,224,735			(77,981	)
Net unrealized gains (losses)	+		(10,540,784	)		5,948,529


Increase (Decrease) in net assets from operations			(6,211,721	)		6,208,911


Distributions to Shareholders
Distributions from net investment income
Investor Shares			695,407			33,714
Select Shares			797,217			50,639
Institutional Shares	+		1,848,694			142,251


Total distributions from net investment income			3,341,318			226,604

Transactions in Fund Shares


		4/01/08-3/31/09						*11/2/07-3/31/08**
		SHARES			VALUE			SHARES			VALUE


Shares Sold
Investor Shares			1,307,895			$14,146,538			1,546,672			$16,580,538
Select Shares			1,372,544			14,711,236			1,854,202			19,621,852
Institutional Shares	+		4,716,167			49,917,667			4,705,565			49,150,016


Total shares sold			7,396,606			$78,775,441			8,106,439			$85,352,406


Shares Reinvested
Investor Shares			58,064			$636,596			2,878			$31,299
Select Shares			62,740			686,296			3,845			41,629
Institutional Shares	+		119,135			1,302,489			12,658			136,064


Total shares reinvested			239,939			$2,625,381			19,381			$208,992


Shares Redeemed
Investor Shares			(850,555	)		($8,879,908	)		(118,020	)		($1,271,229	)
Select Shares			(885,184	)		(9,266,453	)		(79,304	)		(837,623	)
Institutional Shares	+		(3,202,902	)		(33,443,875	)		(92,480	)		(995,100	)


Total shares redeemed			(4,938,641	)		($51,590,236	)		(289,804	)		($3,103,952	)

Net transactions in fund shares			2,697,904			$29,810,586			7,836,016			$82,457,446


Shares Outstanding and Net Assets
		4/01/08-3/31/09						*11/2/07-3/31/08**
		SHARES			NET ASSETS			SHARES			NET ASSETS
Beginning of period			7,836,016			$88,439,753			—			$-
Total increase	+		2,697,904			20,257,547			7,836,016			88,439,753


End of period			10,533,920			$108,697,300			7,836,016			$88,439,753


Net investment income not yet distributed						$1,015,851						$36,096


*	Commencement of operations.

See financial notes 43

Laudus Mondrian Funds

Financial Notes

1. Business Structure of the Funds:

Each of the Laudus Mondrian Funds in this report is a series of Laudus Trust (the ”Trust”), an open-end management investment company. The Trust was organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The list below shows all the funds in the Trust including the Funds discussed in this report, which are highlighted (individually each such highlighted portfolio, a “Fund” and collectively, the “Funds”):



Laudus Rosenberg U.S. Large Capitalization Fund Laudus Rosenberg U.S. Large Capitalization Value Fund Laudus Rosenberg U.S. Discovery Fund Laudus Rosenberg U.S. Small Capitalization Fund Laudus Rosenberg Long/Short Equity Fund Laudus Rosenberg International Equity Fund Laudus Rosenberg International Discovery Fund Laudus Rosenberg International Small Capitalization Fund		Laudus Mondrian International Equity Fund Laudus Mondrian Global Equity Fund Laudus Mondrian Emerging Markets Fund Laudus Mondrian International Fixed Income Fund

The Laudus Mondrian Emerging Markets Fund and the Laudus Mondrian International Fixed Income Fund commenced operations on November 2, 2007. The Laudus Mondrian International Equity Fund and the Laudus Mondrian Global Equity Fund commenced operations on June 17, 2008 and each Fund offers three share classes: Investor Shares, Select Shares and Institutional Shares. Each class of shares generally has identical rights and preferences, except that each class is subject to different eligibility conditions, bear different distribution and sub-transfer agent expenses and separate voting rights on matters pertaining solely to that class of shares.

Each Fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each Fund may also keeps certain assets in segregated accounts, as required by securities law.

2. Significant Accounting Policies:

The following is a summary of the significant accounting policies the Funds use in the preparation of their financial statements. The accounting policies are in conformity with accounting principles generally accepted in the United States of America.

(a) Security Valuation:

The Funds value the securities in their portfolios every business day. The Funds use the following policies to value various types of securities:


	•	Securities traded on an exchange or over-the-counter: valued at the closing value for the day, or, on days when no closing value has been reported, halfway between the most recent bid and asked quotes. Securities that are primarily traded on foreign exchanges are valued at the closing values of such securities on their respective exchanges with these values then translated into U.S. dollars at the valuation date exchange rate.

	•	Securities for which no quoted value is available or when a significant event has occurred between the time of the security’s last close and the time the Funds calculate net asset value: valued at fair value, as determined in good faith by the Funds’ investment adviser using guidelines adopted by the Funds’ Board of Trustees and the Pricing Committee. Some of the more common reasons that may necessitate that a security be valued at fair value include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security’s primary pricing source is not able or willing to provide a price, or certain foreign securities’ closing market values adjusted for changes in value that may occur between the close of foreign exchange and the time at which Funds’ shares are priced. The Board of Trustees regularly reviews fair value determinations made by the Funds pursuant to the procedures.

	•	Bonds and notes: valued at halfway between the most recent bid and asked quotes or, if such quotes are unavailable, at prices for securities of comparable maturity, credit quality and type. Valuations for bonds and notes are provided by an independent bond-pricing service.

	•	Futures and forwards: valued at their settlement prices as of the close of their exchanges (for futures) or at a market value based on that day’s exchange rates (for forwards).

Laudus Mondrian Funds

Financial Notes (continued)

2. Significant Accounting Policies (continued):


	•	Short-term securities (60 days or less to maturity): valued at amortized cost, when it approximates market value.

	•	Underlying funds: valued at their respective net asset values as determined by those Funds in accordance with the 1940 Act for a given day.

(b) Portfolio Investments:

Delayed-Delivery: The Funds may buy securities on a delayed-delivery basis. In these transactions, a Fund agrees to buy a security for a stated price, with settlement generally occurring within two weeks. If the security’s value falls before settlement occurs, the Fund could end up paying more for the security than its market value at the time of settlement. The Funds have set aside sufficient securities as collateral for those securities bought on a delayed-delivery basis.

Futures Contract: The Funds may invest in futures contracts. Futures contracts involve certain risks because they can be very sensitive to market movements.

One risk is that the price of a futures contract may not move in perfect correlation with the price of the underlying securities. Another risk is that, at certain times, it may be impossible for a Fund to close out a position in a futures contract, due to a difference in trading hours or to market conditions that may reduce the liquidity for a futures contract or its underlying securities. The potential for losses associated with futures contracts may exceed amounts recorded in the Statement of Assets and Liabilities.

Because futures contracts carry inherent risks, a Fund must give the broker a deposit of cash and/or securities (the “initial margin”) whenever it enters into the futures contract. The amount of the deposit may vary from one contract to another, but it is generally a percentage of the contract amount. Subsequent payments (“variation margin”) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized gains or losses. Futures are traded publicly on exchanges, and their market value changes daily.

Forward Currency Contract: The Funds may invest in forward currency contracts in connection with the purchase and sale of portfolio securities to minimize the uncertainty of changes in future foreign currency exchange rates. “Forwards”, as they are known, are contracts to buy and sell a currency at a set price on a future date. Forwards are similar to futures except that they are not publicly traded, but are agreements directly between two parties.

As with futures, forwards involve certain risks that are not fully reflected in the Funds’ financial statements. If counter-parties to the contracts or if the value of the foreign currency changes unfavorably, the Funds could sustain a loss.

Repurchase Agreement: The Funds may enter into repurchase agreements. In a repurchase agreement, a Fund buys a security from another party (usually a financial institution) with the agreement that it be sold back in the future. The date, price and other conditions are all specified when the agreement is created.

The Funds’ repurchase agreements will be fully collateralized by U.S. government securities or U.S. government agency securities. All collateral is held by the Funds’ custodian (or, with tri-party agreements, the agent’s bank) and is monitored daily to ensure that its market value is at least equal to the repurchase price under the agreement.

(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. The Funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuation 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 Funds on the sale of securities in certain foreign countries are subject to non-U.S. taxes. The Funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Laudus Mondrian Funds

Financial Notes (continued)

2. Significant Accounting Policies (continued):

When a Fund closes out a futures or forwards 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. A Fund records the daily change in market value of futures, and also the change in the amount of margin deposit required (“due to/from broker”).

(d) Investment Income:

Interest income is recorded as it accrues. If a fund buys a debt security at a discount (that is, for less than its face value) or a premium (more than face value), it amortizes the discount or premium from the current date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. If the security is callable (meaning that the issuer has the option to pay it off before its maturity date), then the fund amortizes the premium to the security’s call date and price, rather than the maturity date and price.

(e) Expenses:

Expenses that are specific to a Fund or a class within the trust are charged directly to that Fund or class. Expenses that are common to all Funds within the trust generally are allocated among the Funds in proportion to their average daily net assets.

For Funds offering multiple share classes, the net investment income, other than class specific expenses, and the realized and unrealized gains or losses, are allocated daily to each class in proportion to its average daily net assets.

(f) Distributions to Shareholders:

The Funds make distributions from net investment income and net realized capital gains once a year, if any, with the exception of Laudus Mondrian International Fixed Income Fund which pays quarterly dividends.

(g) Custody Credit:

Certain Funds have an arrangement with their custodian bank under which the Fund receives a credit for its uninvested cash balance to offset its custody fees and accounting fees. The credit amounts (if any) are disclosed in the Statement of Operations as a reduction to the Funds’ operating expenses.

(h) Accounting Estimates:

The accounting policies described in this report conform with accounting principles generally accepted in the United States of America. 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.

(i) Federal Income Taxes:

The Funds intend to meet federal income and excise tax requirements for regulated investment companies. Accordingly, the Funds distribute substantially all of their net investment income and realized net capital gains (if any) to their respective shareholders each year. As long as a Fund meets the tax requirements, it is not required to pay federal income tax.

(j) Indemnification:

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

(k) Accounting Pronouncements:

The Laudus Mondrian Emerging Markets Fund and the Laudus Mondrian International Fixed Income Fund adopted Financial Accounting Standard Board (“FASB”) Statement of Financial Accounting Standards No. 157 (“SFAS No. 157”), Fair Value Measurements, effective April 1, 2008. The Laudus Mondrian International Equity Fund and the Laudus Mondrian Global

Laudus Mondrian Funds

Financial Notes (continued)

2. Significant Accounting Policies (continued):

Equity Fund adopted SFAS No. 157 when they commenced operations on June 17, 2008. SFAS No. 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements.

SFAS No. 157 establishes a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. These inputs are summarized in the three broad levels listed below:


	•	Level 1 — quoted prices in active markets for identical securities

	•	Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

	•	Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

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 March 31, 2009:


	Laudus Mondrian International				Laudus Mondrian Global
	Equity Fund				Equity Fund
			Other				Other
	Investments		Financial		Investments		Financial
	in Securities		Instruments*		in Securities		Instruments*

Level 1		$922,978		$—		$1,161,752		$—
Level 2		17,901,974		—		1,734,375		—
Level 3		—		—		—		—

		$18,824,952		$—		$2,896,127		$—


	Laudus Mondrian Emerging				Laudus Mondrian International
	Markets Fund				Fixed Income Fund
			Other				Other
	Investments		Financial		Investments		Financial
	in Securities		Instruments*		in Securities		Instruments*

Level 1		$11,483,096		—		$1,767,464		($40,812	)
Level 2		15,845,646		—		105,590,929		—
Level 3		—		—		—		—

		$27,328,742		$—		$107,358,393		$—


*	Other Financial Instruments are forward contracts which are not included in Portfolio Holdings and valued at the unrealized appreciation or depreciation.

On April 9, 2009, the Financial Accounting Standards Board (“FASB”) issued FASB Staff position (“FSP”) No. 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” (“FSP 157-4”). FSP 157-4 provides additional guidance for estimating fair value in accordance with SFAS 157 when the volume and level of activity for the asset or liability have significantly decreased. FSP 157-4 is effective for interim and annual reporting periods ending after June 15, 2009. Management is currently evaluating the impact the adoption of FSP 157-4 on the Funds’ or Investment Company’s financial statement disclosures.

In March 2008, the FASB issued Statements of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS No. 161”) SFAS No. 161 is effective for fiscal years and interim periods beginning after November 15, 2008 SFAS No. 161 requires enhanced disclosures about Funds’ derivative and hedging activities Management is currently evaluating the impact of the adoption of SFAS No. 161 on the Funds’ financial statement disclosures.

Laudus Mondrian Funds

Financial Notes (continued)

3. Risk factors:

Investing in the Funds may involve certain risks including, but not limited to, those described below:

The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the equity market tends to move in cycles which may cause stock prices to fall over short or extended periods of time.

Stocks of large-size companies tend to go in and out of favor based on market and economic conditions. As a result, during a period when these stocks fall behind other types of investments — bonds or stocks of mid- or small-size companies, for instance — the Fund’s performance also will lag those investments.

A Fund may also be subject to additional risk because it invests primarily in the stocks of companies with small and mid-sized market capitalizations, which tend to be less liquid and more volatile than stocks of companies with larger market capitalizations. These companies may also have limited product lines, markets or financial resources or may depend on a few key employees. In addition, small and mid cap stocks tend to go in and out of favor based on market and economic conditions. As a result, during a period when these stocks fall behind other types of investments — bonds or stocks of large-size companies, for instance — the Fund’s performance also will lag those investments.

Investments in securities of foreign issuers involve certain risks that are more significant than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the United States. The securities of some foreign companies may be less liquid and at times more volatile than securities of comparable U.S. companies. A fund with foreign investments may also experience more rapid or extreme changes in value than a fund that invests solely in securities of U.S. companies because the securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries.

Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with the custody of securities. It is sometimes difficult to obtain and enforce court judgments in such countries and there is often a greater potential for nationalization and/or expropriation of assets by the government of an emerging market country. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with the Fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.

Bond prices generally fall when interest rates rise. Bonds with longer maturities tend to be more sensitive to this risk. Fund performance also could be affected if an issuer or guarantor of a bond held by the Fund fails to make timely principal or interest payments or otherwise honor its obligations. Lower-quality bonds are considered speculative with respect to its issuer’s ability to make timely payments or otherwise honor its obligations. In addition, prices of lower-quality bonds tend to be more volatile than those of investment-grade bonds, and may fall based on bad news about the issuer, an industry or the overall economy. Also, bonds of foreign issuers may be more volatile than those of comparable bonds from U.S. issuers, for reasons ranging from limited issuer information to the risk of political upheaval.

4. Affiliates and Affiliated Transactions:

The Trust’s Board of Trustees oversees the general conduct of the Trust and the Funds.

Charles Schwab Investment Management, Inc. (”CSIM” or the investment adviser), a wholly owned subsidiary of The Charles Schwab Corporation, serves as the Funds’ investment adviser pursuant to Management Contracts (“Advisory Agreement”) between it and the Trust. Mondrian Investment Partners Limited (“Mondrian”), the Funds’ sub-adviser, provides day-to-day portfolio management services to the Funds, subject to the supervision of CSIM.

Laudus Mondrian Funds

Financial Notes (continued)

4. Affiliates and Affiliated Transactions (continued):

For its advisory services to each Fund, the Investment Adviser is entitled to receive an annual fee payable monthly based on the Funds’ average daily net assets described as follows.


	First $1 billion		Over $1 billion

Laudus Mondrian International Equity Fund		0.85%		0.80%
Laudus Mondrian Global Equity Fund		0.85%		0.80%
Laudus Mondrian Emerging Markets Fund		1.20%		1.15%
Laudus Mondrian International Fixed Income Fund		0.60%		0.60%

CSIM (not the Funds) pays a portion of the management fees it receives to Mondrian in return for its services.

CSIM has contractually agreed, until at least July 30, 2011, to waive a portion of its management fee and bear certain expenses of each Fund. As such, CSIM further agrees to reimburse the Funds to limit the annual expenses, exclusive of nonrecurring account fees, fees on securities transactions such as exchange fees, dividends and interest on securities sold short, service fees, interest (overdraft charges), taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Funds’ business as follows:


	Laudus Mondrian		Laudus Mondrian		Laudus Mondrian		Laudus Mondrian
	International Equity		Global Equity		Emerging Markets		International Fixed
	Fund		Fund		Fund		Income Fund

Investor Shares		1.40%		1.40%		1.80%		1.10%
Select Shares		1.12%		1.12%		1.52%		0.82%
Institutional Shares		1.05%		1.05%		1.45%		0.75%

Effective May 5, 2009, no further fees will be assessed under the Distribution and Shareholder Service Plan or for sub-accounting and sub-transfer agency services on the Investor and Select Shares of the Laudus Mondrian International Fixed Income Fund, which will make the expense limitation on the Investor and Select Shares 0.75%.

Any amounts waived or reimbursed in a particular fiscal year will be subject to repayment through the next two fiscal years, to the extent that the repayment will not cause the Funds’ net expenses to exceed the current limit (as stated in CSIM’s contractual undertaking) during the respective year. As of March 31, 2009, the balance of recoupable expenses is as follows:


	Laudus Mondrian		Laudus Mondrian		Laudus Mondrian		Laudus Mondrian
	International		Global Equity		Emerging Markets		International Fixed
Expire	Equity Fund		Fund		Fund		Income Fund

2010		—		—		$80,048		$84,455
2011		$106,871		$90,576		$180,441		$143,612

5. Other Shareholders Services

Boston Financial Data Services, Inc. (BFDS) provides the transfer agent services to the Funds, and receives transfer agent fees from the Funds as shown in the Statement of Operations.

The Trust has a Distribution and Shareholder Service Plan with respect to its Investor Shares pursuant to Rule 12b-1 under the 1940 Act. The Investor Shares of the Funds are sold on a continuous basis by the Trust’s Distributor-ALPS Distributors, Inc. Under the Distribution and Shareholder Services Plan, the Funds pay distribution and shareholder servicing fees in connection with the sale and servicing of the Investor Shares. The annual Distribution and Shareholder Service Fee consists of up to 0.25% of the respective average daily net assets of the Investor Shares. In addition, the Trustees have authorized each Fund to reimburse, out of the Investor and Select Class assets of the Funds, financial intermediaries that provide sub-accounting and sub-transfer agency services in connection with Investor or Select Class shares of the Funds an amount up to 0.15% of the average daily net assets of that class on an annual basis.

Effective May 5, 2009, no further fees will be assessed on Investor and Select Shares of the Laudus Mondrian International Fixed Income Fund for sub-accounting and sub-transfer agency services or under the Distribution and Shareholder Service Plan.

Laudus Mondrian Funds

Financial Notes (continued)

6. Board of Trustees

Trustees may include people who are officers and/or directors of other fund families managed by the Investment Adviser. Federal securities law limits the percentage of the “interested persons” who may serve on a trust’s board, and the Laudus Funds are in compliance with these limitations. The Funds did not pay any of these persons for their service as trustees, but did pay non-interested persons (Independent Trustees), as noted in each Fund’s Statement of Operations.

Until September 2006, a Retirement Plan existed for the Independent Trustees. After the termination of the Retirement Plan, the previously accrued and unpaid benefits continue to be adjusted by performance of the Funds. As a result, the amount of the Retirement Payable to any Independent Trustee may increase or decrease based on the performance of the Funds.

7. Borrowing from Banks:

The Laudus Mondrian International Equity Fund, Laudus Mondrian Global Equity Fund, Laudus Mondrian Emerging Market Fund, and the Laudus Mondrian International Fixed Income Fund have access to custodian overdraft facilities and to an uncommitted line of credit up to a maximum of $100,000,000, as established by State Street Corporation. Interest is calculated based on the market rates at the time of borrowing.

There were no borrowings from the line of credit for the Funds during the period. However, the Funds utilized their overdraft facility and incurred interest expense, which is disclosed in the Statement of Operation. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

8. Purchases and Sales of Investment Securities:

For the period ended March 31, 2009, purchases and sales of securities (excluding short-term obligations) were as follows:


	Purchases		Sales

Laudus Mondrian International Equity Fund		$25,522,651		$1,025,181
Laudus Mondrian Global Equity Fund		5,610,399		526,685
Laudus Mondrian Emerging Markets Fund		37,448,529		13,532,499
Laudus Mondrian International Fixed Income Fund		118,101,083		87,035,580

9. Redemption Fee:

The Funds charge a 2.00% redemption fee on shares sold or exchanged within 30 days of the original purchase date. Such amounts are netted against the redemption proceeds on the Statement of Changes in Net Assets. The redemption fees charged during the current and prior period are:


	Current Period		Prior Period
	(4/1/08-3/31/09)		(11/2/07-3/31/08)

Laudus Mondrian International Equity Fund		$48		$—
Laudus Mondrian Global Equity Fund		5		—
Laudus Mondrian Emerging Markets Fund		1,968		1,452
Laudus Mondrian International Fixed Income Fund		9,018		837

Laudus Mondrian Funds

Financial Notes (continued)

10. Federal Income Taxes:

As of March 31, 2009, the components of distributable earnings on a tax-basis were as follows:


	Laudus Mondrian			Laudus Mondrian			Laudus Mondrian			Laudus Mondrian
	International Equity			Global Equity			Emerging Markets			International Fixed
	Fund			Fund			Fund			Income Fund

Undistributed ordinary income		$117,444			$25,801			$58,408			$1,128,566
Undistributed long-term capital gains		—			—			—			—
Accumulated capital and other losses		—			—			—			—

Unrealized appreciation		40,278			10,609			667,700			1,454,332
Unrealized depreciation		(5,464,654	)		(1,946,708	)		(14,710,343	)		(5,984,692	)
Other unrealized appreciation/(depreciation)		1,426			195			(5,892	)		(61,895	)

Net unrealized appreciation/(depreciation)		($5,422,950	)		($1,935,904	)		($14,048,535	)		($4,592,255	)

The primary difference between book-basis and tax-basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales.

For tax purposes, capital loss carry forwards may be used to offset future realized capital gains. As of March 31, 2009, the funds had capital loss carry forwards available to offset net capital gains before the expiration dates:

Laudus Mondrian

International Equity

Global Equity

Emerging Markets

International Fixed

Expire

Fund

Income Fund

2017

—

4,137

1,445,702

—

Total

$—

$4,137

$1,445,702

$—

For tax purposes, realized net capital losses incurred after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of March 31, 2009 the Funds had aggregate deferred realized net capital losses and capital losses utilized as follows:


	Laudus Mondrian		Laudus Mondrian		Laudus Mondrian		Laudus Mondrian
	International Equity		Global Equity		Emerging Markets		International Fixed
	Fund		Fund		Fund		Income Fund

Capital losses deferred		$634,252		$282,446		$2,440,876		$—
Currency losses deferred		—		—		—		—
Capital losses utilized		—		—		—		—

The tax-basis components of distributions paid during the current and prior period were:


	Laudus Mondrian		Laudus Mondrian		Laudus Mondrian		Laudus Mondrian
	International Equity		Global Equity		Emerging Markets		International Fixed
	Fund		Fund		Fund		Income Fund

Current period distribution
Ordinary income		$181,435		$119,257		$373,534		$3,341,318
Long-term capital gains		—		—		—		—
Return of capital		—		—		—		—
Prior period distribution
Ordinary income		$—		$—		$30,306		$226,604
Long-term capital gains		—		—		—		—
Return of capital		—		—		—		—

Laudus Mondrian Funds

Financial Notes (continued)

10. Federal Income Taxes (continued):

primarily to differing treatment for items such as non-U.S. currency gains and losses, short-term capital gains and losses; capital losses related to wash sales, unrealized appreciation of certain investments in non-U.S. securities; paydowns on fixed-income securities; and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes. The Funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

The permanent book and tax basis differences may result in reclassifications between capital account and other accounts as required. The adjustments have no impact on net assets or the results of operations. As of March 31, 2009, the Funds made the following reclassifications:


	Laudus Mondrian			Laudus Mondrian			Laudus Mondrian			Laudus Mondrian
	International Equity			Global Equity			Emerging Markets			International Fixed
	Fund			Fund			Fund			Income Fund

Capital shares		($12	)		($16	)		$—			$—
Undistributed net investment income		41,268			62,990			(67,909	)		2,216,745
Net realized capital gains and losses		(41,256	)		(62,974	)		67,909			(2,216,745	)

As of March 31, 2009, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and state purposes, four years from the date of filing), as applicable to the Funds, and has determined that no provision for income tax is required in the Funds’ financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended March 31, 2009, the Funds did not incur any interest or penalties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of:
Laudus Mondrian International Equity Fund
Laudus Mondrian Global Equity Fund
Laudus Mondrian Emerging Markets Fund
Laudus Mondrian International Fixed Income Fund

In our opinion, the accompanying statements of assets and liabilities, including the portfolio holdings, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Laudus Mondrian International Equity Fund, Laudus Mondrian Global Equity Fund, Laudus Mondrian Emerging Markets Fund and Laudus Mondrian International Fixed Income Fund (four of the portfolios constituting Laudus Trust, hereafter referred to as the “Funds”) at March 31, 2009, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
San Francisco, California
May 15, 2009

Other Federal Tax Information: (Unaudited)

The Funds may elect to pass on the benefits of the foreign tax credit to its shareholders for the year ended March 31, 2009, and the respective foreign source income on the Funds were as follows:


	Foreign Tax Credit		Foreign Source Income

Laudus Mondrian International Equity Fund		$27,771		$381,939
Laudus Mondrian Global Equity Fund		4,589		66,102
Laudus Mondrian Emerging Markets Fund		83,005		965,809
Laudus Mondrian International Fixed Income Fund		—		—

For corporate shareholders, the following percentage of the funds dividend distributions paid during the fiscal year ended March 31, 2009, qualify for the corporate dividends received deductions:


	Percentage
Laudus Mondrian International Equity Fund		—
Laudus Mondrian Global Equity Fund		34.36
Laudus Mondrian Emerging Markets Fund		—
Laudus Mondrian International Fixed Income Fund		—

For the fiscal year ended March 31, 2009, the Funds designate the following amounts of the dividend distributions as qualified dividends for the purpose of the maximum rate under section 1(h)(ii) of the Internal Revenue Code. Shareholders will be notified in January 2010 via IRS form 1099 of the amounts for use in preparing their 2009 income tax return.


Laudus Mondrian International Equity Fund			$209,206
Laudus Mondrian Global Equity Fund			94,051
Laudus Mondrian Emerging Markets Fund			456,539
Laudus Mondrian International Fixed Income Fund			—

Trustees and Officers

The tables below provide information about the trustees and officers for the Laudus Trust, which includes the funds covered in this report. The “Fund Complex” includes the Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Laudus Trust, and Laudus Institutional Trust. As of March 31, 2009, the Fund Complex included 83 funds.

At a meeting of the Board held on September 28-29, 2006, the Trustees voted to adopt a retirement policy for all independent trustees that requires an independent trustee to retire no later than December 31st of the year in which he or she reaches age seventy-two.

The address for all trustees and officers is 101 Montgomery Street, San Francisco, CA 94104. You can find more information about the trustees and officers in the Statement of Additional Information, which is available free by calling 1-866-452-8387.


Independent Trustees
Name, Address¹	Principal	Number of
and Year of Birth;	Occupation(s)	Portfolios in
(Term of Office, and	During the	Fund Complex
Length of Time Served²)	Past Five Years	Overseen		Other Directorships Held by Trustee



Mariann Byerwalter³1960 (1/04-present)	Chairman of JDN Corporate Advisory LLC.		83	Board 1–Director, Redwood Trust, Inc. (mortgage finance). Board 2–Director, PMI Group, Inc. (mortgage insurance).


William A. Hasler³1941 (1/04-present)	Retired. Dean Emeritus of the Haas School of Business at the University of California, Berkeley. Until February 2004, Co-Chief Executive Officer, Aphton Corp. (bio-pharmaceuticals).		83	Board 1–Director, Mission West Properties (commercial real estate). Board 2–Director, TOUSA (home building). Board 3–Director, Harris-Stratex Networks (a network equipment corporation). Board 4–Director, Genitope Corp. (bio-pharmaceuticals). Board 5 –Director, Ditech Networks (voice communication technology). Board 6–Rubicon Limited (manufacturing).


Nils H. Hakansson³1937 (3/90-present)	Sylvan C. Coleman Professor of Finance and Accounting, Emeritus, Haas School of Business, University of California, Berkeley (since 2003). Mr. Hakansson was also a Professor of Finance and Accounting, Haas School of Business, University of California, Berkeley (July 1969 to January 2003).		14	None


Interested Trustees
		Number of
Name, Address¹	Principal	Portfolios in
and Year of Birth;	Occupation(s)	Fund Complex
(Term of Office,	During the	Overseen by
and Length of Time Served²)	Past Five Years	the Trustee		Other Directorships Held by Trustee



Randall W. Merk 1954 Trustee (6/06-present)	Executive Vice President and President, Investment Management Services, Charles Schwab & Co. Inc.; Executive Vice President, Charles Schwab & Co. Inc.(2002-present); President and Chief Executive Officer, Charles Schwab Investment Management, Inc. (2007-present); Director, Charles Schwab Asset Management (Ireland) Limited and Charles Schwab Worldwide Funds PLC. From September 2002 to July 2004, Chief Executive Officer and President, Charles Schwab Investment Management, Inc. and Executive Vice President, Charles Schwab & Co., Inc.		14	None


Officers
Name, Address⁴
and Year of Birth;
(Term of Office⁵,
and Length of Time
Served)	Position with the Trust	Principal Occupation During Past Five Years



Jeffrey Mortimer 1963 (3/08-present, President and CEO) (6/04-present, CIO)	President, Chief Executive Officer, and Chief Investment Officer	Senior Vice President and Chief Investment Officer-Equities, Charles Schwab Investment Management, Inc., and Schwab Funds. Prior to May 2004, Vice President and Sr. Portfolio Manager, Charles Schwab Investment Management, Inc.


George Pereira 1964 (6/06-present)	Treasurer and Chief Financial Officer	Senior Vice President and Chief Financial Officer, Charles Schwab Investment Management, Inc.; Treasurer and Principal Financial Officer, Schwab Funds; Director, Charles Schwab Worldwide Funds, PLC and Charles Schwab Asset Management (Ireland) Ltd. Through June 2007, Chief Financial Officer, Mutual Fund Division, UST Advisers, Inc., and Treasurer, Chief Financial Officer and Chief Accounting Officer, Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc., and Excelsior Trust Inc.; From 12/99 to 11/04: Senior Vice President, Financial Reporting, Charles Schwab & Co., Inc.


Catherine MacGregor 1964 (12/05-present)	Chief Legal Officer, Vice President and Clerk	Vice President, Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc.; Vice President, Schwab Funds; until July 2005, Senior Associate, Paul Hastings Janofsky & Walker LLP.


Bari Havlik 1961 (3/09-present)	Chief Compliance Officer	Senior Vice President, Chief Compliance Officer for Charles Schwab & Co. Inc. and head of Global Compliance for the Charles Schwab Corporation since 2004. Chief Compliance Officer for Charles Schwab Investment Management, Inc since March 2009.


Daniel Kern 1961 (3/05-present)	Vice President	Vice President, Investment Management Services. Until September 2005, Assistant Treasurer, Laudus Trust and Laudus Variable Insurance Trust. Until December 2004, Vice President, Internal Audit, Charles Schwab Corporation.


Officers continued
Name, Address⁴
and Year of Birth;
(Term of Office⁵,
and Length of Time
Served)	Position with the Trust	Principal Occupation During Past Five Years


Michael Haydel 1972 (6/05-present)	Vice President	Vice President, Asset Management Client Services, Charles Schwab & Co., Inc. Until March 2004, Director Charles Schwab & Co., Inc.


¹	The mailing address of each of the Trustees is c/o Laudus Trust, 101 Montgomery Street, San Francisco, CA 94104.

²	Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed.

³	Member of the Audit Committee.

⁴	The mailing address of each of the Officers is c/o Laudus Trust, 101 Montgomery Street, San Francisco, CA 94104.

⁵	There is no stated term of office for the officers of the Trust.

Glossary

90 Day T-bill is a short-term discounted, government debt instrument of 90 days or less, issued in $10,000 denominations that pay its face value at maturity. The government issues Treasury bills weekly.

Alpha is a measure of a fund’s risk adjusted return. Alpha can be used to directly measure the value added or subtracted by a fund’s manager. It is calculated by measuring the difference between a fund’s actual returns and its expected performance given its level of market risk as measured by beta.

Beta is a measure of the volatility of a stock relative to the overall market. A beta of less than one indicates lower historical risk than the market; a beta of more than one indicates higher historical risk than the market.

The Citigroup non-U.S. Dollar World Government Bond Index measures the total rate of return performance for the government bonds of 23 countries, excluding the U.S., with a remaining maturity of at least one year.

GDP, or Gross Domestic Product, is the market value of the goods and services produced by labor and property in the United States.

Modified Duration expresses the measurable change in the value of a security in response to a change in interest rates. The formula calculates the effect that a 1% change in interest rates will have on the price of a bond.

The MSCI EAFE Index^® (Net) is a free float-adjusted market capitalization index that is designed to measure market equity performance in 22 developed market countries, excluding the U.S. and Canada. This series approximates the minimum possible dividend reinvestment.

The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. This series approximates the minimum possible dividend reinvestment.

The MSCI World^® Index (Net) is a free float-adjusted market capitalization index that is designed to measure global developed markets equity performance. This series approximates the minimum possible dividend reinvestment.

Price to earnings ratio is the price of a stock divided by its historical earnings per share.

Price to book ratio compares the stock’s market value to the value of the total assets less the total liabilities.

Price to cash flow ratio is the price of a stock divided by its reported cash flow per share.

Relative strength is the rate that a stock falls relative to other stocks in a falling market or rises relative to other stocks in a rising market.

Return on equity represents the amount earned on a company’s common stock investment for a given period, calculated by dividing common stock equity into net income for the period after preferred stock dividends but before common stock dividends.

Trading Activity is one of several risk factors commonly used to attribute a portfolio’s return relative to its benchmark. Specifically, trading activity measures a stock’s trailing 12 month trading volume relative to its total shares outstanding. It measures how actively traded a stock has been in the last 12 months.

Proxy Voting

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request by visiting www.laudus.com, or the Securities and Exchange Commission’s website at www.sec.gov, or by contacting Laudus Funds at 866.452.8387.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request by visiting www.laudus.com, or the Securities and Exchange Commission’s website at www.sec.gov.

Quarterly Disclosure of Portfolio Holdings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington DC. Call 1-800-SEC-0330 for information on the operation of the Public Reference Room. The information filed on a fund’s most recent Form N-Q is also available at www.laudus.com.

Notes

For More Information about the Funds:

Investment Adviser

Charles Schwab Investment Management, Inc.

101 Montgomery Street, San Francisco, CA 94104

Shareholder Services

1.866.452.8387 Investment Professionals

1.800.447.3332 Individual Investors

www.laudus.com

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.


	MFR41684-01


Annual Report March 31, 2009

COMMAND PERFORMANCE^TM

Laudus Rosenberg U.S. Equity Funds

Laudus Rosenberg U.S. Large Capitalization Fund

Laudus Rosenberg U.S. Large Capitalization Value Fund

Laudus Rosenberg U.S. Discovery Fund

Laudus Rosenberg U.S. Small Capitalization Fund (closed to new investors)

Laudus Rosenberg Long/Short Equity Fund

Adviser

Charles Schwab Investment Management, Inc.

Subadviser

AXA Rosenberg Investment Management LLC


In This Report
Performance at a Glance		2
From the President		3
The Investment Environment		4
Laudus Rosenberg U.S. Large Capitalization Fund		6
Laudus Rosenberg U.S. Large Capitalization Value Fund		8
Laudus Rosenberg U.S. Discovery Fund		10
Laudus Rosenberg U.S. Small Capitalization Fund		12
Laudus Rosenberg Long/Short Equity Fund		14
Fund Expenses		17
Financial Statements		19
Financial Notes		63
Report of Independent Registered Public Accounting Firm		73
Trustees and Officers		75
Glossary		78

Fund investment adviser: Charles Schwab Investment Management, Inc. (CSIM).
Distributor: ALPS Distributors, Inc.

Performance at a Glance


Total Return for
the Report Period



Laudus Rosenberg U.S. Large Capitalization Fund

Investor Shares (Ticker Symbol: AXLVX)		-37.61%
Select Shares (Ticker Symbol: AXLIX)		-37.50%
Benchmark: Russell 1000^® Index		-38.27%

Performance Details		pages 6-7



Laudus Rosenberg U.S. Large Capitalization Value Fund

Investor Shares (Ticker Symbol: LCVJX)		-40.80%
Select Shares (Ticker Symbol: LLCVX)		-40.60%
Benchmark: Russell 1000^® Value Index		-42.42%

Performance Details		pages 8-9



Laudus Rosenberg U.S. Discovery Fund

Investor Shares (Ticker Symbol: RDIVX)		-41.24%
Select Shares (Ticker Symbol: RDISX)		-40.99%
Benchmark: Russell 2500^tm Index		-38.23%

Performance Details		pages 10-11



Laudus Rosenberg U.S. Small Capitalization Fund

Investor Shares (Ticker Symbol: BRSCX)		-43.79%
Select Shares (Ticker Symbol: USCIX)		-43.52%
Adviser Shares (Ticker Symbol: LIFUX)		-43.68%
Benchmark: Russell 2000^® Index		-37.50%

Performance Details		pages 12-13



Laudus Rosenberg Long/Short Equity Fund

Investor Shares (Ticker Symbol: BRMIX)		-13.59%
Select Shares (Ticker Symbol: BMNIX)		-13.34%
Benchmark: 90-day T-bills		0.99%

Performance Details		pages 14-16

Small-company stocks are subject to greater volatility than other asset categories.

Small- and mid-capitalization funds typically carry additional risk since small- and mid-capitalization companies generally have a higher risk of failure.

Investments in long/short funds are riskier than some other forms of investments. Since they have both long and short portfolios, an investment will involve risks associated with twice the number of investment decisions made for a typical stock fund. These types of Funds typically have a high portfolio turnover that could increase transaction costs and cause short-term capital gains to be realized. While it may be the intent of the Manager to take long positions in stocks that outperform the market and short positions in stocks that underperform the market, there is no assurance that the Manager will be successful.

The Fund uses the return that an investor could achieve through an investment in 3-month U.S. Treasury Bills as a benchmark against which to measure the Fund’s performance. AXA Rosenberg attempts to achieve returns for the Fund’s shareholders which exceed the benchmark. An investment in the Fund is different from an investment in 3-month U.S. Treasury Bills because, among other differences, U.S. Treasury Bills are backed by the full faith and credit of the U.S. Government, U.S. Treasury Bills have a fixed rate of return, investors in U.S. Treasury Bills do not risk losing their investment, and an investment in the Fund is more volatile than an investment in U.S. Treasury Bills.

Please see prospectus for further detail and investor eligibility requirements.

2 Laudus Rosenberg U.S. Equity Funds

From the President

Dear Shareholder,

In the past year, financial markets were besieged with volatility and turmoil, while many economies across the globe experienced slower growth or recession, making investment conditions some of the most difficult in history. Although returns were relatively better in March, the fiscal year was characterized by two particularly bearish periods – the end of 2008 and the beginning of 2009. In this environment, major equity indices experienced significant declines. The Russell 1000 Index, for example, was down 38% for the reporting period, while the Russell 1000 Value Index declined 42%. On average, returns were down in all major sectors. The fixed income space, usually a bright spot in down markets, was not immune to the current market malady, with the Citigroup Non-U.S. Dollar World Government Bond Index down around 6%.

Within the Laudus Rosenberg Fund Family, returns in the funds followed the general downdraft on equity and fixed income prices. In both the U.S. and International fund groups, returns were down between 40-50% on average, with the exception of the Laudus Rosenberg Long/Short Fund, down around 13%, indicating that various un-hedged investment strategies were similarly affected by overall market declines. In general, modest outperformance and underperformance relative to funds’ respective benchmarks was primarily attributable to stock selection. For more detail, please see the portfolio manager’s commentary in the following pages.

The Laudus Rosenberg Funds are sub-advised by AXA Rosenberg Investment Management, LLC, one of the world’s premier equity specialists and institutional money managers. Through the Laudus Rosenberg Funds offering, this distinctive approach to investment management is easily accessible to independent advisors and individual investors.

During the reporting period, the Board approved changes to the Laudus Rosenberg subadvisory contracts between AXA Rosenberg and CSIM effective April 1, 2009. These changes simplify the subadvisory contracts but do not have any impact on the overall advisory fees paid by the Laudus Rosenberg Funds. Additional information is available in the Funds’ Statement of Additional Information.

In closing, I would remind you that should you have any questions about the funds we are available to answer them at 1-800-447-3332.

Thank you for investing with us.

Sincerely,

Laudus Rosenberg U.S. Equity Funds 3

The Investment Environment

4 Laudus Rosenberg U.S. Equity Funds

The Investment Environment continued

Nothing in this report represents a recommendation of a security by the investment adviser.

Manager views and portfolio holdings may have changed since the report date.

Laudus Rosenberg U.S. Equity Funds 5

Laudus Rosenberg U.S. Large Capitalization Fund

The Laudus Rosenberg U.S. Large Capitalization Fund Investor Shares returned -37.61% for the fiscal year ending March 31, 2009, outperforming the benchmark Russell 1000 Index, which returned -38.27%. Persistent volatility, investor risk aversion, and economic recession weighed heavily on equity prices during the reporting period. On a relative basis, outperformance versus the benchmark was principally attributable to stock selection in Energy and allocation effect within Financials.

Despite modest outperformance relative to the benchmark, returns were strongly negative in all sectors represented in the fund. In this particularly difficult investment environment, un-hedged equity funds generally declined following the downward pricing pressure in equity markets. In the fund, Materials, Industrials, and Financials declined the most. Prices in the Material and Industrial sectors declined primarily as investors priced in slower growth and decreased demand amidst economic recession. Corporations within the Financial sector, particularly banks, ailed as credit constraints continued to adversely impact markets and stock prices. Better performing sectors were Utilities, Telecomm Services, and Health Care. Relative to the benchmark, the fund’s underweight to the Financial sector as well as stock selection in Energy benefited the fund. Within Energy, an overweight to Chevron Corp., Alpha Natural Resources, Inc., and Marathon Oil Corp., combined with an underweight to Transocean Ltd. and Schlumberger Ltd. primarily accounted for outperformance versus the benchmark.

From a price-to-earnings (P/E) standpoint, returns were down across the board. Companies with negative P/E ratios experienced the most significant decline, but the fund benefited from underweighting these companies relative to the benchmark. Over 90% of the fund’s holdings are in companies with mid to low P/E ratios. On average, returns in companies with lower P/E ratios were better than companies with higher or negative P/E ratios.

Within the large-cap space, returns across all capitalization levels were negative, on average. In the fund, corporations in the $5-25 billion range were most negative when compared to other capitalization levels. Relative to the benchmark, stock selection in the $100-150 billion range benefited the fund.

In terms of price-to-book (P/B) ratios, returns were negative across the board. Relative to the benchmark, outperformance was primarily attributable to stock selection in corporations with low P/B ratios.

As of 3/31/09:

Fund Characteristics


Number of Securities	176

Avg. Market Capitalization


($Wtd. x 1,000,000)	$56,260

Portfolio Turnover


(One year trailing)	153%


Price to Earnings (P/E)	13.08


Price/Book Ratio (P/B)	1.9


Price to Cash Flow	8.49


Beta	0.84


Return on Equity	15.65%


Five-Year Earnings Growth	16%

Fund Overview


	Investor Shares	Select Shares


Initial Investment	$100	$50,000
Inception Date	7/31/2002	6/19/2002
Total Net Assets ($ x 1,000)	$7,951	$52,891
Ticker Symbol	AXLVX	AXLIX
Cusip	51855Q853	51855Q101
NAV	$6.39	$6.37

Manager views and portfolio holdings may have changed since the report date.

6 Laudus Rosenberg U.S. Equity Funds

Laudus Rosenberg U.S. Large Capitalization Fund

Performance Summary as of 3/31/09

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$50,000 Investment in Select Shares¹

Average Annual Total Returns¹


Class and Inception Date	1 Year		5 Years		Since Inception


Investor (7/31/02)		-37.61%		-4.20%		-0.06%
Select (6/19/02)		-37.50%		-3.89%		-1.49%
Benchmark: Russell 1000^® Index*		-38.27%		-4.54%		(7/31/02) 0.27%
						(6/19/02) -1.55%

Fund Expense Ratios²: Investor Shares: Net 1.14%; Gross 1.40% / Select Shares: Net 0.84%; Gross 1.01%

Sector Weightings % of Investments³


Health Care	23.5%


Information Technology	20.9%


Consumer Staples	17.6%


Financials	9.1%


Consumer Discretionary	8.2%


Industrials	6.2%


Energy	5.4%


Utilities	4.6%


Telecommunication Services	3.5%


Materials	1.0%


Total	100.0%

Top Holdings % of Net Assets³


International Business Machines Corp.	4.6%


Hewlett-Packard Co.	3.8%


Bristol-Myers Squibb Co.	3.7%


Wal-Mart Stores, Inc.	3.6%


Gilead Sciences, Inc.	3.0%


Microsoft Corp.	2.9%


Exxon Mobil Corp.	2.7%


CVS Caremark Corp.	2.4%


Johnson & Johnson	2.2%


Pfizer, Inc.	2.2%


Total	31.1%


*	Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, and represents approximately 92% of the total market capitalization of the Russell 3000^® Index. Investors cannot invest directly in any index and index figures do not include trading and management costs.
¹	Total returns include change in share price and reinvestment of distributions. Total returns may reflect the waiver of a portion of a Fund’s advisory fees for certain periods since the inception date. In such instances, and without the waiver of fees, total returns would have been lower.
²	As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/11. Adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the financial highlights section of the financial statements.
³	Portfolio holdings are subject to change and may not represent current or future holdings.

Laudus Rosenberg U.S. Equity Funds 7

Laudus Rosenberg U.S. Large Capitalization Value Fund

The Laudus Rosenberg U.S. Large Capitalization Value Fund Investor Shares returned -40.80% for the fiscal year ending March 31, 2009, outperforming the benchmark Russell 1000 Value Index, which returned -42.42%. Persistent volatility, investor risk aversion, and economic recession weighed heavily on equity prices during the reporting period. All major sectors represented in the fund and benchmark declined. On a relative basis, outperformance versus the benchmark was principally attributable to stock selection and allocation effect within Financials.

Despite modest outperformance relative to the benchmark, returns were strongly negative in all sectors represented in the fund. In this particularly difficult investment environment, un-hedged equity funds generally declined following the downward pricing pressure in equity markets. In the fund, Materials, Industrials, and Financials declined the most. Prices in the Material and Industrial sectors declined primarily as investors priced in slower growth and decreased demand amidst economic recession. Corporations within the Financial sector, particularly banks, ailed as credit constraints continued to adversely impact markets and stock prices. Better performing sectors were Utilities, Telecommunication Services, and Health Care. Relative to the benchmark, the fund’s underweight to the Financial sector as well as stock selection benefited the fund; an underweight to AIG, and overweights to Travelers Companies, Inc., Loews Corp., and J.P. Morgan Chase & Co. added value.

From a price-to-earnings (P/E) standpoint, returns were down across the board. Companies with negative P/E ratios experienced the most significant decline, but the fund benefited from underweighting these companies relative to the benchmark. Over 90% of the fund’s holdings are in companies with mid to low P/E ratios. On average, returns in this range were less negative when compared to companies with higher P/E ratios or negative P/E ratios.

Within the large-cap space, returns across all capitalization levels were negative, on average. In the fund, corporations in the $25-50 billion range were most negative when compared to other capitalization levels. Relative to the benchmark, stock selection in the $100-150 billion range benefited the fund, as did allocation and stock selection in the $25-50 billion range.

In terms of price-to-book (P/B) ratios, returns were negative across the board. Relative to the benchmark, stock selection in and allocation to corporations with low P/B ratios generally benefited the fund.

As of 3/31/09:

Fund Characteristics


Number of Securities	200

Avg. Market Capitalization


($Wtd. x 1,000,000)	$64,333

Portfolio Turnover


(One year trailing)	63%


Price to Earnings (P/E)	10.43


Price/Book Ratio (P/B)	1.3


Price to Cash Flow	5.98


Beta	0.81


Return on Equity	13.09%


Five-Year Earnings Growth	12%

Fund Overview


	Investor Shares	Select Shares


Initial Investment	$100	$100 (as of 5/5/09)
Inception Date	5/2/2005	5/2/2005
Total Net Assets ($ x 1,000)	$624	$19,451
Ticker Symbol	LCVJX	LLCVX
Cusip	51855Q853	51855Q101
NAV	$6.14	$6.16

Manager views and portfolio holdings may have changed since the report date.

8 Laudus Rosenberg U.S. Equity Funds

Laudus Rosenberg U.S. Large Capitalization Value Fund

Performance Summary as of 3/31/09

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$10,000 Investment in Select Shares¹

Average Annual Total Returns¹


Class and Inception Date	1 Year		Since Inception


Investor (5/2/05)		-40.80%		-6.90%
Select (5/2/05)		-40.60%		-6.62%
Benchmark: Russell 1000^® Value Index*		-42.42%		-8.87%

Fund Expense Ratios²: Investor Shares: Net 1.14%; Gross 3.28% / Select Shares: Net 0.84%; Gross 2.88%

Sector Weightings % of Investments³


Health Care	17.7%


Consumer Staples	14.9%


Financials	14.6%


Energy	14.4%


Utilities	11.6%


Telecommunication Services	8.8%


Consumer Discretionary	6.8%


Industrials	6.5%


Information Technology	3.1%


Materials	1.6%


Total	100.0%

Top Holdings % of Net Assets³


Exxon Mobil Corp.	5.4%


Chevron Corp.	4.4%


AT&T, Inc.	4.0%


Pfizer, Inc.	3.5%


Verizon Communications, Inc.	3.5%


Johnson & Johnson	3.2%


State Street Institutional Liquid Reserves Fund	3.1%


Amgen, Inc.	2.0%


General Electric Co.	2.0%


JPMorgan Chase & Co.	2.0%


Total	33.1%


*	Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in any index and index figures do not include trading and management costs.
¹	Total returns include change in share price and reinvestment of distributions. Total returns may reflect the waiver of a portion of a Fund’s advisory fees for certain periods since the inception date. In such instances, and without the waiver of fees, total returns would have been lower.
²	As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/11. Adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the financial highlights section of the financial statements. Effective May 5, 2009, the expense limitation for the Investor Shares will be further reduced to 0.84%. See Financial Notes for more information.
³	Portfolio holdings are subject to change and may not represent current or future holdings.

Laudus Rosenberg U.S. Equity Funds 9

Laudus Rosenberg U.S. Discovery Fund

The Laudus Rosenberg U.S. Discovery Fund Investor Shares returned -41.24% for the fiscal year ending March 31, 2009, underperforming the benchmark Russell 2500 Index, which returned -38.23%. Persistent volatility, investor risk aversion, and economic recession weighed heavily on equity prices during the reporting period. On a relative basis, underperformance versus the benchmark was principally attributable to stock selection. In general, an overweight to value stocks detracted from performance as these stocks underperformed. However, an underweight to financial leverage benefited the fund.

Returns were strongly negative in all sectors represented in the fund. In this particularly difficult investment environment, un-hedged equity funds generally declined following the downward pricing pressure in equity markets. On a sector specific level, Energy, Industrials, and Materials declined the most. Although stronger earlier in the period, the Energy sector experienced significant downward pricing pressure as the economic recession deepened and growth slowed. Better performing sectors were Telecomm services and Utilities, which are typically seen as being more recession resistant. Relative to the benchmark, stock selection across a number of sectors detracted from returns, most notably in Information Technology, Industrials, and Financials. Within Industrials, an overweight to The Manitowoc Company, Inc. detracted the most among individual holdings. Stock selection and allocation effect within the Energy sector led offsetting factors, despite the sector’s negative return.

From a price-to-earnings (P/E) standpoint, returns were down across the board. Corporations with negative P/E ratios performed worse. About one third of the fund is allocated to companies with low P/E ratios. Relative to the benchmark, stock selection within companies with low P/E ratios was the most significant detractor.

When looking at market capitalization, returns were negative across all capitalization levels. The fund is primarily allocated to corporations with market capitalizations between $300 million to $5 billion. Relative to the benchmark, stock selection in companies with market caps of $1.5 billion and below generally detracted, particularly in the $750 million to $1.5 billion range. However, selection within the $5 billion to $7.5 billion range helped to pare losses.

In terms of price-to-book (P/B), returns across the spectrum were negative. The fund is primarily allocated to companies with mid to low P/B ratios. Relative to the benchmark, stock selection in companies with low P/B ratios accounted for most of the underperformance.

As of 3/31/09:

Fund Characteristics


Number of Securities	395

Avg. Market Capitalization


($Wtd. x 1,000,000)	$1,787

Portfolio Turnover


(One year trailing)	115%


Price to Earnings (P/E)	24.41


Price/Book Ratio (P/B)	1.2


Price to Cash Flow	9.09


Beta	1.03


Return on Equity	4.81%


Five-Year Earnings Growth	17%

Fund Overview


	Investor Shares	Select Shares


Initial Investment	$100	$50,000
Inception Date	10/3/2001	9/4/2001
Total Net Assets ($ x 1,000)	$81,981	$295,568
Ticker Symbol	RDIVX	RDISX
Cusip	51855Q838	51855Q309
NAV	$9.30	$9.44

Manager views and portfolio holdings may have changed since the report date.

10 Laudus Rosenberg U.S. Equity Funds

Laudus Rosenberg U.S. Discovery Fund

Performance Summary as of 3/31/09

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$50,000 Investment in Select Shares¹

Average Annual Total Returns¹


Class and Inception Date	1 Year		5 Years		Since Inception


Investor (10/3/01)		-41.24%		-5.93%		2.05%
Select (9/4/01)		-40.99%		-5.59%		1.52%
Benchmark: Russell 2500^tm Index*		-38.23%		-4.45%		(10/3/01) 2.27%
						(9/4/01) 3.15%

Fund Expense Ratios²: Investor Shares: 1.34% / Select Shares: 0.96%

Sector Weightings % of Investments³


Information Technology	23.6%


Health Care	20.0%


Consumer Discretionary	12.5%


Financials	11.7%


Consumer Staples	8.1%


Utilities	8.0%


Industrials	6.9%


Energy	3.5%


Materials	3.2%


Telecommunication Services	2.5%


Total	100.0%

Top Holdings % of Net Assets³


Dollar Tree, Inc.	2.2%


Sybase, Inc.	2.0%


Life Technologies Corp.	2.0%


State Street Institutional Liquid Reserves Fund	1.9%


Synopsys, Inc.	1.9%


CenturyTel, Inc.	1.8%


Church & Dwight Co., Inc.	1.8%


Alliant Energy Corp.	1.8%


Hewitt Associates, Inc., Class A	1.8%


CMS Energy Corp.	1.7%


Total	19.2%


*	Russell 2500^tm Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, and represents approximately 18% of the total market capitalization of the Russell 3000^® Index. Investors cannot invest directly in any index and index figures do not include trading and management costs.
¹	Total returns include change in share price and reinvestment of distributions. Total returns may reflect the waiver of a portion of a Fund’s advisory fees for certain periods since the inception date. In such instances, and without the waiver of fees, total returns would have been lower.
²	As stated in the prospectus. Reflects the total annual fund operating expenses. Please see the prospectus for more information. For actual rates during the period, refer to the financial highlights section of the financial statements.
³	Portfolio holdings are subject to change and may not represent current or future holdings.

Laudus Rosenberg U.S. Equity Funds 11

Laudus Rosenberg U.S. Small Capitalization Fund

The Laudus Rosenberg U.S. Small Capitalization Fund Investor Shares returned -43.79% for the fiscal year ending March 31, 2009, underperforming the benchmark Russell 2000 Index, which returned -37.50%. Persistent volatility, investor risk aversion, and economic recession weighed heavily on equity prices during the reporting period. On a relative basis, underperformance versus the benchmark was principally attributable to stock selection in Financials, Industrials, and Health Care. In general, an overweight to value stocks detracted from performance as these stocks underperformed.

Returns were strongly negative in all sectors represented in the fund. In this particularly difficult investment environment, un-hedged equity funds generally declined following the downward pricing pressure in equity markets. On a sector specific level, Energy and Materials were down the most. Although stronger earlier in the period, the Energy sector experienced significant downward pricing pressure as the economic recession deepened and growth slowed. Though still negative, better performing sectors were Consumer Staples and Utilities, which are typically seen as being more recession resistant. Relative to the benchmark, stock selection in Financials, Industrials, and Health Care contributed most significantly to underperformance. Within Industrials, an overweight to Genco Shipping & Trading Ltd. detracted the most among individual holdings. In Technology, an overweight to Insight Enterprises Inc. detracted the most among individual holdings. Allocation in Consumer Discretionary helped to partially offset these losses; in addition, an overweight to Netflix, Inc. and AutoNation, Inc. added value.

From a price-to-earnings (P/E) standpoint, returns were again down across the board. In general, companies with negative P/E ratios accounted for most of the underperformance. The fund is primarily allocated to corporations with mid to low P/E ratios. Relative to the benchmark, stock selection within the lowest P/E range detracted most significantly, followed by stock selection in companies with high P/E ratios.

When looking at market capitalization, returns were negative across all market capitalization levels. The fund, like the benchmark, is primarily allocated to corporations with capitalizations below $3 billion. Relative to the benchmark, stock selection in companies with capitalizations below $1.5 billion detracted most significantly.

In terms of price-to-book (P/B), returns were down similarly across the spectrum. The fund, like the benchmark, is primarily allocated to companies with mid to low P/B ratios. Relative to the benchmark, an overweight to companies with low P/B ratios, as well as stock selection with in this space accounted for most of the underperformance.

As of 3/31/09:

Fund Characteristics


Number of Securities	338

Avg. Market Capitalization


($Wtd. x 1,000,000)	$881

Portfolio Turnover


(One year trailing)	114%


Price to Earnings (P/E)	24.21


Price/Book Ratio (P/B)	1.1


Price to Cash Flow	7.15


Beta	1.07


Return on Equity	5.03%


Five-Year Earnings Growth	13%

Fund Overview


	Investor Shares	Select Shares	Adviser Shares


Initial Investment	$100	$50,000	$100,000
Inception Date	10/22/1996	2/22/1989	1/21/1997
Total Net Assets ($ x 1,000)	$77,227	$156,272	$8,760
Ticker Symbol	BRSCX	USCIX	LIFUX
Cusip	51855Q820	51855Q408	51855Q739
NAV	$4.32	$4.50	$4.39

Manager views and portfolio holdings may have changed since the report date.

12 Laudus Rosenberg U.S. Equity Funds

Laudus Rosenberg U.S. Small Capitalization Fund

Performance Summary as of 3/31/09

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$50,000 Investment in Select Shares¹

Performance of a Hypothetical
$100,000 Investment in Adviser Shares¹

Average Annual Total Returns¹


Class and Inception Date	1 Year		5 Years		10 Years


Investor (10/22/96)		-43.79%		-8.69%		2.71%
Select (2/22/89)		-43.52%		-8.35%		3.05%
Adviser (1/21/97)		-43.68%		-8.57%		2.81%
Benchmark: Russell 2000^® Index*		-37.50%		-5.24%		1.93%

Fund Expense Ratios²: Investor Shares: 1.32% / Select Shares: 0.96% / Adviser Shares: 1.21%

Sector Weightings % of Investments³


Consumer Discretionary	29.8%


Information Technology	17.8%


Health Care	14.6%


Financials	14.3%


Industrials	8.9%


Consumer Staples	7.1%


Utilities	4.9%


Materials	1.6%


Telecommunication Services	0.7%


Energy	0.3%


Total	100.0%

Top Holdings % of Net Assets³


Perot Systems Corp., Class A	2.3%


State Street Institutional Liquid Reserves Fund	2.2%


Skyworks Solutions, Inc.	2.1%


Solera Holdings, Inc.	2.1%


Aspen Insurance Holdings Ltd.	2.0%


Flowers Foods, Inc.	2.0%


Netflix, Inc.	2.0%


NewAlliance Bancshares, Inc.	1.8%


Aeropostale, Inc.	1.7%


Alkermes, Inc.	1.6%


Total	19.8%


*	The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, and represents approximately 8% of the total market capitalization of the Russell 3000^® Index. Investors cannot invest directly in any index and index figures do not include trading and management costs.
¹	Total returns include change in share price and reinvestment of distributions. Total returns may reflect the waiver of a portion of a Fund’s advisory fees for certain periods since the inception date. In such instances, and without the waiver of fees, total returns would have been lower.
²	As stated in the prospectus. Reflects the total annual fund operating expenses. Please see the prospectus for more information. For actual rates during the period, refer to the financial highlights section of the financial statements.
³	Portfolio holdings are subject to change and may not represent current or future holdings.

Laudus Rosenberg U.S. Equity Funds 13

Laudus Rosenberg Long/Short Equity Fund

The Laudus Rosenberg Long/Short Equity Fund Investor Shares returned -13.59% for the fiscal year ending March 31, 2009, underperforming the benchmark 90-day T-bills, which returned 0.99%. Persistent volatility, investor risk aversion, and a global economic recession weighed heavily on equity prices during the reporting period. All major sectors represented in the fund and benchmark declined. On a relative basis, underperformance was generally attributable to stock selection on both the long and short side; the fund’s long positions were steeply negative, while the fund’s short positions were not negative enough to counteract losses from the long side.

On a sector specific level, returns were down across the board. Financials, Industrials, and Materials experienced the most significant decline, on average down more than 55%. On the long side, stock selection in Industrials, Materials, and Information Technology detracted most, while selection in the Telecom Services sector helped to partially offset. On the short side, stock selection in Financials, Consumer Staples, and Industrials led factors detracting from overall returns.

From a price-to-earnings (P/E) perspective, returns were negative across the spectrum. Stock selection on the short side in companies with medium to high P/E ratios detracted, while stock selection in low and negative P/E ratios helped to partially offset. On the long side, stock selection in companies with very low and high P/E ratios generally detracted, with selection in negative P/E ratios offsetting slightly.

From a market cap perspective, returns were again down across the board. On the short side, stock selection in the $0-300 million range, as well as selection in the $3-5 billion and $7.5 billion and above range detracted most. On the long side, stock selection in the $3-5 billion and $7.5 billion and above range hurt the fund.

In terms of price-to-book (P/B) ratios, stock selection on both the long and short side in companies with low P/B ratios detracted, as did selection in companies with high P/B ratios.

As of 3/31/09:

Fund Characteristics


	Long	Short


Number of Securities	465	235
Avg. Market Capitalization ($Wtd. x 1,000,000)	27,206	31,757
Portfolio Turnover (One year trailing)	244%	270%
Price to Earnings (P/E)	18.52	56.41
Price to Book (P/B)	1.43	1.82
Price to Cash Flow	6.32	6.89
Beta	0.95	1.21
Return on Equity	8.88%	7.29%
Five-Year Earnings Growth	15.80%	21.33%

Fund Overview


	Investor Shares	Select Shares


Initial Investment	$100	$50,000
Inception Date	12/18/1997	12/16/1997
Total Net Assets ($ x 1,000)	$11,640	$66,963
Ticker Symbol	BRMIX	BMNIX
Cusip	51855Q838	51855Q309
NAV	$8.90	$8.96

Manager views and portfolio holdings may have changed since the report date.

14 Laudus Rosenberg U.S. Equity Funds

Laudus Rosenberg Long/Short Equity Fund

Performance Summary as of 3/31/09

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$50,000 Investment in Select Shares¹

Average Annual Total Returns¹


Class and Inception Date	1 Year		5 Years		10 Years


Investor (12/18/97)		-13.59%		-0.93%		1.59%
Select (12/16/97)		-13.34%		-0.60%		1.91%
Benchmark: 90-day T-bills		0.99%		3.17%		3.24%

Fund Expense Ratios²: Investor Shares: Net 1.89%; Gross 3.30% / Select Shares: Net 1.69%; Gross 3.09%


¹	Total returns include change in share price and reinvestment of distributions. Total returns may reflect the waiver of a portion of a Fund’s advisory fees for certain periods since the inception date. In such instances, and without the waiver of fees, total returns would have been lower.
²	As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/11. Adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. It also excludes dividend expense on securities sold short. Gross Expenses: Reflects the total annual fund operating expenses. Also, includes dividend expense on securities sold short. Please see the prospectus for more information. For actual ratios during the period, refer to the financial highlights section of the financial statements.

Laudus Rosenberg U.S. Equity Funds 15

Performance Summary as of 3/31/09

Long Equity Positions

Sector Weightings % of Investments¹


Information Technology	21.9%


Consumer Discretionary	18.3%


Health Care	17.2%


Industrials	9.1%


Financials	8.6%


Consumer Staples	8.4%


Energy	8.0%


Utilities	5.6%


Materials	1.6%


Telecommunication Services	1.3%


Total	100.0%

Top Holdings % of Net Assets¹


Bristol-Myers Squibb Co.	3.5%


Gilead Sciences, Inc.	3.4%


Chevron Corp.	3.3%


Comcast Corp., Class A	3.3%


JPMorgan Chase & Co.	3.2%


International Business Machines Corp.	3.1%


Baxter International, Inc.	2.4%


CVS Caremark Corp.	2.4%


The Walt Disney Co.	2.1%


Computer Sciences Corp.	2.0%


Total	28.7%

Short Equity Positions

Sector Weightings % of Short Positions¹


Information Technology	29.3%


Energy	16.5%


Industrials	13.5%


Consumer Discretionary	11.8%


Health Care	9.0%


Financials	7.2%


Utilities	4.8%


Consumer Staples	4.7%


Materials	3.2%


Total	100.0%

Top Holdings % of Net Assets¹


Google, Inc., Class A	3.4%


Cisco Systems, Inc.	3.3%


Apple, Inc.	3.0%


Intel Corp.	3.0%


ConocoPhillips	2.6%


Occidental Petroleum Corp.	2.4%


Eli Lilly & Co.	2.2%


The Coca-Cola Co.	2.1%


United Parcel Service, Inc., Class B	2.0%


Schlumberger Ltd.	1.8%


Total	25.8%


¹	Portfolio holdings are subject to change and may not represent current or future holdings.

16 Laudus Rosenberg U.S. Equity Funds

Fund Expenses (Unaudited)

Examples for a $1,000 Investment


						Ending
				Beginning		Account Value		Expenses Paid
	Expense Ratio¹			Account Value		(Net of Expenses)		During Period²
	(Annualized)			at 10/1/08		at 3/31/09		10/1/08–3/31/09



Laudus Rosenberg U.S. Large Capitalization Fund
Investor Shares
Actual Return		1.14%		$	1,000	$	694.80	$	4.82
Hypothetical 5% Return		1.14%		$	1,000	$	1,019.25	$	5.74
Select Shares
Actual Return		0.84%		$	1,000	$	695.40	$	3.55
Hypothetical 5% Return		0.84%		$	1,000	$	1,020.69	$	4.23


Laudus Rosenberg U.S. Large Capitalization Value Fund*
Investor Shares
Actual Return		1.14%		$	1,000	$	651.90	$	4.70
Hypothetical 5% Return		1.14%		$	1,000	$	1,019.25	$	5.74
Select Shares
Actual Return		0.84%		$	1,000	$	652.60	$	3.46
Hypothetical 5% Return		0.84%		$	1,000	$	1,020.74	$	4.23


Laudus Rosenberg U.S. Discovery Fund
Investor Shares
Actual Return		1.56%	³	$	1,000	$	625.60	$	6.32
Hypothetical 5% Return		1.56%	³	$	1,000	$	1,017.15	$	7.85
Select Shares
Actual Return		1.04%		$	1,000	$	627.20	$	4.22
Hypothetical 5% Return		1.04%		$	1,000	$	1,019.75	$	5.24


¹	Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights.

²	Expenses for each fund or share class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 days of the period, and divided by 365 days of the fiscal year.

³	The expense ratio for the fiscal year was 1.40% as shown in the financial highlights.


*	Effective May 5, 2009, the expense limitation for both classes will be reduced to 0.84%. See Financial Notes for more information.

Laudus Rosenberg U.S. Equity Funds 17

Fund Expenses (Unaudited) continued


						Ending
				Beginning		Account Value		Expenses Paid
	Expense Ratio¹			Account Value		(Net of Expenses)		During Period²
	(Annualized)			at 10/1/08		at 3/31/09		10/1/08–3/31/09



Laudus Rosenberg U.S. Small Capitalization Fund
Investor Shares
Actual Return		1.46%	³	$	1,000	$	586.30	$	5.77
Hypothetical 5% Return		1.46%	³	$	1,000	$	1,017.65	$	7.34
Select Shares
Actual Return		1.05%		$	1,000	$	588.20	$	4.16
Hypothetical 5% Return		1.05%		$	1,000	$	1,019.70	$	5.29
Adviser Shares
Actual Return		1.26%		$	1,000	$	587.90	$	4.99
Hypothetical 5% Return		1.26%		$	1,000	$	1,018.65	$	6.34


Laudus Rosenberg Long/Short Equity Fund
Investor Shares
Actual Return		3.93%	⁴	$	1,000	$	876.00	$	18.38
Hypothetical 5% Return		3.93%	⁴	$	1,000	$	1,005.34	$	19.65
Select Shares
Actual Return		3.46%		$	1,000	$	876.80	$	16.19
Hypothetical 5% Return		3.46%		$	1,000	$	1,007.68	$	17.32


¹	Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights.

²	Expenses for each fund or share class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 days of the period, and divided by 365 days of the fiscal year.

³	The expense ratio for the fiscal year was 1.34% as shown in the financial highlights.

⁴	The expense ratio for the fiscal year was 3.83% as shown in the financial highlights.

18 Laudus Rosenberg U.S. Equity Funds

Laudus Rosenberg U.S. Large Capitalization Fund

Financial Statements

Financial Highlights


	4/1/08–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Investor Shares	3/31/09			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		10.38			13.21			12.36			11.81			10.96

Income (loss) from investment operations:
Net investment income (loss)		0.11	¹		0.06	¹		0.07	¹		0.06	¹		0.08	¹
Net realized and unrealized gains (losses)		(4.01	)		(0.72	)		1.25			1.63			0.93

Total from investment operations		(3.90	)		(0.66	)		1.32			1.69			1.01
Less distributions:
Distributions from net investment income		(0.09	)		(0.06	)		(0.05	)		(0.07	)		(0.07	)
Distributions from net realized gains		—			(2.11	)		(0.42	)		(1.07	)		(0.09	)

Total distributions		(0.09	)		(2.17	)		(0.47	)		(1.14	)		(0.16	)

Net asset value at end of period		6.39			10.38			13.21			12.36			11.81

Total return (%)		(37.61	)		(6.61	)		10.69			14.57			9.22

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.15			1.31	²		1.30	²		1.33			1.35
Gross operating expenses		1.39			1.40			1.38			1.52			1.58
Net investment income (loss)		1.25			0.45			0.52			0.50			0.69
Portfolio turnover rate		153	³		166			144			144			128
Net assets, end of period ($ x 1,000)		7,951			9,017			10,074			10,026			2,786


	4/1/08–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Select Shares	3/31/09⁴			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		10.38			13.21			12.35			11.79			10.92

Income (loss) from investment operations:
Net investment income (loss)		0.14	¹		0.10	¹		0.10	¹		0.10	¹		0.11	¹
Net realized and unrealized gains (losses)		(4.02	)		(0.71	)		1.27			1.62			0.94

Total from investment operations		(3.88	)		(0.61	)		1.37			1.72			1.05
Less distributions:
Distributions from net investment income		(0.13	)		(0.11	)		(0.09	)		(0.09	)		(0.09	)
Distributions from net realized gains		—			(2.11	)		(0.42	)		(1.07	)		(0.09	)

Total distributions		(0.13	)		(2.22	)		(0.51	)		(1.16	)		(0.18	)

Net asset value at end of period		6.37			10.38			13.21			12.35			11.79

Total return (%)		(37.50	)		(6.30	)		11.10			14.90			9.66

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		0.85	⁵		1.00	⁶		1.00	⁶		1.01			0.99
Gross operating expenses		0.99			1.01			1.01			1.14			1.23
Net investment income (loss)		1.59			0.77			0.81			0.80			0.96
Portfolio turnover rate		153	³		166			144			144			128
Net assets, end of period ($ x 1,000)		52,891			83,783			94,921			54,296			44,559

¹ Calculated based on the average shares outstanding during the period.

² The ratio of net operating expenses would have been 1.29%, if interest expenses had not been included.

³ Portfolio turnover excludes the impact of assets resulting from a merger with another fund. (See Financial Notes 1)

⁴ Effective July 31, 2008, the Institutional Shares were redesignated as Select Shares.

⁵ The ratio of net operating expenses would have been .84%, if interest expenses had not been included.

⁶ The ratio of net operating expenses would have been .99%, if interest expenses had not been included.

See financial notes 19

Laudus Rosenberg U.S. Large Capitalization Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.

Cost

Value

Holdings by Category

($)

.4%

Common Stock

66,329,515

59,867,680

.2%

Other Investment Companies

1,318,983

100

.6%

Total Investments

67,648,498

61,186,663

.6)%

Other Assets and Liabilities, Net

(344,530

)

100

.0%

Net Assets

60,842,133


	Number		Value
Security	of Shares		($)





Common Stock 98.4% of net assets


Banks 2.1%
BB&T Corp.		4,600		77,832
Hudson City Bancorp, Inc.		12,700		148,463
M&T Bank Corp.		510		23,072
New York Community Bancorp, Inc.		9,310		103,993
PNC Financial Services Group, Inc.		3,900		114,231
U.S. Bancorp		31,100		454,371
Wells Fargo & Co.		22,700		323,248

				1,245,210


Capital Goods 5.4%
Aecom Technology Corp. *		1,900		49,552
GATX Corp.		200		4,046
General Dynamics Corp.		21,360		888,363
Goodrich Corp.		8,600		325,854
L-3 Communications Holdings, Inc.		7,830		530,874
Lockheed Martin Corp.		11,218		774,379
Rockwell Collins, Inc.		1,730		56,467
URS Corp. *		7,500		303,075
W.W. Grainger, Inc.		4,741		332,723

				3,265,333


Commercial & Professional Supplies 0.2%
Pitney Bowes, Inc.		6,400		149,440


Consumer Services 3.2%
Apollo Group, Inc., Class A *		2,100		164,493
Brinker International, Inc.		9,800		147,980
Darden Restaurants, Inc.		10,500		359,730
H&R Block, Inc.		21,900		398,361
International Game Technology		21,240		195,833
International Speedway Corp., Class A		710		15,662
ITT Educational Services, Inc. *		700		84,994
McDonald’s Corp.		6,500		354,705
Yum! Brands, Inc.		7,300		200,604

				1,922,362


Diversified Financials 2.9%
American Express Co.		8,400		114,492
Bank of America Corp.		20,400		139,128
JPMorgan Chase & Co.		38,500		1,023,330
Morgan Stanley		9,272		211,123
The Goldman Sachs Group, Inc.		2,740		290,495

				1,778,568


Energy 5.3%
Chevron Corp.		12,300		827,052
Diamond Offshore Drilling, Inc.		2,800		176,008
Exxon Mobil Corp.		23,900		1,627,590
Southwestern Energy Co. *		6,170		183,187
Sunoco, Inc.		10,000		264,800
Tidewater, Inc.		4,000		148,520

				3,227,157


Food & Staples Retailing 6.8%
BJ’s Wholesale Club, Inc. *		2,480		79,335
CVS Caremark Corp.		53,385		1,467,554
Safeway, Inc.		11,150		225,118
Sysco Corp.		9,000		205,200
Wal-Mart Stores, Inc.		41,590		2,166,839

				4,144,046


Food, Beverage & Tobacco 8.1%
Altria Group, Inc.		12,800		205,056
Archer-Daniels-Midland Co.		34,660		962,855
Constellation Brands, Inc., Class A *		25,934		308,615
Dean Foods Co. *		12,800		231,424
Del Monte Foods Co.		15,010		109,423
Kellogg Co.		5,648		206,886
Kraft Foods, Inc., Class A		51,750		1,153,507
Lorillard, Inc.		1,800		111,132
PepsiCo, Inc.		7,500		386,100
Philip Morris International, Inc.		7,480		266,138
Reynolds American, Inc.		550		19,712
Sara Lee Corp.		22,734		183,691
The J.M. Smucker Co.		8,900		331,703
The Pepsi Bottling Group, Inc.		11,580		256,381
Tyson Foods, Inc., Class A		20,820		195,500

				4,928,123


Health Care Equipment & Services 3.9%
AMERIGROUP Corp. *		3,640		100,246
Baxter International, Inc.		4,100		210,002
Beckman Coulter, Inc.		6,118		312,079
Express Scripts, Inc. *		14,400		664,848
Health Net, Inc. *		8,047		116,520
Hologic, Inc. *		24,000		314,160

20 See financial notes

Laudus Rosenberg U.S. Large Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Hospira, Inc. *		1,800		55,548
Humana, Inc. *		8,170		213,074
Inverness Medical Innovations, Inc. *		7,600		202,388
Kinetic Concepts, Inc. *		1,000		21,120
Medtronic, Inc.		10		295
Teleflex, Inc.		2,912		113,830
The Cooper Cos., Inc.		2,100		55,524

				2,379,634


Household & Personal Products 2.4%
Church & Dwight Co., Inc.		5,000		261,150
Colgate-Palmolive Co.		8,420		496,612
Kimberly-Clark Corp.		130		5,994
The Clorox Co.		5,637		290,193
The Estee Lauder Cos., Inc., Class A		9,900		244,035
The Procter & Gamble Co.		3,800		178,942

				1,476,926


Insurance 3.4%
Assurant, Inc.		8,800		191,664
Cincinnati Financial Corp.		8,930		204,229
Everest Re Group Ltd.		2,310		163,548
PartnerRe Ltd.		3,770		234,004
The Travelers Cos., Inc.		30,570		1,242,365
Willis Group Holdings, Ltd.		1,700		37,400

				2,073,210


Materials 1.0%
Airgas, Inc.		2,120		71,677
CF Industries Holdings, Inc.		200		14,226
FMC Corp.		4,740		204,484
PPG Industries, Inc.		3,270		120,663
RPM International, Inc.		12,440		158,361
The Scotts Miracle-Gro Co., Class A		1,110		38,517

				607,928


Media 1.2%
Discovery Communications, Inc., Series A *		370		5,927
DISH Network Corp., Class A *		18,945		210,479
The Walt Disney Co.		21,400		388,624
Virgin Media, Inc.		24,200		116,160

				721,190


Pharmaceuticals, Biotechnology & Life Sciences 19.2%
Amgen, Inc. *		8,232		407,649
Biogen Idec, Inc. *		16,900		885,898
Bristol-Myers Squibb Co.		103,700		2,273,104
Cephalon, Inc. *		5,041		343,292
Endo Pharmaceuticals Holdings, Inc. *		10,900		192,712
Forest Laboratories, Inc. *		22,900		502,884
Gilead Sciences, Inc. *		38,840		1,799,069
Johnson & Johnson		25,450		1,338,670
King Pharmaceuticals, Inc. *		70		495
Life Technologies Corp. *		11,911		386,869
Merck & Co., Inc.		39,800		1,064,650
Mylan, Inc. *		27,100		363,411
PDL BioPharma, Inc.		5,690		40,285
PerkinElmer, Inc.		2,600		33,202
Pfizer, Inc.		97,170		1,323,456
Watson Pharmaceuticals, Inc. *		10,330		321,366
Wyeth		8,650		372,296

				11,649,308


Real Estate 0.6%
Boston Properties, Inc.		1,600		56,048
ProLogis		9,700		63,050
Public Storage		1,100		60,775
Simon Property Group, Inc.		3,325		115,178
Vornado Realty Trust		1,981		65,848

				360,899


Retailing 3.7%
AutoNation, Inc. *		8,800		122,144
AutoZone, Inc. *		4,068		661,538
Barnes & Noble, Inc.		1,100		23,518
Big Lots, Inc. *		7,700		160,006
Dollar Tree, Inc. *		8,394		373,953
Family Dollar Stores, Inc.		10,600		353,722
PetSmart, Inc.		2,400		50,304
Priceline.com, Inc. *		3,259		256,744
RadioShack Corp.		11,592		99,343
Rent-A-Center, Inc. *		4,400		85,228
Ross Stores, Inc.		2,400		86,112

				2,272,612


Semiconductors & Semiconductor Equipment 0.6%
Advanced Micro Devices, Inc. *		29,590		90,250
Atmel Corp. *		8,200		29,766
Micron Technology, Inc. *		53,760		218,266

				338,282


Software & Services 10.8%
Accenture Ltd., Class A		28,300		777,967
Amdocs Ltd. *		14,010		259,465
BMC Software, Inc. *		12,973		428,109
CA, Inc.		28,300		498,363
CACI International, Inc., Class A *		2,100		76,629
Computer Sciences Corp. *		12,700		467,868
Compuware Corp. *		4,500		29,655
DST Systems, Inc. *		700		24,234
Fiserv, Inc. *		2,800		102,088
Hewitt Associates, Inc., Class A *		1,800		53,568
IAC/InterActiveCorp. *		7,450		113,464
Intuit, Inc. *		17,310		467,370
Microsoft Corp.		97,435		1,789,881
Novell, Inc. *		28,100		119,706
Oracle Corp. *		35,569		642,732
Parametric Technology Corp. *		4,990		49,800
Perot Systems Corp., Class A *		5,800		74,704
Quest Software, Inc. *		4,240		53,763
Synopsys, Inc. *		13,710		284,208
VeriSign, Inc. *		3,411		64,366
Visa, Inc., Class A		3,600		200,160

				6,578,100

See financial notes 21

Laudus Rosenberg U.S. Large Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Technology Hardware & Equipment 9.2%
Harris Corp.		11,820		342,071
Hewlett-Packard Co.		72,200		2,314,732
International Business Machines Corp.		28,900		2,800,121
QLogic Corp. *		2,400		26,688
Sun Microsystems, Inc. *		16,810		123,049

				5,606,661


Telecommunication Services 3.4%
AT&T, Inc.		26,500		667,800
CenturyTel, Inc.		7,740		217,649
Frontier Communications Corp.		200		1,436
NII Holdings, Inc. *		12,280		184,200
United States Cellular Corp. *		600		20,004
Verizon Communications, Inc.		24,040		726,008
Windstream Corp.		32,650		263,159

				2,080,256


Transportation 0.5%
FedEx Corp.		5,700		253,593
Ryder System, Inc.		900		25,479
UTI Worldwide, Inc.		1,900		22,705

				301,777


Utilities 4.5%
American Electric Power Co., Inc.		9,450		238,707
American Water Works Co., Inc.		1,470		28,283
Consolidated Edison, Inc.		300		11,883
DTE Energy Co.		11,080		306,916
Edison International		22,900		659,749
Mirant Corp. *		11,370		129,618
NiSource, Inc.		20,716		203,017
Pepco Holdings, Inc.		14,787		184,542
PG&E Corp.		17,500		668,850
SCANA Corp.		8,500		262,565
Unisource Energy Corp.		2,360		66,528

				2,760,658

Total Common Stock (Cost $66,329,515)				59,867,680




Other Investment Companies 2.2% of net assets
State Street Institutional Liquid Reserves Fund - Institutional Class		1,318,983		1,318,983

Total Other Investment Companies (Cost $1,318,983)				1,318,983


End of Investments.

At 03/31/09, the tax basis cost of the fund’s investments was $68,482,604 and the unrealized appreciation and depreciation were $2,609,335 and ($9,905,276), respectively, with a net unrealized depreciation of ($7,295,941).


*		Non-income producing security.

22 See financial notes

Laudus Rosenberg U.S. Large Capitalization Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $67,648,498)		$61,186,663
Receivables:
Investments sold		251,172
Dividends		155,993
Fund shares sold		67,666
Due from investment adviser		1,860
Interest		328
Prepaid expenses	+	1,327


Total assets		61,665,009


Liabilities
Payables:
Investments bought		717,089
Fund shares redeemed		48,345
Distribution and shareholder services fees		3,222
Trustee’s retirement plan		696
Accrued expenses	+	53,524


Total liabilities		822,876


Net Assets
Total assets		61,665,009
Total liabilities	−	822,876


Net assets		$60,842,133
Net Assets by Source
Capital received from investors		104,530,320
Net investment income not yet distributed		328,386
Net realized capital losses		(37,554,738	)
Net unrealized capital losses		(6,461,835	)

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$7,951,241		1,243,854			$6.39
Select Shares	$52,890,892		8,297,673			$6.37

See financial notes 23

Laudus Rosenberg U.S. Large Capitalization Fund

Statement of

Operations

For April 1, 2008 through March 31, 2009.




Investment Income
Dividends		$1,946,016
Interest	+	10,302


Total Investment Income		1,956,318


Net Realized Gains and Losses
Net realized losses on investments		(29,736,001	)


Net Unrealized Gains and Losses
Net unrealized losses on investments		(7,650,246	)


Expenses
Investment adviser fees		603,233
Accounting and administration fees		41,813
Professional fees		38,036
Custodian fees		29,958
Registration fees		29,632
Transfer agent fees		22,822
Distribution and shareholder services fees (Investor Shares)		18,865
Shareholder reports		15,914
Sub-Accounting fees (Investor Shares)		11,144
Trustees’ fees		5,112
Interest expense		450
Other expenses	+	12,174


Total expenses		829,153
Expense reduction by adviser	−	126,825
Custody credits	−	21


Net expenses		702,307


Increase (Decrease) in Net Assets from Operations
Total investment income		1,956,318
Net expenses	−	702,307


Net investment income		1,254,011
Net realized losses		(29,736,001	)
Net unrealized losses	+	(7,650,246	)


Decrease in net assets from operations		($36,132,236	)

24 See financial notes

Laudus Rosenberg U.S. Large Capitalization Fund

Statements of

Changes in Net Assets

For the current and prior report periods.




Operations


		4/1/08-3/31/09			4/1/07-3/31/08
Net investment income			$1,254,011			$776,494
Net realized gains (losses)			(29,736,001	)		5,283,353
Net unrealized losses	+		(7,650,246	)		(11,039,541	)


Decrease in net assets from operations			(36,132,236	)		(4,979,694	)


Distributions to Shareholders ^1,2
Distributions from net investment income
Investor Shares			73,064			45,709
Select Shares	+		1,076,584			668,782


Total distributions from net investment income			1,149,648			714,491


Distributions from net realized gains
Investor Shares			—			1,538,942
Select Shares	+		—			13,458,529


Total distributions from net realized gains			—			14,997,471

Total distributions			$1,149,648			$15,711,962

Transactions in Fund Shares ^1,2


		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			VALUE			SHARES			VALUE


Shares Sold
Investor Shares			284,141			$2,506,291			203,845			$2,518,064
Select Shares	+		3,349,677			28,198,028			3,800,104			48,736,304


Total shares sold			3,633,818			$30,704,319			4,003,949			$51,254,368


Issued in connection with merger
Investor Shares			412,246			$2,713,243			-			$-
Select Shares	+		1,075,587			7,059,329			-			-


Total shares issued in connection with merger			1,487,833			$9,772,572			-			$-


Shares Reinvested
Investor Shares			9,802			$68,616			131,106			$1,511,650
Select Shares	+		129,058			899,538			1,136,301			13,078,824


Total shares reinvested			138,860			$968,154			1,267,407			$14,590,474


Shares Redeemed
Investor Shares			(330,657	)		($2,967,042	)		(228,959	)		($2,884,976	)
Select Shares	+		(4,330,234	)		(33,154,277	)		(4,050,690	)		(54,462,466	)


Total shares redeemed			(4,660,891	)		($36,121,319	)		(4,279,649	)		($57,347,442	)

Net transactions in fund shares			599,620			$5,323,726			991,707			$8,497,400


Shares Outstanding and Net Assets
		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			NET ASSETS			SHARES			NET ASSETS
Beginning of period			8,941,907			$92,800,291			7,950,200			$104,994,547
Total increase or decrease	+		599,620			(31,958,158	)		991,707			(12,194,256	)


End of period			9,541,527			$60,842,133			8,941,907			$92,800,291


Net investment income not yet distributed						$328,386						$224,733


¹	Effective July 31, 2008, the Institutional Shares class were redesignated as Select Shares.

²	Effective March 26, 2009, all of the assets and liabilities of the Laudus Rosenberg U.S. Large Capitalization Growth Fund were transferred to the Laudus Rosenberg U.S. Large Capitalization Fund. (See Financial Note 12)

See financial notes 25

Laudus Rosenberg U.S. Large Capitalization Value Fund

Financial Statements

Financial Highlights


	4/1/08–			4/1/2/07–			4/1/06–			5/2/05¹–
Investor Shares	3/31/09			3/31/08			3/31/07			3/31/06


Per-Share Data ($)

Net asset value at beginning of period		10.45			12.70			11.87			10.00

Income (loss) from investment operations:
Net investment income (loss)		0.17	²		0.13	²		0.11	²		0.13	²
Net realized and unrealized gains (losses)		(4.43	)		(0.73	)		1.45			1.80

Total from investment operations		(4.26	)		(0.60	)		1.56			1.93
Less distributions:
Distributions from net investment income		(0.05	)		(0.12	)		(0.24	)		—
Distributions from net realized gains		—			(1.53	)		(0.49	)		(0.06	)

Total distributions		(0.05	)		(1.65	)		(0.73	)		(0.06	)

Net asset value at end of period		6.14			10.45			12.70			11.87

Total return (%)		(40.80	)		(5.50	)		13.22			19.33	³

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.14			1.31	⁴		1.29			0.96	⁵
Gross operating expenses		2.45			3.28			2.75			2.78	⁵
Net investment income (loss)		2.11			1.01			0.90			1.31	⁵
Portfolio turnover rate		63			61			108			81	³
Net assets, end of period ($ x 1,000)		624			454			540			145


	4/1/08–			4/1/07–			4/1/06–			5/2/05¹–
Select Shares	3/31/09⁶			3/31/08			3/31/07			3/31/06


Per-Share Data ($)

Net asset value at beginning of period		10.47			12.74			11.89			10.00

Income (loss) from investment operations:
Net investment income (loss)		0.20	²		0.16	²		0.15	²		0.18	²
Net realized and unrealized gains (losses)		(4.44	)		(0.73	)		1.45			1.79

Total from investment operations		(4.24	)		(0.57	)		1.60			1.97
Less distributions:
Distributions from net investment income		(0.07	)		(0.17	)		(0.26	)		(0.02	)
Distributions from net realized gains		—			(1.53	)		(0.49	)		(0.06	)

Total distributions		(0.07	)		(1.70	)		(0.75	)		(0.08	)

Net asset value at end of period		6.16			10.47			12.74			11.89

Total return (%)		(40.60	)		(5.29	)		13.55			19.83	³

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		0.84			1.01	⁷		0.99			0.49	⁵
Gross operating expenses		1.92			2.88			2.37			2.41	⁵
Net investment income (loss)		2.66			1.32			1.22			1.82	⁵
Portfolio turnover rate		63			61			108			81	³
Net assets, end of period ($ x 1,000)		19,451			5,765			6,058			6,694

¹ Commencement of operations.

² Calculated based on the average shares outstanding during the period.

³ Not annualized.

⁴ The ratio of net operating expenses would have been 1.29%, if interest expenses had not been included.

⁵ Annualized.

⁶ Effective July 31, 2008, the Institutional Shares were redesignated as Select Shares.

⁷ The ratio of net operating expenses would have been 0.99%, if interest expenses had not been included.

26 See financial notes

Laudus Rosenberg U.S. Large Capitalization Value Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.

Cost

Value

Holdings by Category

($)

.0%

Common Stock

23,065,799

19,664,038

.1%

Other Investment Company

621,851

101

.1%

Total Investments

23,687,650

20,285,889

.1)%

Other Assets and Liabilities, Net

(210,892

)

100

.0%

Net Assets

20,074,997


	Number		Value
Security	of Shares		($)





Common Stock 98.0% of net assets


Banks 4.0%
BB&T Corp.		9,500		160,740
First Citizens BancShares, Inc., Class A		200		26,360
Hudson City Bancorp, Inc.		6,300		73,647
M&T Bank Corp.		120		5,429
PNC Financial Services Group, Inc.		1,300		38,077
U.S. Bancorp		18,100		264,441
Wells Fargo & Co.		16,600		236,384

				805,078


Capital Goods 4.4%
Aecom Technology Corp. *		227		5,920
Alliant Techsystems, Inc. *		400		26,792
Armstrong World Industries, Inc. *		300		3,303
Dover Corp.		800		21,104
GATX Corp.		900		18,207
General Dynamics Corp.		5,600		232,904
General Electric Co.		39,900		403,389
KBR, Inc.		800		11,048
L-3 Communications Holdings, Inc.		550		37,290
Raytheon Co.		150		5,841
SPX Corp.		270		12,693
Thomas & Betts Corp. *		900		22,518
Trinity Industries, Inc.		1,900		17,366
URS Corp. *		1,400		56,574

				874,949


Commercial & Professional Supplies 0.9%
Manpower, Inc.		400		12,612
Pitney Bowes, Inc.		400		9,340
Waste Management, Inc.		5,900		151,040

				172,992


Consumer Durables & Apparel 0.2%
Hasbro, Inc.		1,600		40,112


Consumer Services 0.3%
Career Education Corp. *		1,600		38,336
International Speedway Corp., Class A		800		17,648

				55,984


Diversified Financials 4.8%
American Express Co.		600		8,178
Bank of America Corp.		24,300		165,726
Investment Technology Gp Inc New *		200		5,104
JPMorgan Chase & Co.		15,470		411,193
Northern Trust Corp.		370		22,133
Raymond James Financial, Inc.		2,100		41,370
State Street Corp.		4,300		132,354
The Goldman Sachs Group, Inc.		1,600		169,632

				955,690


Energy 14.1%
Anadarko Petroleum Corp.		2,700		105,003
Chesapeake Energy Corp.		1,310		22,349
Chevron Corp.		13,200		887,568
ConocoPhillips		5,800		227,128
Encore Acquisition Co. *		900		20,943
ENSCO International, Inc.		600		15,840
Exxon Mobil Corp.		15,900		1,082,790
Helix Energy Solutions Group, Inc. *		500		2,570
Helmerich & Payne, Inc.		2,100		47,817
Marathon Oil Corp.		9,600		252,384
Oil States International, Inc. *		400		5,368
Overseas Shipholding Group, Inc.		200		4,534
Plains Exploration & Production Co. *		180		3,101
Pride International, Inc. *		734		13,197
Rowan Cos., Inc.		1,300		15,561
SEACOR Holdings, Inc. *		500		29,155
Southern Union Co.		2,500		38,050
Sunoco, Inc.		1,100		29,128
Tidewater, Inc.		1,040		38,615

				2,841,101


Food & Staples Retailing 3.8%
BJ’s Wholesale Club, Inc. *		1,300		41,587
CVS Caremark Corp.		9,200		252,908
Safeway, Inc.		7,600		153,444
Wal-Mart Stores, Inc.		5,400		281,340
Walgreen Co.		1,600		41,536

				770,815


Food, Beverage & Tobacco 7.3%
Altria Group, Inc.		4,500		72,090
Archer-Daniels-Midland Co.		9,300		258,354

See financial notes 27

Laudus Rosenberg U.S. Large Capitalization Value Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

ConAgra Foods, Inc.		6,880		116,065
Corn Products International, Inc.		1,300		27,560
Dean Foods Co. *		1,100		19,888
Del Monte Foods Co.		4,400		32,076
General Mills, Inc.		4,500		224,460
H.J. Heinz Co.		1,700		56,202
Kellogg Co.		2,100		76,923
Kraft Foods, Inc., Class A		11,400		254,106
Lorillard, Inc.		300		18,522
PepsiAmericas, Inc.		1,300		22,425
Reynolds American, Inc.		2,100		75,264
Sara Lee Corp.		11,460		92,597
The J.M. Smucker Co.		1,700		63,359
The Pepsi Bottling Group, Inc.		2,800		61,992

				1,471,883


Health Care Equipment & Services 3.3%
Beckman Coulter, Inc.		400		20,404
Cardinal Health, Inc.		1,800		56,664
Community Health Systems, Inc. *		1,600		24,544
Coventry Health Care, Inc. *		700		9,058
Health Net, Inc. *		2,300		33,304
Humana, Inc. *		1,400		36,512
Inverness Medical Innovations, Inc. *		900		23,967
LifePoint Hospitals, Inc. *		1,100		22,946
Lincare Holdings, Inc. *		200		4,360
McKesson Corp.		1,700		59,568
Omnicare, Inc.		2,040		49,959
Teleflex, Inc.		820		32,054
The Cooper Cos., Inc.		1,100		29,084
WellPoint, Inc. *		6,800		258,196

				660,620


Household & Personal Products 3.4%
Avon Products, Inc.		300		5,769
Kimberly-Clark Corp.		3,900		179,829
NBTY, Inc. *		700		9,856
The Clorox Co.		1,900		97,812
The Procter & Gamble Co.		8,460		398,381

				691,647


Insurance 5.4%
Allied World Assurance Co. Holdings Ltd.		1,100		41,833
American Financial Group, Inc.		1,700		27,285
Aon Corp.		300		12,246
Arch Capital Group Ltd. *		900		48,474
Assurant, Inc.		2,371		51,640
Endurance Specialty Holdings Ltd.		1,000		24,940
Everest Re Group Ltd.		1,300		92,040
Hanover Insurance Group, Inc.		1,200		34,584
HCC Insurance Holdings, Inc.		2,500		62,975
PartnerRe Ltd.		1,100		68,277
StanCorp Financial Group, Inc.		1,000		22,780
The Chubb Corp.		5,500		232,760
The Travelers Cos., Inc.		6,990		284,074
Unum Group		6,000		75,000

				1,078,908


Materials 1.6%
Eastman Chemical Co.		1,400		37,520
FMC Corp.		1,000		43,140
PPG Industries, Inc.		3,000		110,700
RPM International, Inc.		590		7,511
Sealed Air Corp.		3,400		46,920
Sonoco Products Co.		1,500		31,470
The Mosaic Co.		800		33,584
The Scotts Miracle-Gro Co., Class A		300		10,410

				321,255


Media 1.4%
Comcast Corp., Class A		20,800		283,712
The Interpublic Group of Cos., Inc. *		1,600		6,592

				290,304


Pharmaceuticals, Biotechnology & Life Sciences 14.0%
Amgen, Inc. *		8,300		411,016
Bristol-Myers Squibb Co.		3,340		73,213
Endo Pharmaceuticals Holdings, Inc. *		300		5,304
Forest Laboratories, Inc. *		4,900		107,604
Johnson & Johnson		12,100		636,460
King Pharmaceuticals, Inc. *		4,900		34,643
Life Technologies Corp. *		1,100		35,728
Merck & Co., Inc.		12,410		331,967
Mylan, Inc. *		5,000		67,050
PerkinElmer, Inc.		1,500		19,155
Pfizer, Inc.		51,710		704,290
Thermo Fisher Scientific, Inc. *		4,600		164,082
Watson Pharmaceuticals, Inc. *		1,200		37,332
Wyeth		4,220		181,629

				2,809,473


Real Estate 0.1%
Hospitality Properties Trust		1,900		22,800


Retailing 4.8%
Barnes & Noble, Inc.		900		19,242
Family Dollar Stores, Inc.		2,700		90,099
Limited Brands, Inc.		1,900		16,530
Lowe’s Cos., Inc.		18,400		335,800
RadioShack Corp.		2,800		23,996
Staples, Inc.		2,200		39,842
Target Corp.		1,300		44,707
The Gap, Inc.		4,800		62,352
The Home Depot, Inc.		13,900		327,484

				960,052


Semiconductors & Semiconductor Equipment 0.1%
Atmel Corp. *		3,700		13,431


Software & Services 2.1%
Affiliated Computer Services, Inc., Class A *		1,400		67,046
Amdocs Ltd. *		2,500		46,300
CA, Inc.		3,950		69,560

28 See financial notes

Laudus Rosenberg U.S. Large Capitalization Value Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Computer Sciences Corp. *		2,630		96,889
Compuware Corp. *		2,100		13,839
Convergys Corp. *		2,800		22,624
DST Systems, Inc. *		300		10,386
IAC/InterActiveCorp. *		1,800		27,414
Novell, Inc. *		2,600		11,076
Synopsys, Inc. *		2,800		58,044

				423,178


Technology Hardware & Equipment 0.9%
Brocade Communications Systems, Inc. *		6,800		23,460
International Business Machines Corp.		800		77,512
Lexmark International, Inc., Class A *		1,800		30,366
NCR Corp. *		300		2,385
QLogic Corp. *		2,700		30,024
Western Digital Corp. *		700		13,538

				177,285


Telecommunication Services 8.6%
AT&T, Inc.		31,900		803,880
CenturyTel, Inc.		1,900		53,428
Embarq Corp.		700		26,495
Frontier Communications Corp.		5,500		39,490
Qwest Communications International, Inc.		15,647		53,513
Verizon Communications, Inc.		23,420		707,284
Windstream Corp.		4,600		37,076

				1,721,166


Transportation 1.1%
Continental Airlines, Inc., Class B *		700		6,167
CSX Corp.		300		7,755
Norfolk Southern Corp.		4,900		165,375
Ryder System, Inc.		900		25,479
Union Pacific Corp.		380		15,622
UTI Worldwide, Inc.		200		2,390

				222,788


Utilities 11.4%
AGL Resources, Inc.		800		21,224
Alliant Energy Corp.		1,910		47,158
Ameren Corp.		2,500		57,975
American Electric Power Co., Inc.		6,140		155,096
Atmos Energy Corp.		1,800		41,616
CenterPoint Energy, Inc.		2,500		26,075
CMS Energy Corp.		4,500		53,280
Consolidated Edison, Inc.		4,500		178,245
DTE Energy Co.		3,200		88,640
Duke Energy Corp.		18,600		266,352
Edison International		5,400		155,574
FirstEnergy Corp.		1,200		46,320
FPL Group, Inc.		4,080		206,979
MDU Resources Group, Inc.		3,660		59,072
Mirant Corp. *		1,280		14,592
NiSource, Inc.		5,600		54,880
Northeast Utilities		3,100		66,929
NRG Energy, Inc. *		2,600		45,760
NV Energy, Inc.		3,800		35,682
OGE Energy Corp.		1,900		45,258
ONEOK, Inc.		2,200		49,786
Pepco Holdings, Inc.		4,200		52,416
PG&E Corp.		5,200		198,744
Pinnacle West Capital Corp.		1,900		50,464
SCANA Corp.		2,300		71,047
UGI Corp.		2,114		49,912
Xcel Energy, Inc.		7,700		143,451

				2,282,527
Total Common Stock (Cost $23,065,799)				19,664,038




Other Investment Company 3.1% of net assets
State Street Institutional Liquid Reserves Fund - Institutional Class		621,851		621,851
Total Other Investment Company (Cost $621,851)				621,851


End of Investments.

At 03/31/09, the tax basis cost of the fund’s investments was $23,894,168 and the unrealized appreciation and depreciation were $302,934 and ($3,911,213), respectively, with a net unrealized depreciation of ($3,608,279).


*		Non-income producing security.

See financial notes 29

Laudus Rosenberg U.S. Large Capitalization Value Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $23,687,650)		$20,285,889
Receivables:
Investments sold		276,806
Dividends		43,037
Due from investment adviser		5,588
Fund shares sold		1,589
Interest		226
Prepaid expenses	+	119


Total assets		20,613,254


Liabilities
Payables:
Investments bought		496,385
Distribution and shareholder services fees		141
Fund shares redeemed		12
Accrued expenses	+	41,719


Total liabilities		538,257


Net Assets
Total assets		20,613,254
Total liabilities	−	538,257


Net assets		$20,074,997
Net Assets by Source
Capital received from investors		25,985,211
Net investment income not yet distributed		137,456
Net realized capital losses		(2,645,909	)
Net unrealized capital losses		(3,401,761	)

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$623,835		101,637			$6.14
Select Shares	$19,451,162		3,160,043			$6.16

30 See financial notes

Laudus Rosenberg U.S. Large Capitalization Value Fund

Statement of

Operations

For April 1, 2008 through March 31, 2009.




Investment Income
Dividends		$402,706
Interest	+	1,355


Total Investment Income		404,061


Net Realized Gains and Losses
Net realized losses on investments		(2,610,683	)


Net Unrealized Gains and Losses
Net unrealized losses on investments		(3,749,481	)


Expenses
Investment adviser fees		86,926
Accounting and administration fees		39,514
Professional fees		32,605
Registration fees		25,220
Transfer agent fees		15,892
Custodian fees		8,299
Trustees’ fees		5,781
Shareholder reports		4,244
Distribution and shareholder services fees (Investor Shares)		1,471
Sub-Accounting fees (Investor Shares)		793
Other expenses	+	4,928


Total expenses		225,673
Expense reduction by adviser	−	126,587
Custody credits	−	236


Net expenses		98,850


Increase (Decrease) in Net Assets from Operations
Total investment income		404,061
Net expenses	−	98,850


Net investment income		305,211
Net realized losses		(2,610,683	)
Net unrealized losses	+	(3,749,481	)


Decrease in net assets from operations		($6,054,953	)

See financial notes 31

Laudus Rosenberg U.S. Large Capitalization Value Fund

Statements of

Changes in Net Assets

For the current and prior report periods.




Operations


		4/1/08-3/31/09			4/1/07-3/31/08
Net investment income			$305,211			$86,559
Net realized gains (losses)			(2,610,683	)		223,229
Net unrealized losses	+		(3,749,481	)		(653,994	)


Decrease in net assets from operations			(6,054,953	)		(344,206	)


Distributions to Shareholders¹
Distributions from net investment income
Investor Shares			5,845			4,658
Select Shares	+		184,126			79,412


Total distributions from net investment income			189,971			84,070


Distributions from net realized gains
Investor Shares			-			57,870
Select Shares	+		-			721,640


Total distributions from net realized gains			-			779,510
Total distributions			$189,971			$863,580

Transactions in Fund Shares¹


		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			VALUE			SHARES			VALUE


Shares Sold
Investor Shares			92,116			$722,726			18,847			$243,213
Select Shares	+		3,134,668			23,697,085			25,907			320,163


Total shares sold			3,226,784			$24,419,811			44,754			$563,376


Shares Reinvested
Investor Shares			741			$5,325			5,381			$59,887
Select Shares	+		25,396			182,848			70,923			790,081


Total shares reinvested			26,137			$188,173			76,304			$849,968


Shares Redeemed
Investor Shares			(34,668	)		($245,352	)		(23,337	)		($300,566	)
Select Shares	+		(550,568	)		(4,261,188	)		(21,717	)		(285,264	)


Total shares redeemed			(585,236	)		($4,506,540	)		(45,054	)		($585,830	)

Net transactions in fund shares			2,667,685			$20,101,444			76,004			$827,514


Shares Outstanding and Net Assets
		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			NET ASSETS			SHARES			NET ASSETS
Beginning of period			593,995			$6,218,477			517,991			$6,598,749
Total increase or decrease	+		2,667,685			13,856,520			76,004			(380,272	)


End of period			3,261,680			$20,074,997			593,995			$6,218,477


Net investment income not yet distributed						$137,456						$22,576


¹	Effective July 31, 2008, Institutional Shares were redesignated as Select Shares.

32 See financial notes

Laudus Rosenberg U.S. Discovery Fund

Financial Statements

Financial Highlights


	4/1/08–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Investor Shares	3/31/09			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		15.97			19.59			19.07			15.88			14.66

Income (loss) from investment operations:
Net investment income (loss)		0.02	¹		(0.04	)		(0.06	)		(0.03	)		(0.05	)¹
Net realized and unrealized gains (losses)		(6.60	)		(2.10	)		1.06			3.55			1.47

Total from investment operations		(6.58	)		(2.14	)		1.00			3.52			1.42
Less distributions:
Distributions from net investment income		(0.02	)		—			—			—			(0.02	)
Distributions from net realized gains		(0.07	)		(1.48	)		(0.48	)		(0.16	)		(0.18	)
Return of Capital		—			—			—			(0.17	)		—

Total distributions		(0.09	)		(1.48	)		(0.48	)		(0.33	)		(0.20	)

Net asset value at end of period		9.30			15.97			19.59			19.07			15.88

Total return (%)		(41.24	)		(11.36	)		5.34			22.40			9.70

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.40			1.34			1.34			1.43			1.49
Gross operating expenses		1.40			1.34			1.35			1.43			1.55
Net investment income (loss)		0.13			(0.20	)		(0.21	)		(0.20	)		(0.30	)
Portfolio turnover rate		115			74			86			89			63
Net assets, end of period ($ x 1,000)		81,981			169,670			217,045			284,285			58,284


	4/1/08–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Select Shares	3/31/09²			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		16.23			19.80			19.23			15.96			14.71

Income (loss) from investment operations:
Net investment income (loss)		0.07	¹		0.04			0.03			0.02			0.03	¹
Net realized and unrealized gains (losses)		(6.71	)		(2.13	)		1.05			3.58			1.44

Total from investment operations		(6.64	)		(2.09	)		1.08			3.60			1.47
Less distributions:
Distributions from net investment income		(0.08	)		0.00	³		(0.03	)		—			(0.04	)
Distributions from net realized gains		(0.07	)		(1.48	)		(0.48	)		(0.16	)		(0.18	)
Return of Capital		—			—			—			(0.17	)		—

Total distributions		(0.15	)		(1.48	)		(0.51	)		(0.33	)		(0.22	)

Net asset value at end of period		9.44			16.23			19.80			19.23			15.96

Total return (%)		(40.99	)		(10.98	)		5.71			22.80			9.98

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		0.99			0.96			0.97			1.09			1.14
Gross operating expenses		0.99			0.96			0.97			1.09			1.20
Net investment income (loss)		0.53			0.18			0.17			0.15			0.23
Portfolio turnover rate		115			74			86			89			63
Net assets, end of period ($ x 1,000)		295,568			566,055			718,185			673,599			256,444

¹ Calculated based on the average shares outstanding during the period.

² Effective July 31, 2008, the Institutional Shares were redesignated as Select Shares.

³ Amount less than $0.005.

See financial notes 33

Laudus Rosenberg U.S. Discovery Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.

Cost

Value

Holdings by Category

($)

.2%

Common Stock

483,943,639

370,718,279

.9%

Other Investment Company

7,395,243

100

.1%

Total Investments

491,338,882

378,113,522

.1)%

Other Assets and Liabilities, Net

(564,585

)

100

.0%

Net Assets

377,548,937


	Number		Value
Security	of Shares		($)





Common Stock 98.2% of net assets


Automobiles & Components 0.0%
Exide Technologies *		46,152		138,456


Banks 6.0%
Alliance Financial Corp.		810		14,531
Astoria Financial Corp.		87,288		802,177
Banco Latinoamericano de Exportaciones, S.A., Class E		52,640		493,237
BancorpSouth, Inc.		61,727		1,286,391
Bank of Hawaii Corp.		28,200		930,036
Berkshire Hills Bancorp, Inc.		6,923		158,675
BOK Financial Corp.		7,699		266,000
Brookline Bancorp, Inc.		15,300		145,350
Capitol Federal Financial		5,700		215,517
Carolina Bank Holdings, Inc. *		6,600		27,720
Central Valley Community Bancorp *		2,488		11,619
City National Corp.		24,580		830,067
Commerce Bancshares, Inc.		59,455		2,158,216
Community Bank System, Inc.		8,470		141,872
Cullen/Frost Bankers, Inc.		35,600		1,671,064
ESB Financial Corp.		1,250		13,737
First Citizens BancShares, Inc., Class A		10,404		1,371,247
First Defiance Financial Corp.		13,339		80,568
First Federal Bancshares of Arkansas, Inc.		3,002		14,109
First Financial Bankshares, Inc.		5,100		245,667
First United Corp.		1,333		11,171
FirstMerit Corp.		27,632		502,902
Glacier Bancorp, Inc.		34,563		542,985
Hawthorn Bancshares, Inc.		4,602		52,233
HF Financial Corp.		7,361		93,853
Hopfed Bancorp, Inc.		1,310		12,412
Horizon Bancorp		4,409		48,940
International Bancshares Corp.		10,428		81,338
Intervest Bancshares Corp., Class A		399		858
LSB Financial Corp.		2,483		27,313
New York Community Bancorp, Inc.		29,570		330,297
NewAlliance Bancshares, Inc.		177,520		2,084,085
OceanFirst Financial Corp.		5,249		53,645
Parkvale Financial Corp.		10,562		115,971
People’s United Financial, Inc.		157,109		2,823,249
Peoples Bancorp of North Carolina		11,844		68,103
Premier Financial Bancorp, Inc.		7,195		38,853
Prosperity Bancshares, Inc.		33,020		903,097
QCR Holdings, Inc.		3,320		26,693
Republic Bancorp, Inc., Class A		2,100		39,207
Southern Missouri Bancorp, Inc.		5,141		55,111
Southside Bancshares, Inc.		8,850		167,265
SVB Financial Group *		16,900		338,169
Tamalpais Bancorp		3,556		19,558
TCF Financial Corp.		17,086		200,931
TF Financial Corp.		6,010		109,322
Tompkins Financial Corp.		1,700		73,100
UMB Financial Corp.		8,010		340,345
United Western Bancorp, Inc.		13,615		66,441
Valley National Bancorp		95,650		1,183,190
Westamerica Bancorp		15,912		724,951
Wilmington Trust Corp.		39,927		386,893
Wintrust Financial Corp.		8,280		101,844

				22,502,125


Capital Goods 3.6%
A-Power Energy Generation Systems Ltd. *		1,583		6,870
Aecom Technology Corp. *		189,000		4,929,120
Aircastle Ltd.		105,347		489,864
Albany International Corp., Class A		18,670		168,963
Applied Industrial Technologies, Inc.		11,210		189,113
Beacon Roofing Supply, Inc. *		99,300		1,329,627
Esterline Technologies Corp. *		24,890		502,529
Federal Signal Corp.		59,350		312,774
Force Protection, Inc. *		25,459		122,203
Griffon Corp. *		56,009		420,067
H&E Equipment Services, Inc. *		36,996		242,324
Interline Brands, Inc. *		11,690		98,547
K-Tron International, Inc. *		190		11,527
KBR, Inc.		183,811		2,538,430
Lawson Products, Inc.		6,686		81,369
Michael Baker Corp. *		17,100		444,600
Rush Enterprises, Inc., Class A *		47,826		426,608
Seaboard Corp.		462		466,620
Teledyne Technologies, Inc. *		2,500		66,700
The L.S. Starrett Co., Class A		8,051		50,319
Triumph Group, Inc.		15,663		598,327
Willis Lease Finance Corp. *		21,670		229,269

				13,725,770


Commercial & Professional Supplies 1.9%
ABM Industries, Inc.		7,275		119,310
Administaff, Inc.		45,800		967,754

34 See financial notes

Laudus Rosenberg U.S. Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

CDI Corp.		1,554		15,105
Comfort Systems USA, Inc.		59,364		615,605
Deluxe Corp.		110,084		1,060,109
Ecology & Environment, Inc., Class A		4,252		53,490
G & K Services, Inc., Class A		2,509		47,445
GeoEye, Inc. *		240		4,740
GP Strategies Corp. *		35,012		124,643
Heidrick & Struggles International, Inc.		10,823		192,000
Industrial Services of America, Inc.		7,500		34,425
Intersections, Inc. *		6,380		34,005
Kelly Services, Inc., Class A		79,330		638,607
LECG Corp. *		2,836		7,203
National Technical Systems, Inc.		16,403		48,553
Sykes Enterprises, Inc. *		83,840		1,394,259
United Stationers, Inc. *		50,716		1,424,105
Volt Information Sciences, Inc. *		29,941		199,108
VSE Corp.		6,631		177,048

				7,157,514


Consumer Durables & Apparel 0.1%
CSS Industries, Inc.		6,381		108,477
Liz Claiborne, Inc.		79,176		195,565
Steven Madden Ltd. *		1,875		35,212
Tupperware Brands Corp.		3,500		59,465

				398,719


Consumer Services 2.7%
Ark Restaurants Corp.		6,840		63,338
Bally Technologies, Inc. *		29,960		551,863
Bob Evans Farms, Inc.		79,762		1,788,264
CEC Entertainment, Inc. *		44,100		1,141,308
Coinstar, Inc. *		24,707		809,401
Cracker Barrel Old Country Store, Inc.		64,094		1,835,652
Domino’s Pizza, Inc. *		11,820		77,421
Frisch’s Restaurants, Inc.		4,580		92,745
ITT Educational Services, Inc. *		9,500		1,153,490
Jack in the Box, Inc. *		4,340		101,079
LIFE TIME FITNESS, Inc. *		50,545		634,845
Red Lion Hotels Corp. *		9,400		27,542
Red Robin Gourmet Burgers, Inc. *		10,220		180,179
Regis Corp.		48,550		701,547
Sonic Corp. *		70,878		710,198
Speedway Motorsports, Inc.		37,440		442,541

				10,311,413


Diversified Financials 0.6%
California First National Bancorp		8,630		64,725
Cash America International, Inc.		49,170		770,002
EZCORP, Inc., Class A *		81,199		939,473
Interactive Brokers Group, Inc., Class A *		3,125		50,406
QC Holdings, Inc.		9,812		57,989
Raymond James Financial, Inc.		26,700		525,990

				2,408,585


Energy 3.4%
Atlas America, Inc.		47,450		415,188
Hornbeck Offshore Services, Inc. *		530		8,077
Massey Energy Co.		106,002		1,072,740
Mitcham Industries, Inc. *		22,556		85,938
SEACOR Holdings, Inc. *		42,950		2,504,414
Southern Union Co.		221,600		3,372,752
Swift Energy Co. *		71,200		519,760
Tesoro Corp.		7,615		102,574
Tidewater, Inc.		130,158		4,832,767

				12,914,210


Food & Staples Retailing 0.9%
Nash Finch Co.		33,263		934,357
Susser Holdings Corp. *		4,670		62,765
The Andersons, Inc.		7,036		99,489
The Pantry, Inc. *		52,600		926,286
Weis Markets, Inc.		15,545		482,517
Winn-Dixie Stores, Inc. *		109,080		1,042,805

				3,548,219


Food, Beverage & Tobacco 4.6%
B&G Foods, Inc., Class A		10,490		54,548
Cal-Maine Foods, Inc.		36,900		826,191
Constellation Brands, Inc., Class A *		527,776		6,280,534
Corn Products International, Inc.		165,177		3,501,752
Dean Foods Co. *		107,991		1,952,477
Flowers Foods, Inc.		157,768		3,704,393
HQ Sustainable Maritime Industries, Inc. *		10,880		83,232
J & J Snack Foods Corp.		6,059		209,581
Omega Protein Corp. *		41,440		109,402
Overhill Farms, Inc. *		31,380		119,872
Tasty Baking Co.		22,514		95,009
The Boston Beer Co., Inc., Class A *		10,721		223,640
Tyson Foods, Inc., Class A		18,483		173,555

				17,334,186


Health Care Equipment & Services 8.8%
Allied Healthcare Products, Inc. *		11,835		39,292
Amedisys, Inc. *		17,762		488,278
American Dental Partners, Inc. *		11,878		78,632
American Medical Systems Holdings, Inc. *		6,453		71,951
AMERIGROUP Corp. *		48,995		1,349,322
Anika Therapeutics, Inc. *		10,781		49,269
Capital Senior Living Corp. *		10,257		25,027
Cardiac Science Corp. *		59,815		180,043
CONMED Corp. *		73,087		1,053,184
Coventry Health Care, Inc. *		157,770		2,041,544
Daxor Corp.		608		9,363
Dynacq Healthcare, Inc. *		2,270		7,922
ev3, Inc. *		60,425		429,018
Gen-Probe, Inc. *		4,660		212,403
Healthways, Inc. *		72,780		638,281
Hologic, Inc. *		237,954		3,114,818
Invacare Corp.		73,331		1,175,496
Inverness Medical Innovations, Inc. *		196,125		5,222,809

See financial notes 35

Laudus Rosenberg U.S. Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Kewaunee Scientific Corp.		5,900		54,575
Kindred Healthcare, Inc. *		81,167		1,213,447
Kinetic Concepts, Inc. *		66,593		1,406,444
Lincare Holdings, Inc. *		7,370		160,666
MedCath Corp. *		33,516		243,661
Molina Healthcare, Inc. *		12,600		239,652
Omnicare, Inc.		69,730		1,707,688
Orthofix International N.V. *		46,310		857,661
SonoSite, Inc. *		16,397		293,179
Span-America Medical Systems, Inc.		7,600		66,082
SurModics, Inc. *		27,853		508,317
Teleflex, Inc.		128,880		5,037,919
The Cooper Cos., Inc.		100,314		2,652,302
Universal American Financial Corp. *		108,460		918,656
Wright Medical Group, Inc. *		46,975		612,084
Zoll Medical Corp. *		60,998		875,931

				33,034,916


Household & Personal Products 2.4%
American Oriental Bioengineering, Inc. *		142,328		549,386
China Sky One Medical, Inc. *		2,698		31,027
Church & Dwight Co., Inc.		129,500		6,763,785
Elizabeth Arden, Inc. *		66,407		387,153
Inter Parfums, Inc.		33,740		196,704
Medifast, Inc. *		15,330		63,620
Natural Alternative International, Inc. *		16,941		104,865
Nu Skin Enterprises, Inc., Class A		21,733		227,979
Nutraceutical International Corp. *		15,190		101,773
Oil-Dri Corp. of America		1,383		20,399
Prestige Brands Holdings, Inc. *		75,323		390,173
Revlon, Inc., Class A *		79,162		196,322
Schiff Nutrition International, Inc. *		20,320		91,440

				9,124,626


Insurance 3.5%
Allied World Assurance Co. Holdings Ltd.		63,460		2,413,384
American Financial Group, Inc.		216,693		3,477,923
American Physicians Service Group, Inc.		13,885		266,175
Argo Group International Holdings Ltd. *		62,423		1,880,805
Aspen Insurance Holdings Ltd.		163,170		3,664,798
Endurance Specialty Holdings Ltd.		31,500		785,610
National Western Life Insurance Co., Class A		200		22,600
PMA Capital Corp., Class A *		8,789		36,650
RenaissanceRe Holdings Ltd.		1,568		77,522
Unico American Corp. *		11,830		91,919
Universal Insurance Holdings, Inc.		48,416		182,044
Wesco Financial Corp.		338		93,288

				12,992,718


Materials 3.1%
A. Schulman, Inc.		4,661		63,157
Friedman Industries, Inc.		15,410		76,279
Glatfelter		23,400		146,016
Innospec, Inc.		25,177		94,917
International Flavors & Fragrances, Inc.		14,010		426,745
NewMarket Corp.		16,110		713,673
Olin Corp.		90,162		1,286,612
Rock-Tenn Co., Class A		75,606		2,045,142
RPM International, Inc.		225,390		2,869,215
Schweitzer-Mauduit International, Inc.		35,298		651,601
The Scotts Miracle-Gro Co., Class A		95,458		3,312,393
Wausau Paper Corp.		25,666		135,003

				11,820,753


Media 0.1%
Live Nation, Inc. *		154,936		413,679
Mediacom Communications Corp., Class A *		13,551		54,611

				468,290


Pharmaceuticals, Biotechnology & Life Sciences 10.9%
Albany Molecular Research, Inc. *		9,565		90,198
Alexion Pharmaceuticals, Inc. *		88,648		3,338,484
Alkermes, Inc. *		211,450		2,564,889
Bio-Rad Laboratories, Inc., Class A *		2,476		163,168
Caraco Pharmaceutical Laboratories Ltd. *		24,580		86,522
Celera Corp. *		25,030		190,979
Endo Pharmaceuticals Holdings, Inc. *		268,230		4,742,306
Harvard Bioscience, Inc. *		60,908		181,506
Kendle International, Inc. *		2,940		61,622
King Pharmaceuticals, Inc. *		546,100		3,860,927
Life Technologies Corp. *		228,715		7,428,663
Martek Biosciences Corp. *		76,075		1,388,369
Medicis Pharmaceutical Corp., Class A		8,060		99,702
Mylan, Inc. *		249,154		3,341,155
Neurocrine Biosciences, Inc. *		89,746		318,598
Noven Pharmaceuticals, Inc. *		21,430		203,156
OSI Pharmaceuticals, Inc. *		11,948		457,131
Pain Therapeutics, Inc. *		40,167		168,701
Par Pharmaceutical Cos., Inc. *		54,540		516,494
PAREXEL International Corp. *		114,526		1,114,338
PDL BioPharma, Inc.		156,034		1,104,721
PerkinElmer, Inc.		288,214		3,680,493
Repligen Corp. *		68,591		328,551
Varian, Inc. *		35,430		841,108
Warner Chilcott Ltd., Class A *		180,043		1,894,052
Watson Pharmaceuticals, Inc. *		98,274		3,057,304

				41,223,137


Real Estate 1.5%
Cedar Shopping Centers, Inc.		63,966		111,301
DiamondRock Hospitality Co.		8,110		32,521
Entertainment Properties Trust		60,500		953,480
First Potomac Realty Trust		28,440		209,034
Hospitality Properties Trust		164,140		1,969,680

36 See financial notes

Laudus Rosenberg U.S. Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

HRPT Properties Trust		489,174		1,560,465
Medical Properties Trust, Inc.		21,200		77,380
Mission West Properties, Inc.		47,049		301,113
One Liberty Properties, Inc.		26,650		93,808
Ramco-Gershenson Properties Trust		36,600		236,070
Transcontinental Realty Investors, Inc. *		1,273		14,016

				5,558,868


Retailing 9.3%
99 Cents Only Stores *		55,930		516,793
Aeropostale, Inc. *		145,100		3,853,856
Barnes & Noble, Inc.		80,080		1,712,110
Big Lots, Inc. *		208,846		4,339,820
Books-A-Million, Inc.		22,713		104,480
Collective Brands, Inc. *		15,478		150,756
Dollar Tree, Inc. *		183,145		8,159,110
Expedia, Inc. *		253,105		2,298,193
Family Dollar Stores, Inc.		15,642		521,973
Haverty Furniture Cos., Inc.		44,031		463,646
Jo-Ann Stores, Inc. *		65,809		1,075,319
Jos. A. Bank Clothiers, Inc. *		43,572		1,211,737
Monro Muffler Brake, Inc.		2,781		76,005
Netflix, Inc. *		95,068		4,080,319
RadioShack Corp.		317,000		2,716,690
REX Stores Corp. *		24,448		262,083
Stage Stores, Inc.		16,278		164,082
Systemax, Inc. *		25,435		328,620
The Children’s Place Retail Stores, Inc. *		65,530		1,434,452
The Dress Barn, Inc. *		21,970		270,011
The Finish Line, Inc., Class A		44,142		292,220
The Pep Boys - Manny, Moe & Jack		115,870		510,987
Tractor Supply Co. *		8,945		322,557
West Marine, Inc. *		25,020		133,857

				34,999,676


Semiconductors & Semiconductor Equipment 2.8%
Actel Corp. *		67,495		683,050
CEVA, Inc. *		33,440		243,443
Cirrus Logic, Inc. *		177,932		669,024
FEI Co. *		90,663		1,398,930
Integrated Device Technology, Inc. *		517,000		2,352,350
IXYS Corp.		2,814		22,681
LSI Corp. *		14,156		43,034
Skyworks Solutions, Inc. *		454,433		3,662,730
Standard Microsystems Corp. *		47,441		882,403
TriQuint Semiconductor, Inc. *		166,634		411,586

				10,369,231


Software & Services 18.3%
AsiaInfo Holdings, Inc. *		3,138		52,875
CACI International, Inc., Class A *		22,602		824,747
CIBER, Inc. *		163,269		445,724
Computer Task Group, Inc. *		29,411		101,468
Compuware Corp. *		348,942		2,299,528
Convergys Corp. *		326,157		2,635,349
CSG Systems International, Inc. *		78,900		1,126,692
Dynamics Research Corp. *		18,374		133,028
EarthLink, Inc. *		302,752		1,989,081
Edgewater Technology, Inc. *		23,273		65,164
Fair Isaac Corp.		38,075		535,715
GSI Commerce, Inc. *		54,600		715,260
Hewitt Associates, Inc., Class A *		224,574		6,683,322
IAC/InterActiveCorp. *		186,487		2,840,197
JDA Software Group, Inc. *		75,752		874,936
Keynote Systems, Inc. *		29,014		230,081
Lawson Software, Inc. *		378,901		1,610,329
MAXIMUS, Inc.		54,634		2,177,711
Mentor Graphics Corp. *		195,063		866,080
Metavante Technologies, Inc. *		7,910		157,884
Ness Technologies, Inc. *		98,791		291,433
NetScout Systems, Inc. *		70,816		507,043
Novell, Inc. *		953,564		4,062,183
Parametric Technology Corp. *		246,000		2,455,080
Perot Systems Corp., Class A *		227,578		2,931,205
Progress Software Corp. *		12,582		218,423
QAD, Inc.		39,060		98,822
Quest Software, Inc. *		131,900		1,672,492
Radiant Systems, Inc. *		58,793		259,277
S1 Corp. *		102,521		527,983
Sohu.com, Inc. *		60,340		2,492,645
Solera Holdings, Inc. *		157,857		3,911,696
SonicWALL, Inc. *		46,860		208,996
SPSS, Inc. *		51,700		1,469,831
Sybase, Inc. *		256,161		7,759,117
Synopsys, Inc. *		353,755		7,333,341
TechTeam Global, Inc. *		26,600		129,808
TIBCO Software, Inc. *		163,479		959,622
United Online, Inc.		183,353		817,754
Web.com Group, Inc. *		58,391		193,858
Websense, Inc. *		124,851		1,498,212
Wind River Systems, Inc. *		213,034		1,363,418
Wright Express Corp. *		89,546		1,631,528

				69,158,938


Technology Hardware & Equipment 2.2%
Arris Group, Inc. *		72,110		531,451
Astro-Med, Inc.		15,610		84,918
Avocent Corp. *		17,617		213,870
Black Box Corp.		47,851		1,129,762
Coherent, Inc. *		59,892		1,033,137
CPI International, Inc. *		22,200		208,680
CTS Corp.		36,364		131,274
Electronics for Imaging, Inc. *		9,426		92,375
Emulex Corp. *		268,530		1,350,706
Gerber Scientific, Inc. *		20,276		48,460
Image Sensing Systems, Inc. *		1,720		15,308
Insight Enterprises, Inc. *		124,171		379,963
IntriCon Corp. *		5,930		19,035
Measurement Specialties, Inc. *		38,491		157,428
Mercury Computer Systems, Inc. *		11,991		66,310
O.I. Corp.		4,685		38,042
Oplink Communications, Inc. *		10,045		77,347
OSI Systems, Inc. *		41,620		635,121
PC Mall, Inc. *		25,291		114,821
Perceptron, Inc. *		16,078		57,077
Richardson Electronics Ltd.		4,323		14,612
Super Micro Computer, Inc. *		404		1,988
SYNNEX Corp. *		36,469		717,345

See financial notes 37

Laudus Rosenberg U.S. Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Tekelec *		33,702		445,878
TESSCO Technologies, Inc. *		11,080		85,981
Tollgrade Communications, Inc. *		31,971		185,432
Vicon Industries, Inc. *		9,292		49,433
Vishay Intertechnology, Inc. *		67,607		235,272

				8,121,026


Telecommunication Services 2.4%
CenturyTel, Inc.		246,468		6,930,680
NII Holdings, Inc. *		51,614		774,210
Premiere Global Services, Inc. *		94,195		830,800
SureWest Communications		24,932		194,470
USA Mobility, Inc.		39,380		362,690

				9,092,850


Transportation 1.2%
International Shipholding Corp.		8,179		160,881
Ryder System, Inc.		49,285		1,395,258
Saia, Inc. *		14,773		176,537
SkyWest, Inc.		97,331		1,210,798
TBS International Ltd., Class A *		25,645		188,491
UTI Worldwide, Inc.		119,020		1,422,289

				4,554,254


Utilities 7.9%
AGL Resources, Inc.		13,190		349,931
Alliant Energy Corp.		273,302		6,747,826
Artesian Resources Corp., Class A		11,103		155,664
CMS Energy Corp.		537,689		6,366,238
Delta Natural Gas Co., Inc.		7,105		152,118
El Paso Electric Co. *		67,820		955,584
IDACORP, Inc.		3,140		73,350
New Jersey Resources Corp.		78,652		2,672,595
Northeast Utilities		68,858		1,486,644
NorthWestern Corp.		109,205		2,345,724
NV Energy, Inc.		491,430		4,614,528
OGE Energy Corp.		20,627		491,335
Pepco Holdings, Inc.		101,152		1,262,377
Portland General Electric Co.		10,529		185,205
RGC Resources, Inc.		412		9,915
Southwest Gas Corp.		1,890		39,822
UIL Holdings Corp.		2,060		45,979
Unisource Energy Corp.		49,190		1,386,666
WGL Holdings, Inc.		12,753		418,298

				29,759,799

Total Common Stock (Cost $483,943,639)				370,718,279




Other Investment Company 1.9% of net assets
State Street Institutional Liquid Reserves Fund - Institutional Class		7,395,243		7,395,243

Total Other Investment Company (Cost $7,395,243)				7,395,243


End of Investments.



At 03/31/09, the tax basis cost of the fund’s investments was $492,312,668 and the unrealized appreciation and depreciation were $13,906,401 and ($128,105,547), respectively, with a net unrealized depreciation of ($114,199,146).


*		Non-income producing security.

38 See financial notes

Laudus Rosenberg U.S. Discovery Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $491,338,882)		$378,113,522
Cash		49,225
Receivables:
Investments sold		953,556
Fund shares sold		1,847,716
Dividends		373,006
Interest		1,577
Prepaid expenses	+	10,806


Total assets		381,349,408


Liabilities
Payables:
Investments bought		2,945,331
Investment adviser fees		30,950
Fund shares redeemed		642,280
Distribution and shareholder services fees		42,353
Trustee’s retirement plan		14,155
Accrued expenses	+	125,402


Total liabilities		3,800,471


Net Assets
Total assets		381,349,408
Total liabilities	−	3,800,471


Net assets		$377,548,937
Net Assets by Source
Capital received from investors		644,924,225
Net investment income not yet distributed		1,052,127
Net realized capital losses		(155,202,055	)
Net unrealized capital losses		(113,225,360	)

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$81,980,662		8,814,915			$9.30
Select Shares	$295,568,275		31,310,355			$9.44

See financial notes 39

Laudus Rosenberg U.S. Discovery Fund

Statement of

Operations

For April 1, 2008 through March 31, 2009.




Investment Income
Dividends (net of foreign withholding taxes of $36)		$8,451,853
Interest		76,082
Securities on loan	+	510,200


Total Investment Income		9,038,135


Net Realized Gains and Losses
Net realized losses on investments		(143,102,701	)


Net Unrealized Gains and Losses
Net unrealized losses on investments		(148,676,585	)


Expenses
Investment adviser fees		5,346,648
Distribution and shareholder services fees (Investor Shares)		334,602
Sub-Accounting fees (Investor Shares)		201,838
Transfer agent fees		145,362
Shareholder reports		99,422
Custodian fees		78,303
Accounting and administration fees		64,491
Professional fees		60,601
Registration fees		30,345
Interest expense		9,209
Other expenses	+	73,027


Total expenses		6,443,848
Custody credits	−	1,159


Net expenses		6,442,689


Increase (Decrease) in Net Assets from Operations
Total investment income		9,038,135
Net expenses	−	6,442,689


Net investment income		2,595,446
Net realized losses		(143,102,701	)
Net unrealized losses	+	(148,676,585	)


Decrease in net assets from operations		($289,183,840	)

40 See financial notes

Laudus Rosenberg U.S. Discovery Fund

Statements of

Changes in Net Assets

For the current and prior report periods.




Operations


		4/1/08-3/31/09			4/1/07-3/31/08
Net investment income			$2,595,446			$804,464
Net realized gains (losses)			(143,102,701	)		37,108,290
Net unrealized losses	+		(148,676,585	)		(131,953,681	)


Decrease in net assets from operations			(289,183,840	)		(94,040,927	)


Distributions to Shareholders ¹
Distributions from net investment income
Investor Shares			$158,428			$-
Select Shares	+		2,180,530			-


Total distributions from net investment income			2,338,958			-


Distributions from net realized gains
Investor Shares			673,788			15,189,189
Select Shares	+		2,118,982			49,870,890


Total distributions from net realized gains			2,792,770			65,060,079

Total distributions			$5,131,728			$65,060,079

Transactions in Fund Shares ¹


		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			VALUE			SHARES			VALUE


Shares Sold
Investor Shares			3,456,214			$43,031,333			2,337,924			$43,513,918
Select Shares	+		12,988,421			160,654,833			8,079,718			148,548,635


Total shares sold			16,444,635			$203,686,166			10,417,642			$192,062,553


Shares Reinvested
Investor Shares			82,365			$819,528			876,426			$14,899,234
Select Shares	+		416,456			4,197,876			2,802,405			48,369,515


Total shares reinvested			498,821			$5,017,404			3,678,831			$63,268,749


Shares Redeemed
Investor Shares			(5,347,797	)		($68,027,483	)		(3,672,199	)		($68,740,227	)
Select Shares	+		(16,973,500	)		(204,536,277	)		(12,267,874	)		(226,995,283	)


Total shares redeemed			(22,321,297	)		($272,563,760	)		(15,940,073	)		($295,735,510	)

Net transactions in fund shares			(5,377,841	)		($63,860,190	)		(1,843,600	)		($40,404,208	)


Shares Outstanding and Net Assets
		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			NET ASSETS			SHARES			NET ASSETS
Beginning of period			45,503,111			$735,724,695			47,346,711			$935,229,909
Total decrease	+		(5,377,841	)		(358,175,758	)		(1,843,600	)		(199,505,214	)


End of period			40,125,270			$377,548,937			45,503,111			$735,724,695


Net investment income not yet distributed						$1,052,127						$778,433


¹	Effective on July 31, 2008, Institutional Shares were redesignated as Select Shares.

See financial notes 41

Laudus Rosenberg U.S. Small Capitalization Fund

Financial Statements

Financial Highlights


	4/1/08–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Investor Shares	3/31/09			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		8.70			12.22			13.77			13.30			13.65

Income (loss) from investment operations:
Net investment income (loss)		0.02	¹		(0.03	)		(0.03	)		(0.04	)		(0.02	)¹
Net realized and unrealized gains (losses)		(3.76	)		(1.49	)		0.11			2.37			1.26

Total from investment operations		(3.74	)		(1.52	)		0.08			2.33			1.24
Less distributions:
Distributions from net investment income		(0.02	)		—			—			—			—
Distributions from net realized gains		(0.62	)		(2.00	)		(1.63	)		(1.86	)		(1.59	)

Total distributions		(0.64	)		(2.00	)		(1.63	)		(1.86	)		(1.59	)

Net asset value at end of period		4.32			8.70			12.22			13.77			13.30

Total return (%)		(43.79	)		(13.57	)		0.75			18.98			9.00

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.34			1.30			1.30			1.39			1.43
Gross operating expenses		1.37			1.32			1.30			1.39			1.43
Net investment income (loss)		0.21			(0.22	)		(0.25	)		(0.33	)		(0.15	)
Portfolio turnover rate		114			68			76			69			68
Net assets, end of period ($ x 1,000)		77,227			183,980			269,185			311,822			297,927


	4/1/08–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Select Shares	3/31/09²			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		9.03			12.57			14.07			13.50			13.82

Income (loss) from investment operations:
Net investment income (loss)		0.04	¹		0.03			0.02			0.00	³		0.03	¹
Net realized and unrealized gains (losses)		(3.90	)		(1.57	)		0.11			2.43			1.27

Total from investment operations		(3.86	)		(1.54	)		0.13			2.43			1.30
Less distributions:
Distributions from net investment income		(0.05	)		—			—			—			(0.03	)
Distributions from net realized gains		(0.62	)		(2.00	)		(1.63	)		(1.86	)		(1.59	)

Total distributions		(0.67	)		(2.00	)		(1.63	)		(1.86	)		(1.62	)

Net asset value at end of period		4.50			9.03			12.57			14.07			13.50

Total return (%)		(43.52	)		(13.34	)		1.11			19.46			9.36

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.00			0.96			0.95			1.04			1.09
Gross operating expenses		1.00			0.96			0.95			1.04			1.09
Net investment income (loss)		0.56			0.13			0.10			0.02			0.20
Portfolio turnover rate		114			68			76			69			68
Net assets, end of period ($ x 1,000)		156,272			393,939			699,921			918,813			948,225

¹ Calculated based on the average shares outstanding during the period.

² Effective July 31, 2008, the Institutional Shares were redesignated as Select Shares.

³ Amount is less than $0.005.

42 See financial notes

Laudus Rosenberg U.S. Small Capitalization Fund

Financial Highlights continued


	4/1/08–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Adviser Shares	3/31/09			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		8.82			12.35			13.88			13.38			13.71

Income (loss) from investment operations:
Net investment income (loss)		0.02	¹		(0.01	)		(0.02	)		(0.02	)		0.00	^1,2
Net realized and unrealized gains (losses)		(3.80	)		(1.52	)		0.12			2.38			1.26

Total from investment operations		(3.78	)		(1.53	)		0.10			2.36			1.26
Less distributions:
Distributions from net investment income		(0.03	)		—			—			—			—
Distributions from net realized gains		(0.62	)		(2.00	)		(1.63	)		(1.86	)		(1.59	)

Total distributions		(0.65	)		(2.00	)		(1.63	)		(1.86	)		(1.59	)

Net asset value at end of period		4.39			8.82			12.35			13.88			13.38

Total return (%)		(43.68	)		(13.50	)		0.90			19.09			9.12

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.22			1.20			1.20			1.32			1.31
Gross operating expenses		1.25			1.21			1.20			1.32			1.31
Net investment income (loss)		0.32			(0.12	)		(0.14	)		(0.24	)		(0.01	)
Portfolio turnover rate		114			68			76			69			68
Net assets, end of period ($ x 1,000)		8,760			34,799			48,923			49,952			41,104

¹ Calculated based on the average shares outstanding during the period.

² Amount is less than $0.005.

See financial notes 43

Laudus Rosenberg U.S. Small Capitalization Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.

Cost

Value

Holdings by Category

($)

.4%

Common Stock

319,963,132

238,405,244

.2%

Other Investment Company

5,198,135

100

.6%

Total Investments

325,161,267

243,603,379

.6)%

Other Assets and Liabilities, Net

(1,344,329

)

100

.0%

Net Assets

242,259,050


	Number		Value
Security	of Shares		($)





Common Stock 98.4% of net assets


Automobiles & Components 0.0%
Exide Technologies *		18,420		55,260


Banks 7.4%
Ameriana Bancorp		505		1,429
Astoria Financial Corp.		42,349		389,187
Banco Latinoamericano de Exportaciones, S.A., Class E		84,479		791,568
Bank Mutual Corp.		3,066		27,778
Bank of Hawaii Corp.		17,500		577,150
Brookline Bancorp, Inc.		19,800		188,100
Carver Bancorp, Inc.		300		1,023
Central Valley Community Bancorp *		2,380		11,115
Centrue Financial Corp.		11,892		67,487
Citizens South Banking Corp.		4,180		21,903
Commerce Bancshares, Inc.		20,895		758,488
Community Bank System, Inc.		12,460		208,705
Community Capital Corp.		2,969		15,350
Cullen/Frost Bankers, Inc.		16,200		760,428
ESB Financial Corp.		10,246		112,604
First Citizens BancShares, Inc., Class A		7,561		996,540
First Defiance Financial Corp.		25,226		152,365
First Federal Bancshares of Arkansas, Inc.		16,226		76,262
First Financial Bankshares, Inc.		7,700		370,909
FirstMerit Corp.		44,800		815,360
Flushing Financial Corp.		6,852		41,249
GS Financial Corp.		2,648		35,086
Hancock Holding Co.		32,300		1,010,344
HF Financial Corp.		16,200		206,550
Hopfed Bancorp, Inc.		6,431		60,934
Horizon Bancorp		7,598		84,338
International Bancshares Corp.		22,100		172,380
Liberty Bancorp, Inc.		3,380		23,508
LSB Financial Corp.		1,500		16,500
National Penn Bancshares, Inc.		101,350		841,205
NewAlliance Bancshares, Inc.		369,351		4,336,181
Parkvale Financial Corp.		28,120		308,758
Premier Financial Bancorp, Inc.		4,440		23,976
Prosperity Bancshares, Inc.		45,031		1,231,598
QCR Holdings, Inc.		4,762		38,286
Renasant Corp.		11,272		141,576
Republic Bancorp, Inc., Class A		3,900		72,813
Rurban Financial Corp.		9,236		72,964
Southern Missouri Bancorp, Inc.		8,300		88,976
Southwest Bancorp, Inc.		23,128		216,941
Sun Bancorp, Inc. *		9,235		47,930
SVB Financial Group *		32,635		653,026
Tamalpais Bancorp		1,958		10,769
Teche Holding Co.		3,320		101,260
TF Financial Corp.		10,476		190,558
Tompkins Financial Corp.		2,100		90,300
UMB Financial Corp.		10,300		437,647
United Bancshares, Inc.		10,998		98,982
United Western Bancorp, Inc.		24,325		118,706
Valley National Bancorp		43,025		532,219
Wainwright Bank & Trust Co.		7,588		50,764
Wintrust Financial Corp.		23,645		290,834

				17,990,909


Capital Goods 3.6%
Aircastle Ltd.		191,262		889,368
Albany International Corp., Class A		9,740		88,147
Beacon Roofing Supply, Inc. *		86,172		1,153,843
Esterline Technologies Corp. *		72,618		1,466,157
Federal Signal Corp.		124,113		654,076
Force Protection, Inc. *		15,077		72,370
H&E Equipment Services, Inc. *		52,205		341,943
K-Tron International, Inc. *		3,313		201,000
Lawson Products, Inc.		6,954		84,630
Michael Baker Corp. *		23,600		613,600
Preformed Line Products Co.		139		5,232
Rush Enterprises, Inc., Class A *		11,618		103,633
Seaboard Corp.		240		242,400
SL Industries, Inc. *		24,994		115,472
The L.S. Starrett Co., Class A		24,546		153,412
Triumph Group, Inc.		53,440		2,041,408
Universal Forest Products, Inc.		2,500		66,525
Willis Lease Finance Corp. *		45,921		485,844

				8,779,060


Commercial & Professional Supplies 4.5%
Administaff, Inc.		32,440		685,457
CDI Corp.		10,171		98,862
Comfort Systems USA, Inc.		105,238		1,091,318
Deluxe Corp.		166,779		1,606,082
Ecology & Environment, Inc., Class A		15,800		198,764
GeoEye, Inc. *		59,355		1,172,261
GP Strategies Corp. *		22,050		78,498

44 See financial notes

Laudus Rosenberg U.S. Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Heidrick & Struggles International, Inc.		51,512		913,823
Industrial Services of America, Inc.		10,256		47,075
Intersections, Inc. *		18,379		97,960
Kelly Services, Inc., Class A		142,600		1,147,930
Mine Safety Appliances Co.		30,841		617,437
National Technical Systems, Inc.		10,376		30,713
Sykes Enterprises, Inc. *		60,998		1,014,397
United Stationers, Inc. *		60,516		1,699,289
Volt Information Sciences, Inc. *		18,363		122,114
VSE Corp.		9,975		266,333

				10,888,313


Consumer Durables & Apparel 0.2%
CSS Industries, Inc.		3,456		58,752
Flexsteel Industries, Inc.		7,001		36,125
Iconix Brand Group, Inc. *		590		5,222
Liz Claiborne, Inc.		3,592		8,872
M.D.C. Holdings, Inc.		12,102		376,856
Rocky Brands, Inc. *		1,128		3,948

				489,775


Consumer Services 6.0%
Ark Restaurants Corp.		14,652		135,677
Bob Evans Farms, Inc.		152,716		3,423,893
CEC Entertainment, Inc. *		54,857		1,419,699
Coinstar, Inc. *		111,397		3,649,366
Cracker Barrel Old Country Store, Inc.		95,354		2,730,938
Frisch’s Restaurants, Inc.		14,820		300,105
International Speedway Corp., Class A		17,650		389,359
Jack in the Box, Inc. *		39,670		923,914
LIFE TIME FITNESS, Inc. *		4,960		62,298
Regis Corp.		55,980		808,911
Sonic Corp. *		2,880		28,858
Speedway Motorsports, Inc.		57,201		676,116

				14,549,134


Diversified Financials 0.3%
California First National Bancorp		35,441		265,808
Cash America International, Inc.		8,590		134,519
EZCORP, Inc., Class A *		23,630		273,399

				673,726


Energy 0.3%
Atlas America, Inc.		9,236		80,815
Mitcham Industries, Inc. *		27,006		102,893
Swift Energy Co. *		83,600		610,280

				793,988


Food & Staples Retailing 1.8%
Nash Finch Co.		49,112		1,379,556
Susser Holdings Corp. *		16,268		218,642
The Pantry, Inc. *		22,970		404,502
Weis Markets, Inc.		23,619		733,134
Winn-Dixie Stores, Inc. *		162,429		1,552,821

				4,288,655


Food, Beverage & Tobacco 3.3%
B&G Foods, Inc., Class A		12,260		63,752
Cal-Maine Foods, Inc.		64,375		1,441,356
Flowers Foods, Inc.		202,331		4,750,732
HQ Sustainable Maritime Industries, Inc. *		12,993		99,396
John B. Sanfilippo & Son, Inc. *		25,070		133,874
Lance, Inc.		17,345		361,123
Omega Protein Corp. *		59,008		155,781
Overhill Farms, Inc. *		43,090		164,604
Seneca Foods Corp., Class B *		6,692		144,447
Tasty Baking Co.		33,007		139,290
The Boston Beer Co., Inc., Class A *		21,692		452,495

				7,906,850


Health Care Equipment & Services 6.6%
Allied Healthcare Products, Inc. *		29,000		96,280
Amedisys, Inc. *		41,189		1,132,286
American Dental Partners, Inc. *		8,230		54,483
American Medical Systems Holdings, Inc. *		40,760		454,474
AMERIGROUP Corp. *		52,468		1,444,969
Anika Therapeutics, Inc. *		18,357		83,891
Atrion Corp.		579		51,091
Cardiac Science Corp. *		109,630		329,986
CONMED Corp. *		43,890		632,455
Daxor Corp.		1,250		19,250
Dynacq Healthcare, Inc. *		19,644		68,558
ev3, Inc. *		10,879		77,241
Healthways, Inc. *		36,512		320,210
Integra LifeSciences Holdings *		25,000		618,250
Invacare Corp.		123,662		1,982,302
Kewaunee Scientific Corp.		13,581		125,624
Kindred Healthcare, Inc. *		55,803		834,255
MedCath Corp. *		53,200		386,764
Molina Healthcare, Inc. *		5,130		97,573
Orthofix International N.V. *		69,572		1,288,473
SonoSite, Inc. *		69,400		1,240,872
Span-America Medical Systems, Inc.		11,100		96,514
SurModics, Inc. *		48,762		889,906
Symmetry Medical, Inc. *		135,990		858,097
Universal American Financial Corp. *		131,716		1,115,634
Wright Medical Group, Inc. *		11,173		145,584
Zoll Medical Corp. *		100,088		1,437,264

				15,882,286


Household & Personal Products 1.9%
American Oriental Bioengineering, Inc. *		200,491		773,895
China Sky One Medical, Inc. *		5,090		58,535
Elizabeth Arden, Inc. *		98,409		573,725
Inter Parfums, Inc.		60,008		349,847
Medifast, Inc. *		32,285		133,983

See financial notes 45

Laudus Rosenberg U.S. Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Natural Alternative International, Inc. *		34,822		215,548
NBTY, Inc. *		49,500		696,960
Nu Skin Enterprises, Inc., Class A		74,860		785,281
Nutraceutical International Corp. *		24,743		165,778
Prestige Brands Holdings, Inc. *		108,613		562,615
Revlon, Inc., Class A *		46,849		116,186
Schiff Nutrition International, Inc. *		57,190		257,355

				4,689,708


Insurance 4.7%
American Physicians Service Group, Inc.		24,102		462,035
American Safety Insurance Holdings Ltd. *		19,716		226,931
Argo Group International Holdings Ltd. *		101,194		3,048,975
Aspen Insurance Holdings Ltd.		217,775		4,891,227
Mercer Insurance Group, Inc.		2,560		36,583
National Western Life Insurance Co., Class A		12,442		1,405,946
PMA Capital Corp., Class A *		51,148		213,287
Presidential Life Corp.		40,346		314,295
Seabright Insurance Holdings *		17,588		183,971
Unico American Corp. *		29,995		233,061
Universal Insurance Holdings, Inc.		78,584		295,476

				11,311,787


Materials 1.6%
A. Schulman, Inc.		97,722		1,324,133
Arch Chemicals, Inc.		2,377		45,068
Continental Materials Corp. *		5,249		73,486
Friedman Industries, Inc.		23,084		114,266
Innospec, Inc.		60,986		229,917
NewMarket Corp.		2,700		119,610
Olin Corp.		3,530		50,373
Rock-Tenn Co., Class A		25,779		697,322
Schweitzer-Mauduit International, Inc.		61,920		1,143,043
The Scotts Miracle-Gro Co., Class A		4		139

				3,797,357


Media 0.2%
Live Nation, Inc. *		204,669		546,466


Pharmaceuticals, Biotechnology & Life Sciences 7.8%
Albany Molecular Research, Inc. *		31,600		297,988
Alkermes, Inc. *		316,529		3,839,497
Cambrex Corp. *		1,374		3,133
Caraco Pharmaceutical Laboratories Ltd. *		28,950		101,904
Celera Corp. *		230,190		1,756,350
Cypress Bioscience, Inc. *		8,140		57,875
Harvard Bioscience, Inc. *		72,019		214,617
Martek Biosciences Corp. *		119,508		2,181,021
Medicis Pharmaceutical Corp., Class A		187,998		2,325,535
Nabi Biopharmaceuticals *		26,774		99,064
Neurocrine Biosciences, Inc. *		97,727		346,931
Noven Pharmaceuticals, Inc. *		7,040		66,739
OSI Pharmaceuticals, Inc. *		66,600		2,548,116
Pain Therapeutics, Inc. *		119,100		500,220
Par Pharmaceutical Cos., Inc. *		105,390		998,043
PAREXEL International Corp. *		33,120		322,258
PDL BioPharma, Inc.		242,916		1,719,845
Repligen Corp. *		102,955		493,154
Salix Pharmaceuticals Ltd. *		14,870		141,265
Varian, Inc. *		40,149		953,137

				18,966,692


Real Estate 1.8%
CBL & Associates Properties, Inc.		35,873		84,660
Cedar Shopping Centers, Inc.		98,988		172,239
Entertainment Properties Trust		49,042		772,902
First Potomac Realty Trust		15,489		113,844
HRPT Properties Trust		649,943		2,073,318
Medical Properties Trust, Inc.		52,592		191,961
Mission West Properties, Inc.		60,831		389,319
One Liberty Properties, Inc.		28,848		101,545
Ramco-Gershenson Properties Trust		54,300		350,235

				4,250,023


Retailing 11.0%
Aeropostale, Inc. *		153,650		4,080,944
AMCON Distributing Co.		2,400		61,212
AutoNation, Inc. *		258,800		3,592,144
Barnes & Noble, Inc.		96,630		2,065,949
Books-A-Million, Inc.		86		396
Conn’s, Inc. *		32,200		452,088
Fred’s, Inc., Class A		82,370		929,134
Genesco, Inc. *		4,800		90,384
Haverty Furniture Cos., Inc.		16,299		171,628
Jo-Ann Stores, Inc. *		96,779		1,581,369
Jos. A. Bank Clothiers, Inc. *		57,982		1,612,479
Kirkland’s, Inc. *		55,200		269,376
Monro Muffler Brake, Inc.		23,423		640,151
Netflix, Inc. *		115,000		4,935,800
Rent-A-Center, Inc. *		25,276		489,596
REX Stores Corp. *		43,669		468,132
Stage Stores, Inc.		12,613		127,139
Systemax, Inc. *		43,916		567,395
The Children’s Place Retail Stores, Inc. *		96,900		2,121,141
The Finish Line, Inc., Class A		22,910		151,664
The Pep Boys - Manny, Moe & Jack		160,796		709,110
Tractor Supply Co. *		45,600		1,644,336

				26,761,567


Semiconductors & Semiconductor Equipment 4.5%
Actel Corp. *		107,282		1,085,694
CEVA, Inc. *		72,811		530,064
Cirrus Logic, Inc. *		159,564		599,961
FEI Co. *		131,912		2,035,402
Integrated Device Technology, Inc. *		10,600		48,230
IXYS Corp.		3,440		27,726
Skyworks Solutions, Inc. *		645,887		5,205,849

46 See financial notes

Laudus Rosenberg U.S. Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Standard Microsystems Corp. *		70,529		1,311,840
TriQuint Semiconductor, Inc. *		32,715		80,806

				10,925,572


Software & Services 19.9%
CIBER, Inc. *		272,306		743,395
Computer Task Group, Inc. *		68,846		237,519
CSG Systems International, Inc. *		99,977		1,427,672
CSP, Inc. *		19,112		54,469
EarthLink, Inc. *		484,492		3,183,113
Edgewater Technology, Inc. *		24,668		69,070
Fair Isaac Corp.		18,590		261,561
GSI Commerce, Inc. *		91,100		1,193,410
IAC/InterActiveCorp. *		178,379		2,716,712
INX, Inc. *		13,001		31,202
JDA Software Group, Inc. *		136,075		1,571,666
Lawson Software, Inc. *		543,563		2,310,143
Manhattan Associates, Inc. *		810		14,029
MAXIMUS, Inc.		79,096		3,152,767
Mentor Graphics Corp. *		400,600		1,778,664
Ness Technologies, Inc. *		160,026		472,077
NetScout Systems, Inc. *		82,784		592,733
OPNET Technologies, Inc. *		976		8,462
Parametric Technology Corp. *		194,759		1,943,695
Perot Systems Corp., Class A *		424,966		5,473,562
Pervasive Software, Inc. *		19,310		75,309
QAD, Inc.		48,331		122,277
Quest Software, Inc. *		88,004		1,115,891
Solera Holdings, Inc. *		208,550		5,167,869
SonicWALL, Inc. *		33,768		150,605
SPSS, Inc. *		111,700		3,175,631
Sybase, Inc. *		107,204		3,247,209
TechTeam Global, Inc. *		53,045		258,860
TIBCO Software, Inc. *		8,870		52,067
United Online, Inc.		468,752		2,090,634
Websense, Inc. *		193,200		2,318,400
Wind River Systems, Inc. *		290,633		1,860,051
Wright Express Corp. *		76,100		1,386,542

				48,257,266


Technology Hardware & Equipment 4.9%
Arris Group, Inc. *		26,020		191,767
Astro-Med, Inc.		25,734		139,993
Avocent Corp. *		1,830		22,216
Black Box Corp.		95,300		2,250,033
Coherent, Inc. *		109,851		1,894,930
Concurrent Computer Corp. *		1,130		4,091
CPI International, Inc. *		17,524		164,726
CTS Corp.		10,441		37,692
Electro Rent Corp.		10,097		97,335
EMS Technologies, Inc. *		1,120		19,555
Emulex Corp. *		391,190		1,967,686
Image Sensing Systems, Inc. *		2,860		25,454
Insight Enterprises, Inc. *		246,729		754,991
IntriCon Corp. *		17,880		57,395
Measurement Specialties, Inc. *		64,900		265,441
Mercury Computer Systems, Inc. *		15,510		85,770
O.I. Corp.		11,700		95,004
Oplink Communications, Inc. *		3,589		27,635
OSI Systems, Inc. *		68,578		1,046,500
PC Mall, Inc. *		38,000		172,520
Perceptron, Inc. *		26,405		93,738
Richardson Electronics Ltd.		14,033		47,431
Schmitt Industries, Inc. *		8,703		24,107
Super Micro Computer, Inc. *		4,751		23,375
SYNNEX Corp. *		43,288		851,475
Tekelec *		68,490		906,123
TESSCO Technologies, Inc. *		12,892		100,042
Tollgrade Communications, Inc. *		46,880		271,904
Vicon Industries, Inc. *		24,940		132,681

				11,771,610


Telecommunication Services 0.7%
Consolidated Communications Holdings, Inc.		12,735		130,661
D&E Communications, Inc.		39,000		209,430
Invitel Holdings A/S *		1,940		7,275
Premiere Global Services, Inc. *		73,085		644,610
SureWest Communications		28,799		224,632
USA Mobility, Inc.		39,677		365,425

				1,582,033


Transportation 0.6%
Air T., Inc.		1,350		7,722
International Shipholding Corp.		14,642		288,008
Saia, Inc. *		5		60
SkyWest, Inc.		53,694		667,953
TBS International Ltd., Class A *		45,300		332,955
USA Truck, Inc. *		3,210		41,505
UTI Worldwide, Inc.		18,050		215,698

				1,553,901


Utilities 4.8%
Artesian Resources Corp., Class A		17,204		241,200
Delta Natural Gas Co., Inc.		7,246		155,137
El Paso Electric Co. *		194,846		2,745,380
Energy West, Inc.		5,329		43,591
IDACORP, Inc.		29,327		685,079
NorthWestern Corp.		168,224		3,613,452
Pennichuck Corp.		2,440		49,898
PNM Resources, Inc.		7,250		59,885
Portland General Electric Co.		22,221		390,867
RGC Resources, Inc.		3,210		77,249
Southwest Gas Corp.		18,150		382,420
UIL Holdings Corp.		6,234		139,143
Unisource Energy Corp.		110,323		3,110,005

				11,693,306

Total Common Stock (Cost $319,963,132)				238,405,244

See financial notes 47

Laudus Rosenberg U.S. Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)


Other Investment Company 2.2% of net assets
State Street Institutional Liquid Reserves Fund – Institutional Class		5,198,135		5,198,135

Total Other Investment Company (Cost $5,198,135)				5,198,135


End of Investments.



At 03/31/2009, the tax basis cost of the fund’s investments was $325,692,420 and the unrealized appreciation and depreciation were $8,898,728 and ($90,987,769), respectively, with a net unrealized depreciation of ($82,089,041).


*		Non-income producing security.

48 See financial notes

Laudus Rosenberg U.S. Small Capitalization Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $325,161,267)		$243,603,379
Cash		49,596
Receivables:
Investments sold		1,076,181
Dividends		319,451
Fund shares sold		317,878
Interest		1,068
Prepaid expenses	+	12,878


Total assets		245,380,431


Liabilities
Payables:
Investments bought		2,571,242
Fund shares redeemed		151,999
Distribution and shareholder services fees		141,848
Trustee’s retirement plan		98,864
Investment adviser fees		20,183
Accrued expenses	+	137,245


Total liabilities		3,121,381


Net Assets
Total assets		245,380,431
Total liabilities	−	3,121,381


Net assets		$242,259,050
Net Assets by Source
Capital received from investors		445,005,117
Distribution in excess of net investment income		(98,864	)
Net realized capital losses		(121,089,315	)
Net unrealized capital losses		(81,557,888	)

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$77,226,801		17,858,068			$4.32
Select Shares	$156,272,017		34,730,188			$4.50
Adviser Shares	$8,760,232		1,995,401			$4.39

See financial notes 49

Laudus Rosenberg U.S. Small Capitalization Fund

Statement of

Operations

For April 1, 2008 through March 31, 2009.




Investment Income
Dividends (net of foreign withholding taxes of $129)		$6,254,564
Interest		62,589
Securities on loan	+	562,013


Total Investment Income		6,879,166


Net Realized Gains and Losses
Net realized losses on investments		(86,082,931	)


Net Unrealized Gains and Losses
Net unrealized losses on investments		(134,259,839	)


Expenses
Investment adviser fees		3,977,818
Distribution and shareholder services fees
Investor Shares		349,992
Adviser Shares		60,838
Sub-Accounting fees (Investor Shares)		164,696
Transfer agent fees		91,242
Shareholder reports		65,679
Accounting and administration fees		56,474
Professional fees		55,558
Custodian fees		47,287
Registration fees		35,229
Interest expense		19,609
Trustees’ fees		750
Other expenses	+	87,801


Total expenses		5,012,973
Expense reduction by adviser	−	49,300
Custody credits	−	3,816


Net expenses		4,959,857


Increase (Decrease) in Net Assets from Operations
Total investment income		6,879,166
Net expenses	−	4,959,857


Net investment income		1,919,309
Net realized losses		(86,082,931	)
Net unrealized losses	+	(134,259,839	)


Decrease in net assets from operations		($218,423,461	)

50 See financial notes

Laudus Rosenberg U.S. Small Capitalization Fund

Statements of

Changes in Net Assets

For the current and prior report periods.




Operations


		4/1/08-3/31/09			4/1/07-3/31/08
Net investment income			$1,919,309			$182,344
Net realized gains (losses)			(86,082,931	)		82,186,761
Net unrealized losses	+		(134,259,839	)		(190,015,225	)


Decrease in net assets from operations			(218,423,461	)		(107,646,120	)


Distributions to Shareholders ¹
Distributions from net investment income
Investor Shares			357,280			—
Select Shares			1,779,537			52,220
Adviser Shares	+		80,711			—


Total distributions from net investment income			2,217,528			52,220


Distributions from net realized gains
Investor Shares			9,944,036			37,650,467
Select Shares			20,158,252			86,858,222
Adviser Shares	+		1,682,888			6,733,105


Total distributions from net realized gains			31,785,176			131,241,794

Total distributions			$34,002,704			$131,294,014

Transactions in Fund Shares ¹


		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			VALUE			SHARES			VALUE


Shares Sold
Investor Shares			3,402,022			$23,675,790			3,180,317			$34,760,049
Select Shares			5,582,719			36,961,264			6,132,943			71,884,130
Adviser Shares	+		568,518			3,783,780			923,717			9,727,022


Total shares sold			9,553,259			$64,420,834			10,236,977			$116,371,201


Shares Reinvested
Investor Shares			2,118,042			$10,230,144			3,322,282			$30,996,893
Select Shares			4,153,795			20,852,050			8,219,330			79,563,111
Adviser Shares	+		263,615			1,291,713			531,532			5,022,981


Total shares reinvested			6,535,452			$32,373,907			12,073,144			$115,582,985


Shares Redeemed
Investor Shares			(8,807,356	)		($56,553,042	)		(7,377,747	)		($82,542,754	)
Select Shares			(18,618,626	)		(139,952,008	)		(26,429,861	)		(299,178,447	)
Adviser Shares	+		(2,784,045	)		(18,323,102	)		(1,470,741	)		(16,603,866	)


Total shares redeemed			(30,210,027	)		($214,828,152	)		(35,278,349	)		($398,325,067	)

Net transactions in fund shares			(14,121,316	)		($118,033,411	)		(12,968,228	)		($166,370,881	)


Shares Outstanding and Net Assets
		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			NET ASSETS			SHARES			NET ASSETS
Beginning of period			68,704,973			$612,718,626			81,673,201			$1,018,029,641
Total decrease	+		(14,121,316	)		(370,459,576	)		(12,968,228	)		(405,311,015	)


End of period			54,583,657			$242,259,050			68,704,973			$612,718,626


(Distribution in excess of net investment income)/						($98,864	)					$65,175
Net investment income not yet distributed


¹	Effective July 31, 2008, the Institutional Shares were redesignated as Select Shares.

See financial notes 51

Laudus Rosenberg Long/Short Equity Fund

Financial Statements

Financial Highlights


	4/1/08–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Investor Shares	3/31/09			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		10.30			10.63			10.55			10.41			9.81

Income (loss) from investment operations:
Net investment income (loss)		(0.05	)		0.62			0.26			0.12	¹		(0.06	)¹
Net realized and unrealized gains (losses)		(1.35	)		(0.70	)		0.03			0.10			0.66

Total from investment operations		(1.40	)		(0.08	)		0.29			0.22			0.60
Less distributions:
Distributions from net investment income		(0.00	)²		(0.25	)		(0.21	)		(0.08	)		—
Distributions from net realized gains		—			—			—			—			—

Total distributions		—			(0.25	)		(0.21	)		(0.08	)		—

Net asset value at end of period		8.90			10.30			10.63			10.55			10.41

Total return (%)		(13.59	)		(0.82	)		2.81			2.08			6.12

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses (including dividend expense on short sales)		3.83			3.29			3.28			3.22			3.30
Net operating expenses (excluding dividend expense on short sales)		2.04			1.97			1.99			2.06			2.06
Gross operating expenses		3.83			3.30			3.28			3.22			3.37
Net investment income (loss)		(1.01	)		2.11			2.41			1.17			(0.55	)
Portfolio turnover rate		244			129			140			122			111
Net assets, end of period ($ x 1,000)		11,640			14,714			64,400			63,036			34,930


	4/1/08–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Select Shares	3/31/09³			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		10.37			10.75			10.66			10.51			9.87

Income (loss) from investment operations:
Net investment income (loss)		(0.12	)		0.26			0.24			0.16	¹		(0.03	)¹
Net realized and unrealized gains (losses)		(1.26	)		(0.31	)		0.09			0.09			0.67

Total from investment operations		(1.38	)		(0.05	)		0.33			0.25			0.64
Less distributions:
Distributions from net investment income		(0.03	)		(0.33	)		(0.24	)		(0.10	)		—
Distributions from net realized gains		—			—			—			—			—

Total distributions		(0.03	)		(0.33	)		(0.24	)		(0.10	)		—

Net asset value at end of period		8.96			10.37			10.75			10.66			10.51

Total return (%)		(13.34	)		(0.51	)		3.19			2.41			6.48

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses (including dividend expense on short sales)		3.47			3.09			2.99			2.89			2.98
Net operating expenses (excluding dividend expense on short sales)		1.68			1.63			1.66			1.74			1.74
Gross operating expenses		3.47			3.09			2.99			2.89			3.04
Net investment income (loss)		(0.49	)		2.14			2.70			1.51			(0.28	)
Portfolio turnover rate		244			129			140			122			111
Net assets, end of period ($ x 1,000)		66,963			182,817			260,596			189,254			102,974

¹ Calculated based on the average shares outstanding during the period.

² Amount is less than $0.005.

³ Effective July 31, 2008, the Institutional Shares were redesignated as Select Shares.

52 See financial notes

Laudus Rosenberg Long/Short Equity Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.


				Cost			Value
Holdings by Category				($)			($)


	91	.8%	Common Stock		86,412,057			72,172,842
	5	.0%	Short-Term Investment		3,900,319			3,900,319

	96	.8%	Total Investments		90,312,376			76,073,161
	(73	.9)%	Short Sales		(73,097,033	)		(58,076,614	)
	77	.1%	Deposits with broker and custodian bank for securities sold short		60,636,869			60,636,869
	0	.0%	Other Assets and Liabilities, Net					(30,556	)

	100	.0%	Net Assets					78,602,860


	Number		Value
Security	of Shares		($)





Common Stock (a) 91.8% of net assets


Banks 2.3%
U.S. Bancorp		57,400		838,614
Wells Fargo & Co.		69,900		995,376

				1,833,990


Capital Goods 6.5%
Aircastle Ltd.		17,823		82,877
Dover Corp.		20,200		532,876
Esterline Technologies Corp. *		3,200		64,608
Federal Signal Corp.		6,700		35,309
General Dynamics Corp.		34,600		1,439,014
Goodrich Corp.		11,200		424,368
H&E Equipment Services, Inc. *		2,300		15,065

L-3 Communications Holdings, Inc.		12,800		867,840
Rockwell Collins, Inc.		2,900		94,656
RSC Holdings, Inc. *		5,900		31,034
Seaboard Corp.		200		202,000
Textainer Group Holdings Ltd.		1,300		8,775
Triumph Group, Inc.		1,800		68,760
United Technologies Corp.		21,000		902,580
URS Corp. *		6,400		258,624
W.W. Grainger, Inc.		1,400		98,252

				5,126,638


Commercial & Professional Supplies 0.9%
Deluxe Corp.		7,600		73,188
GeoEye, Inc. *		2,400		47,400
Kelly Services, Inc., Class A		19,274		155,156
Kimball International, Inc., Class B		4,100		26,896
Pitney Bowes, Inc.		15,200		354,920
United Stationers, Inc. *		2,300		64,584

				722,144


Consumer Durables & Apparel 0.3%
M.D.C. Holdings, Inc.		1,300		40,482
Mohawk Industries, Inc. *		5,300		158,311
UniFirst Corp.		2,000		55,680

				254,473


Consumer Services 5.1%
Bob Evans Farms, Inc.		4,300		96,406
Brinker International, Inc.		8,500		128,350
CEC Entertainment, Inc. *		2,900		75,052
Cracker Barrel Old Country Store, Inc.		6,720		192,461
Domino’s Pizza, Inc. *		3,200		20,960
H&R Block, Inc.		30,300		551,157
McDonald’s Corp.		27,000		1,473,390
Regis Corp.		6,100		88,145
Sonic Corp. *		8,300		83,166
Speedway Motorsports, Inc.		1,400		16,548
Yum! Brands, Inc.		46,900		1,288,812

				4,014,447


Diversified Financials 3.5%
Bank of America Corp.		34,400		234,608
JPMorgan Chase & Co.		93,800		2,493,204

				2,727,812


Energy 7.4%
Atlas America, Inc.		4,700		41,125
Chevron Corp.		38,500		2,588,740
Diamond Offshore Drilling, Inc.		7,400		465,164
Massey Energy Co.		8,600		87,032
SEACOR Holdings, Inc. *		2,500		145,775
Southwestern Energy Co. *		27,500		816,475
Sunoco, Inc.		12,100		320,408
Swift Energy Co. *		3,300		24,090

Tesoro Corp.		12,200		164,334
Tidewater, Inc.		30,700		1,139,891

				5,793,034


Food & Staples Retailing 2.5%
CVS Caremark Corp.		68,300		1,877,567
The Pantry, Inc. *		2,700		47,547
Winn-Dixie Stores, Inc. *		7,200		68,832

				1,993,946


Food, Beverage & Tobacco 3.0%
Constellation Brands, Inc., Class A *		42,800		509,320
Corn Products International, Inc.		6,700		142,040
Dean Foods Co. *		15,100		273,008

See financial notes 53

Laudus Rosenberg Long/Short Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Fresh Del Monte Produce, Inc. *		3,000		49,260
H.J. Heinz Co.		9,000		297,540
J & J Snack Foods Corp.		2,100		72,639
Kraft Foods, Inc., Class A		3,900		86,931
Lorillard, Inc.		1,000		61,740
Ralcorp Holdings, Inc. *		3,400		183,192
The J.M. Smucker Co.		1,500		55,905
The Pepsi Bottling Group, Inc.		14,000		309,960
Tyson Foods, Inc., Class A		30,300		284,517

				2,326,052


Health Care Equipment & Services 4.2%
AMERIGROUP Corp. *		6,200		170,748
Baxter International, Inc.		37,400		1,915,628
Health Net, Inc. *		9,000		130,320
Hologic, Inc. *		29,000		379,610
Inverness Medical Innovations, Inc. *		7,800		207,714
Kindred Healthcare, Inc. *		3,300		49,335
Kinetic Concepts, Inc. *		5,300		111,936
Odyssey HealthCare, Inc. *		4,800		46,560
Omnicare, Inc.		8,200		200,818
Orthofix International N.V. *		2,300		42,596
SonoSite, Inc. *		2,600		46,488
Universal American Financial Corp. *		4,340		36,760

				3,338,513


Household & Personal Products 2.2%
American Oriental Bioengineering, Inc. *		6,700		25,862
Church & Dwight Co., Inc.		1,700		88,791
Colgate-Palmolive Co.		9,600		566,208
Kimberly-Clark Corp.		15,600		719,316
Nu Skin Enterprises, Inc., Class A		5,000		52,450

The Estee Lauder Cos., Inc., Class A		12,200		300,730

				1,753,357


Insurance 2.0%
Argo Group International Holdings Ltd. *		3,100		93,403
Aspen Insurance Holdings Ltd.		8,000		179,680
Assurant, Inc.		4,300		93,654
Everest Re Group Ltd.		7,300		516,840
Horace Mann Educators Corp.		5,500		46,035
PartnerRe Ltd.		5,300		328,971
Willis Group Holdings, Ltd.		16,000		352,000

				1,610,583


Materials 1.5%
A. Schulman, Inc.		3,600		48,780
Arch Chemicals, Inc.		3,300		62,568
Glatfelter		5,700		35,568
Innophos Holdings, Inc.		2,000		22,560
International Flavors & Fragrances, Inc.		7,000		213,220
Kronos Worldwide, Inc.		1,700		13,073
NewMarket Corp.		1,600		70,880
Rock-Tenn Co., Class A		4,022		108,795
Rockwood Holdings, Inc. *		5,800		46,052
RPM International, Inc.		14,700		187,131
Schweitzer-Mauduit International, Inc.		2,200		40,612
Sealed Air Corp.		14,500		200,100
The Scotts Miracle-Gro Co., Class A		1,700		58,990
Wausau Paper Corp.		6,400		33,664

				1,141,993


Media 6.3%
Comcast Corp., Class A		187,300		2,554,772
DISH Network Corp., Class A *		32,163		357,331
Harte-Hanks, Inc.		4,600		24,610
Mediacom Communications Corp., Class A *		5,000		20,150
Scholastic Corp.		2,900		43,703
The Interpublic Group of Cos., Inc. *		48,000		197,760
The Walt Disney Co.		90,200		1,638,032
Virgin Media, Inc.		31,700		152,160

				4,988,518


Pharmaceuticals, Biotechnology & Life Sciences 11.6%
Bristol-Myers Squibb Co.		123,700		2,711,504
Gilead Sciences, Inc. *		58,300		2,700,456
Life Technologies Corp. *		40,012		1,299,590
Martek Biosciences Corp. *		3,700		67,525
Medicis Pharmaceutical Corp., Class A		7,000		86,590
Merck & Co., Inc.		400		10,700
Mylan, Inc. *		32,400		434,484
PDL BioPharma, Inc.		15,800		111,864
PerkinElmer, Inc.		59,020		753,685
Pfizer, Inc.		53,500		728,670
Watson Pharmaceuticals, Inc. *		5,893		183,331

				9,088,399


Retailing 5.1%
AutoNation, Inc. *		16,000		222,080
AutoZone, Inc. *		4,900		796,838
Barnes & Noble, Inc.		5,100		109,038
Big Lots, Inc. *		10,499		218,169
Cabela’s, Inc. *		5,100		46,461
Collective Brands, Inc. *		8,800		85,712
Dollar Tree, Inc. *		9,300		414,315
Expedia, Inc. *		21,490		195,129
Family Dollar Stores, Inc.		14,400		480,528
Fred’s, Inc., Class A		6,500		73,320
Jo-Ann Stores, Inc. *		18,600		303,924
Jos. A. Bank Clothiers, Inc. *		2,540		70,638
Netflix, Inc. *		5,400		231,768
Overstock.com, Inc. *		2,000		18,300
Priceline.com, Inc. *		3,876		305,351
RadioShack Corp.		18,500		158,545
Rent-A-Center, Inc. *		8,100		156,897
Systemax, Inc. *		1,700		21,964

54 See financial notes

Laudus Rosenberg Long/Short Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

The Children’s Place Retail Stores, Inc. *		3,400		74,426

				3,983,403


Semiconductors & Semiconductor Equipment 2.6%
Actel Corp. *		3,200		32,384
Advanced Micro Devices, Inc. *		48,700		148,535
Applied Micro Circuits Corp. *		8,300		40,338
Cirrus Logic, Inc. *		7,000		26,320
Exar Corp. *		5,600		34,944
Integrated Device Technology, Inc. *		89,451		407,002
Micron Technology, Inc. *		65,100		264,306
Skyworks Solutions, Inc. *		128,308		1,034,163
Zoran Corp. *		5,300		46,640

				2,034,632


Software & Services 10.8%
Accenture Ltd., Class A		40,100		1,102,349
Amdocs Ltd. *		11,100		205,572
BMC Software, Inc. *		19,500		643,500
CA, Inc.		39,000		686,790
CACI International, Inc., Class A *		400		14,596
Cadence Design Systems, Inc. *		7,200		30,240
Computer Sciences Corp. *		43,281		1,594,472
CSG Systems International, Inc. *		4,100		58,548
DST Systems, Inc. *		4,900		169,638
Fair Isaac Corp.		7,000		98,490
GSI Commerce, Inc. *		3,900		51,090
Hewitt Associates, Inc., Class A *		12,400		369,024
IAC/InterActiveCorp. *		44,450		676,973
JDA Software Group, Inc. *		4,000		46,200
Lawson Software, Inc. *		105,403		447,963
MAXIMUS, Inc.		16,070		640,550
Mentor Graphics Corp. *		58,320		258,941
MicroStrategy, Inc., Class A *		1,100		37,609
Novell, Inc. *		43,900		187,014
Parametric Technology Corp. *		13,900		138,722
Progress Software Corp. *		4,400		76,384
Quest Software, Inc. *		4,000		50,720
Solera Holdings, Inc. *		3,490		86,482
SonicWALL, Inc. *		7,300		32,558
SPSS, Inc. *		1,800		51,174
Synopsys, Inc. *		12,400		257,052
TIBCO Software, Inc. *		23,500		137,945
United Online, Inc.		57,106		254,693
Wind River Systems, Inc. *		11,200		71,680

				8,476,969


Technology Hardware & Equipment 6.8%
Adaptec, Inc. *		13,700		32,880
Arris Group, Inc. *		15,300		112,761
Avocent Corp. *		6,500		78,910
Black Box Corp.		13,172		310,991
Coherent, Inc. *		4,600		79,350
Electronics for Imaging, Inc. *		7,900		77,420
Emulex Corp. *		63,230		318,047
Harris Corp.		14,900		431,206
Hewlett-Packard Co.		13,400		429,604
International Business Machines Corp.		25,100		2,431,939
OSI Systems, Inc. *		1,700		25,942
QLogic Corp. *		12,800		142,336
Sun Microsystems, Inc. *		69,700		510,204
SYNNEX Corp. *		2,440		47,995
Tekelec *		7,560		100,018
Tellabs, Inc. *		41,600		190,528

				5,320,131


Telecommunication Services 1.2%
CenturyTel, Inc.		11,400		320,568
Frontier Communications Corp.		32,900		236,222
General Communication, Inc., Class A *		6,300		42,084
Premiere Global Services, Inc. *		7,400		65,268
SBA Communications Corp., Class A *		3,000		69,900
United States Cellular Corp. *		3,000		100,020
USA Mobility, Inc.		1,000		9,210
Verizon Communications, Inc.		2,300		69,460

				912,732


Transportation 0.9%
FedEx Corp.		6,800		302,532
Ryder System, Inc.		5,700		161,367
SkyWest, Inc.		8,000		99,520
TBS International Ltd., Class A *		800		5,880
UTI Worldwide, Inc.		12,500		149,375

				718,674


Utilities 5.1%
Alliant Energy Corp.		10,780		266,158
American Electric Power Co., Inc.		27,500		694,650
American Water Works Co., Inc.		6,300		121,212
CMS Energy Corp.		28,200		333,888
DTE Energy Co.		13,400		371,180
El Paso Electric Co. *		6,800		95,812
MDU Resources Group, Inc.		5,500		88,770
Mirant Corp. *		17,000		193,800
NiSource, Inc.		28,600		280,280
Northeast Utilities		13,800		297,942
NorthWestern Corp.		10,920		234,562
NV Energy, Inc.		25,910		243,295
OGE Energy Corp.		3,576		85,180
Pepco Holdings, Inc.		17,900		223,392
Portland General Electric Co.		2,700		47,493
SCANA Corp.		4,400		135,916
UIL Holdings Corp.		2,000		44,640
Unisource Energy Corp.		2,800		78,932
Westar Energy, Inc.		10,000		175,300

				4,012,402

Total Common Stock (Cost $86,412,057)				72,172,842

See financial notes 55

Laudus Rosenberg Long/Short Equity Fund

Portfolio Holdings continued


Security	Face Amount		Value
Rate, Maturity Date	($)		($)


Short-Term Investment 5.0% of net assets


Repurchase Agreement 5.0%
Custodial Trust Company, dated 03/31/09, due 04/1/09 at 0.11% with maturity value of 3,900,331 (fully collateralized by U.S. Treasury Notes with a value of 4,006,391).		3,900,319		3,900,319

Total Short-Term Investment (Cost $3,900,319)				3,900,319

End of Investments.

At 03/31/09, the tax basis cost of the fund’s investments was $90,563,569 and the unrealized appreciation and depreciation were $3,428,013 and ($17,918,421), respectively, with a net unrealized depreciation of ($14,490,408).


*		Non-income producing security.
(a)		All long positions are pledged as collateral for securities sold short.

56 See financial notes

Laudus Rosenberg Long/Short Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)


Short Sales 73.9% of net assets


Automobiles & Components 0.6%
Autoliv, Inc.		5,100		94,707
BorgWarner, Inc.		7,400		150,220
Cooper Tire & Rubber Co.		8,100		32,724
Gentex Corp.		11,700		116,532
The Goodyear Tire & Rubber Co. *		15,500		97,030

				491,213


Banks 2.3%
Bank of Hawaii Corp.		1,500		49,470
BOK Financial Corp.		1,900		65,645
Capitol Federal Financial		1,900		71,839
Comerica, Inc.		4,280		78,367
Commerce Bancshares, Inc.		3,400		123,420
Cullen/Frost Bankers, Inc.		3,300		154,902
First Horizon National Corp.		14,637		157,206
First Midwest Bancorp, Inc.		5,300		45,527
Hancock Holding Co.		2,300		71,944
Investors Bancorp, Inc. *		5,200		44,044
KeyCorp		27,000		212,490
Marshall & Ilsley Corp.		16,000		90,080
National Penn Bancshares, Inc.		7,600		63,080
Old National Bancorp		5,200		58,084
People’s United Financial, Inc.		21,700		389,949
SVB Financial Group *		2,800		56,028
Wilmington Trust Corp.		6,200		60,078

				1,792,153


Capital Goods 7.2%
3M Co.		16,000		795,520
Actuant Corp., Class A		4,600		47,518
AMETEK, Inc.		1,600		50,032
Badger Meter, Inc.		1,600		46,224
Blount International, Inc. *		4,950		22,869
Bucyrus International, Inc.		400		6,072
Caterpillar, Inc.		35,800		1,000,968
CLARCOR, Inc.		4,200		105,798
Donaldson Co., Inc.		3,800		101,992
Eaton Corp.		7,900		291,194
Franklin Electric Co., Inc.		2,000		44,260
General Cable Corp. *		4,200		83,244
Graco, Inc.		4,700		80,229
HEICO Corp.		2,300		55,890
Hexcel Corp. *		3,300		21,681
Ingersoll-Rand Co., Ltd., Class A		19,400		267,720
Kaydon Corp.		2,400		65,592
L.B. Foster Co., Class A *		600		14,898
Lincoln Electric Holdings, Inc.		2,800		88,732
Nordson Corp.		2,300		65,389
Oshkosh Corp.		7,100		47,854
PACCAR, Inc.		22,900		589,904
Raven Industries, Inc.		1,900		39,482
RBC Bearings, Inc. *		2,800		42,784
Spirit AeroSystems Holdings, Inc., Class A *		7,300		72,781
Sun Hydraulics Corp.		1,500		21,915
Terex Corp. *		6,500		60,125
Textron, Inc.		14,029		80,526
The Boeing Co.		37,600		1,337,808
The Gorman-Rupp Co.		1,400		27,720
USG Corp. *		6,600		50,226
Woodward Governor Co.		2,200		24,596

				5,651,543


Commercial & Professional Supplies 0.5%
Healthcare Services Group, Inc.		5,000		74,850
Herman Miller, Inc.		4,300		45,838
Monster Worldwide, Inc. *		9,900		80,685
Robert Half International, Inc.		9,800		174,734
The Advisory Board Co. *		2,400		39,792

				415,899


Consumer Durables & Apparel 1.6%
Centex Corp.		7,400		55,500
Fortune Brands, Inc.		7,400		181,670
Garmin Ltd.		7,100		150,591
Harman International Industries, Inc.		4,800		64,944
K-Swiss, Inc., Class A		23,100		197,274
Leggett & Platt, Inc.		8,900		115,611
Newell Rubbermaid, Inc.		14,700		93,786
The Black & Decker Corp.		6,700		211,452
Volcom, Inc. *		2,200		21,340
Weyco Group, Inc.		900		23,328
Whirlpool Corp.		4,400		130,196

				1,245,692


Consumer Services 1.5%
Capella Education Co. *		1,900		100,700
K12, Inc. *		800		11,120
Matthews International Corp., Class A		3,000		86,430
Service Corp. International		22,300		77,827
Sotheby’s		6,300		56,700
Starbucks Corp. *		47,200		524,392
Starwood Hotels & Resorts Worldwide, Inc.		12,000		152,400
Strayer Education, Inc.		1,100		197,857

				1,207,426


Diversified Financials 2.3%
Discover Financial Services		24,300		153,333
Eaton Vance Corp.		7,000		159,950
Financial Federal Corp.		3,200		67,776
GAMCO Investors, Inc., Class A		1,000		32,650
IntercontinentalExchange, Inc. *		4,500		335,115
Janus Capital Group, Inc.		11,900		79,135
LaBranche & Co., Inc. *		6,500		24,310
Legg Mason, Inc.		7,700		122,430
Leucadia National Corp. *		11,200		166,768
MSCI, Inc., Class A *		4,000		67,640
SEI Investments Co.		8,300		101,343
Teton Advisors Inc. (a)		14		-
T. Rowe Price Group, Inc.		12,300		354,978
Waddell & Reed Financial, Inc., Class A		6,900		124,683

				1,790,111

See financial notes 57

Laudus Rosenberg Long/Short Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Energy 12.2%
Arena Resources, Inc. *		3,600		91,728
Cabot Oil & Gas Corp.		6,100		143,777
Carrizo Oil & Gas, Inc. *		2,700		23,976
Cimarex Energy Co.		5,600		102,928
Comstock Resources, Inc. *		3,000		89,400
ConocoPhillips		51,200		2,004,992
Continental Resources, Inc. *		4,200		89,082
Denbury Resources, Inc. *		12,100		179,806
El Paso Corp.		30,500		190,625
EXCO Resources, Inc. *		10,951		109,510
Frontier Oil Corp.		8,500		108,715
General Maritime Corp.		4,500		31,500
Goodrich Petroleum Corp. *		2,800		54,208
Hess Corp.		14,000		758,800
Murphy Oil Corp.		2,000		89,540
Nabors Industries Ltd. *		17,800		177,822
National-Oilwell Varco, Inc. *		19,900		571,329
Occidental Petroleum Corp.		34,400		1,914,360
Quicksilver Resources, Inc. *		8,900		49,306
Rosetta Resources, Inc. *		5,500		27,225
Schlumberger Ltd.		34,700		1,409,514
Smith International, Inc.		11,900		255,612
Spectra Energy Corp.		37,300		527,422
St. Mary Land & Exploration Co.		5,000		66,150
Unit Corp. *		3,300		69,036
Valero Energy Corp.		25,000		447,500

				9,583,863


Food & Staples Retailing 1.3%
Costco Wholesale Corp.		21,900		1,014,408


Food, Beverage & Tobacco 2.2%
Central European Distribution Corp. *		4,900		52,724
The Coca-Cola Co.		38,200		1,678,890

				1,731,614


Health Care Equipment & Services 2.5%
Align Technology, Inc. *		6,800		53,924
Cyberonics, Inc. *		3,100		41,137
Eclipsys Corp. *		5,600		56,784
Emeritus Corp. *		2,300		15,088
HEALTHSOUTH Corp. *		6,500		57,720
HMS Holdings Corp. *		6,670		219,443
Intuitive Surgical, Inc. *		2,300		219,328
inVentiv Health, Inc. *		3,700		30,192
Meridian Bioscience, Inc.		3,300		59,796
Owens & Minor, Inc.		3,800		125,894
Psychiatric Solutions, Inc. *		4,000		62,920
Stryker Corp.		9,100		309,764
UnitedHealth Group, Inc.		34,300		717,899

				1,969,889


Insurance 0.4%
CNA Financial Corp.		3,200		29,312
Greenlight Capital Re, Ltd., Class A *		3,000		47,910
Lincoln National Corp.		98		656
Mercury General Corp.		2,000		59,400
Odyssey Re Holdings Corp.		1,500		56,895
Stewart Information Services Corp.		2,000		39,000
Torchmark Corp.		4,000		104,920

				338,093


Materials 2.3%
Allegheny Technologies, Inc.		700		15,351
AMCOL International Corp.		2,800		41,552
Celanese Corp., Series A		8,700		116,319
Commercial Metals Co.		9,500		109,725
Crown Holdings, Inc. *		10,900		247,757
Deltic Timber Corp.		1,200		47,292
Eagle Materials, Inc.		3,300		80,025
Greif, Inc., Class A		2,000		66,580
International Paper Co.		18,600		130,944
Kaiser Aluminum Corp.		2,100		48,552
NL Industries, Inc.		800		8,000
Pactiv Corp. *		400		5,836
Reliance Steel & Aluminum Co.		5,200		136,916
Schnitzer Steel Industries, Inc., Class A		2,000		62,780
Southern Copper Corp.		10,500		182,910
Steel Dynamics, Inc.		8,900		78,409
Westlake Chemical Corp.		2,100		30,723
Weyerhaeuser Co.		13,300		366,681
Worthington Industries, Inc.		5,700		49,647

				1,825,999


Media 2.0%
Clear Channel Outdoor Holdings, Inc., Class A *		12,030		44,150
CTC Media, Inc. *		6,400		29,184
Dolan Media Co. *		3,300		25,971
DreamWorks Animation SKG, Inc., Class A *		6,636		143,603
Interactive Data Corp.		4,400		109,384
Lamar Advertising Co., Class A *		43,013		419,377
National CineMedia, Inc.		5,200		68,536
News Corp., Class A		90,300		597,786
Scripps Networks Interactive, Class A		5,100		114,801
Value Line, Inc.		300		8,202
World Wrestling Entertainment, Inc., Class A		3,400		39,236

				1,600,230


Pharmaceuticals, Biotechnology & Life Sciences 4.2%
Allergan, Inc.		19,200		916,992
Allos Therapeutics, Inc. *		7,700		47,586
Arena Pharmaceuticals, Inc. *		7,400		22,274
Cepheid, Inc. *		6,900		47,610
Eli Lilly & Co.		51,900		1,733,979
Exelixis, Inc. *		83,970		386,262
Luminex Corp. *		3,500		63,420
Pharmasset, Inc. *		2,100		20,601
Questcor Pharmaceuticals, Inc. *		6,500		31,980

				3,270,704


Real Estate 0.4%
Forest City Enterprises, Inc., Class A		11,780		42,408

58 See financial notes

Laudus Rosenberg Long/Short Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Forestar Group, Inc. *		4,200		32,130
Tejon Ranch Co. *		4,980		102,937
The St. Joe Co. *		5,200		87,048

				264,523


Retailing 2.9%
bebe stores, Inc.		5,400		36,018
Bed Bath & Beyond, Inc. *		2,400		59,400
Best Buy Co., Inc.		13,100		497,276
J. Crew Group, Inc. *		4,200		55,356
J.C. Penney Co., Inc.		3,800		76,266
Kohl’s Corp. *		15,500		655,960
Target Corp.		23,400		804,726
Urban Outfitters, Inc. *		6,600		108,042

				2,293,044


Semiconductors & Semiconductor Equipment 5.7%
Applied Materials, Inc.		63,800		685,850
FormFactor, Inc. *		32,400		583,848
Intel Corp.		158,500		2,385,425
Lam Research Corp. *		18,700		425,799
NVIDIA Corp. *		28,900		284,954
Varian Semiconductor Equipment Associates, Inc. *		5,800		125,628

				4,491,504


Software & Services 7.3%
Adobe Systems, Inc. *		9,100		194,649
comScore, Inc. *		2,600		31,434
DealerTrack Holdings, Inc. *		25,000		327,500
Electronic Arts, Inc. *		17,800		323,782
Google, Inc., Class A *		7,570		2,634,814
Mercadolibre, Inc. *		2,800		51,940
Salesforce.com, Inc. *		6,600		216,018
Symantec Corp. *		42,000		627,480
Synchronoss Technologies, Inc. *		2,300		28,198
Total System Services, Inc.		12,100		167,101
VASCO Data Security International, Inc. *		2,800		16,156
VeriFone Holdings, Inc. *		7,200		48,960
VMware, Inc., Class A *		3,500		82,670
Vocus, Inc. *		2,100		27,909
Western Union Co.		35,200		442,464
Yahoo! Inc. *		37,300		477,813

				5,698,888


Technology Hardware & Equipment 8.7%
3PAR, Inc. *		3,300		21,681
Apple, Inc. *		22,700		2,386,224
Cisco Systems, Inc. *		156,600		2,626,182
Corning, Inc.		84,100		1,116,007
Dolby Laboratories, Inc., Class A *		4,300		146,673
Echelon Corp. *		3,500		28,315
FLIR Systems, Inc. *		7,600		155,648
QUALCOMM, Inc.		3,300		128,403
SanDisk Corp. *		17,000		215,050
Stec, Inc. *		3,500		25,795

				6,849,978


Transportation 2.2%
Copa Holdings S.A., Class A		1,200		34,404
Heartland Express, Inc.		4,600		68,126
JetBlue Airways Corp. *		11,600		42,340
United Parcel Service, Inc., Class B		32,500		1,599,650

				1,744,520


Utilities 3.6%
Black Hills Corp.		3,300		59,037
Dominion Resources, Inc.		30,900		957,591
Energen Corp.		2,300		66,999
EQT CORP.		3,700		115,921
Exelon Corp.		20,000		907,800
PPL Corp.		21,500		617,265
Reliant Energy, Inc. *		25,300		80,707

				2,805,320

Total Short Sales (Proceeds $73,097,033)				58,076,614


End of short sale positions.


*		Non-income producing security.
(a)		Fair-valued by Management.

See financial notes 59

Laudus Rosenberg Long/Short Equity Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $90,312,376)		$76,073,161
Deposits with broker and custodian bank for short sales		60,636,869
Receivables:
Fund shares sold		266,767
Dividends		91,296
Interest		36
Prepaid expenses	+	1,925


Total assets		137,070,054


Liabilities
Securities sold short, at value (proceeds $73,097,033)		$58,076,614
Payables:
Fund shares redeemed		193,702
Dividends on short sales		94,375
Distribution and shareholder services fees		17,406
Investment adviser fees		9,439
Trustee’s retirement plan		8,862
Accrued expenses	+	66,796


Total liabilities		58,467,194


Net Assets
Total assets		137,070,054
Total liabilities	−	58,467,194


Net assets		$78,602,860
Net Assets by Source
Capital received from investors		104,918,597
Distribution in excess of net investment income		(8,861	)
Net realized capital losses		(27,088,080	)
Net unrealized capital gains		781,204

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$11,639,737		1,308,329			$8.90
Select Shares	$66,963,123		7,471,011			$8.96

60 See financial notes

Laudus Rosenberg Long/Short Equity Fund

Statement of

Operations

For April 1, 2008 through March 31, 2009.




Investment Income
Dividends		$2,724,799
Interest	+	1,394,400


Total Investment Income		4,119,199


Net Realized Gains and Losses
Net realized losses on investments		(35,697,301	)
Net realized gains on short sales	+	76,106,352


Net realized gains		40,409,051


Net Unrealized Gains and Losses
Net unrealized losses on investments		(19,286,980	)
Net unrealized losses on short sales	+	(36,019,996	)


Net unrealized losses		(55,306,976	)


Expenses
Investment adviser fees		2,082,217
Custodian fees		52,066
Accounting and administration fees		48,181
Professional fees		47,174
Transfer agent fees		37,819
Distribution and shareholder services fees (Investor Shares)		29,605
Shareholder reports		27,669
Registration fees		21,042
Sub-Accounting fees (Investor shares)		11,991
Trustees’ fees		4,292
Recouped by manager		1,199
Dividends on short sales		2,478,357
Other expenses	+	18,197


Net expenses		4,859,809


Increase (Decrease) in Net Assets from Operations
Total investment income		4,119,199
Net expenses	−	4,859,809


Net investment loss		(740,610	)
Net realized gains		40,409,051
Net unrealized losses	+	(55,306,976	)


Decrease in net assets from operations		($15,638,535	)

See financial notes 61

Laudus Rosenberg Long/Short Equity Fund

Statements of

Changes in Net Assets

For the current and prior report periods.




Operations


		4/1/08-3/31/09			4/1/07-3/31/08
Net investment income (loss)			($740,610	)		$5,838,795
Net realized gains (losses)			40,409,051			(8,613,274	)
Net unrealized gains (losses)	+		(55,306,976	)		14,263


Decrease in net assets from operations			(15,638,535	)		(2,760,216	)


Distributions to Shareholders¹
Distributions from net investment income
Investor Shares			228			560,827
Select Shares	+		272,159			6,504,002


Total distributions from net investment income			$272,387			$7,064,829

Transactions in Fund Shares¹


		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			VALUE			SHARES			VALUE


Shares Sold
Investor Shares			694,539			$6,621,049			1,441,013			$15,207,733
Select Shares	+		834,165			8,405,140			7,165,760			76,300,683


Total shares sold			1,528,704			$15,026,189			8,606,773			$91,508,416


Shares Reinvested
Investor Shares			23			$215			37,333			$390,128
Select Shares	+		28,102			267,533			555,166			5,834,792


Total shares reinvested			28,125			$267,748			592,499			$6,224,920


Shares Redeemed
Investor Shares			(815,364	)		($8,094,324	)		(6,108,994	)		($64,097,820	)
Select Shares	+		(11,027,753	)		(110,217,271	)		(14,332,185	)		(151,274,145	)


Total shares redeemed			(11,843,117	)		($118,311,595	)		(20,441,179	)		($215,371,965	)

Net transactions in fund shares			(10,286,288	)		($103,017,658	)		(11,241,907	)		($117,638,629	)


Shares Outstanding and Net Assets
		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			NET ASSETS			SHARES			NET ASSETS
Beginning of period			19,065,628			$197,531,440			30,307,535			$324,995,114
Total decrease	+		(10,286,288	)		(118,928,580	)		(11,241,907	)		(127,463,674	)


End of period			8,779,340			$78,602,860			19,065,628			$197,531,440


(Distribution in excess of net investment income)/						($8,861	)					$257,125
Net investment income not yet distributed


¹	Effective on July 31, 2008, the Institutional Shares were redesignated as Select Shares.

62 See financial notes

Laudus Rosenberg U.S. Equity Funds

Financial Notes

1. Business Structure of the Funds:

Each of the Laudus Rosenberg Funds in this report is a series of the Laudus Trust (the “Trust”), an open-end management investment company. The Trust was organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The list below shows all the funds in the Trust including the funds discussed in this report, which are highlighted (individually each such highlighted portfolio, a “Fund” and collectively, the “Funds”):



Laudus Rosenberg U.S. Large Capitalization Fund Laudus Rosenberg U.S. Large Capitalization Value Fund Laudus Rosenberg U.S. Discovery Fund Laudus Rosenberg U.S. Small Capitalization Fund Laudus Rosenberg Long/Short Equity Fund Laudus Rosenberg International Equity Fund		Laudus Rosenberg International Discovery Fund Laudus Rosenberg International Small Capitalization Fund Laudus Mondrian International Equity Fund Laudus Mondrian Global Equity Fund Laudus Mondrian Emerging Markets Fund Laudus Mondrian International Fixed Income Fund

As of October 15, 2004 the Laudus Rosenberg U.S. Small Capitalization Fund was closed to new investors.

The Institutional Shares class were redesignated as Select Shares effective on July 31, 2008, for all Laudus Rosenberg Funds.

Each Fund is authorized to issue an unlimited number of Investor Shares and Select Shares of no par value, and the Laudus Rosenberg U.S. Small Capitalization Fund is also authorized to issue an unlimited number of Adviser Shares of no par value. Each class of shares generally has identical rights and preferences, except that each class is subject to different eligibility conditions, bear different distribution and sub-transfer agent expenses, and separate voting rights on matters pertaining solely to that class of shares.

Each Fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each Fund may also keep certain assets in segregated accounts, as required by securities law.

2. Significant Accounting Policies:

(a) Security Valuation

The Funds value the securities in their portfolios every business day. The Funds use the following policies to value various types of securities:


	•	Securities traded on an exchange or over-the-counter: valued at the closing value for the day, or, on days when no closing value has been reported, halfway between the most recent bid and asked quotes. Securities that are primarily traded on foreign exchanges are valued at the closing values of such securities on their respective exchanges with these values then translated into U.S. dollars at the valuation date exchange rate.

	•	Securities for which no quoted value is available or when a significant event has occurred between the time of the security’s last close and the time the Funds calculate net asset value: valued at fair value, as determined in good faith by the Funds’ investment adviser using guidelines adopted by the Funds’ Board of Trustees and the Pricing Committee. Some of the more common reasons that may necessitate that a security be valued at fair value include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security’s primary pricing source is not able or willing to provide a price, or certain foreign securities’ closing market values adjusted for changes in value that may occur between the close of foreign exchange and the time at which Funds’ shares are priced. The Board of Trustees regularly reviews fair value determinations made by the Funds pursuant to the procedures.

	•	Short-term debt securities (60 days or less to maturity): valued at amortized cost, when it approximates market value.

	•	Underlying funds: valued at their respective net asset values as determined by those Funds in accordance with the 1940 Act for a given day.

Laudus Rosenberg U.S. Equity Funds

Financial Notes (continued)

2. Significant Accounting Policies (continued):

(b) Portfolio Investments:

Real Estate Investment Trusts: Certain Funds may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Certain distributions received from REITs during the year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.

Repurchase Agreements: The Funds may enter into repurchase agreements. In a repurchase agreement, a Fund buys a security from another party (usually a financial institution) with the agreement that it be sold back in the future. The date, price and other conditions are all specified when the agreement is created.

The Funds’ repurchase agreements are fully collateralized by U.S. government securities or U.S. government agency securities. All collateral is held by the Funds’ custodian (or, with tri-party agreements, the agent’s bank) and is monitored daily to ensure that its market value is at least equal to the repurchase price under the agreement.

Short Sales: The Laudus Rosenberg Long/Short Equity Fund is authorized to engage in short sales. Short sales are transactions in which a Fund sells a security it does not own, in anticipation of a decline in the market value of that security. To complete such a transaction, the Fund must borrow the security to deliver to the buyer upon the short sale; the Fund is then obligated to replace the security borrowed by purchasing the security at current market value sometime in the future. The Fund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will realize a gain if the price of the security declines between those dates. The potential for losses associated with short positions is much greater than the original value of the securities sold short and may exceed the market value of securities sold short recorded in the Statement of Assets and Liabilities. Until the Fund replaces the borrowed security, the Fund will maintain a segregated account at the Custodian Bank with cash, U.S. Government securities and/or securities held long by the portfolio to sufficiently cover its short position on a daily basis. The collateral for the securities sold short includes the Deposits with Broker and Custodian Bank, as shown in the Statement of Assets and Liabilities, and the securities held long as shown in the Statement of Portfolio Holdings. Interest accrued or dividends paid on securities sold short are recorded as an expense on the Fund’s records.

Securities Lending: Under the Securities Lending Program, securities held may be loaned by State Street Corporation, as agent, to certain brokers (the “Borrowers”). The Borrowers provide cash or U.S. government securities as collateral against loans in an amount at least equal to 100% of the market value of the loaned securities.

The cash collateral of securities loaned is invested in high quality, short-term investments such as money market funds and U.S. government securities. The investments of collateral are marked-to-market daily and the value of the collateral must be at least 100% of the market value of the loan securities each day. The Funds do not hold securities on loan as of March 31, 2009.

(c) Security Transactions:

(d) Investment Income:

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying mutual funds are recorded on the date they are effective (the ex-dividend date), although the Funds record certain foreign security dividends on the day they learn of the ex-dividend date.

Laudus Rosenberg U.S. Equity Funds

Financial Notes (continued)

2. Significant Accounting Policies (continued):

(e) Expenses:

(f) Distributions to Shareholders:

The Funds make distributions from net investment income and net realized capital gains once a year, if any.

(g) Custody Credit

h) Accounting Estimates:

(i) Federal Income Taxes:

(j) Indemnification:

(k) Accounting Pronouncements:

The Funds adopted Financial Accounting Standard Board (“FASB”) Statement of Financial Accounting Standards No. 157 (“SFAS No. 157”), Fair Value Measurements, effective April 1, 2008. SFAS No. 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements.


	•	Level 1 — quoted prices in active markets for identical securities

	•	Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

	•	Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

Laudus Rosenberg U.S. Equity Funds

Financial Notes (continued)

2. Significant Accounting Policies (continued):


					Laudus
	Laudus				Rosenberg U.S.				Laudus
	Rosenberg U.S.				Large Capitalization				Rosenberg U.S.
	Large Capitalization Fund				Value Fund				Discovery Fund
			Other				Other				Other
	Investments		Financial		Investments		Financial		Investments		Financial
	in Securities		Instruments*		in Securities		Instruments*		in Securities		Instruments*

Level 1		$61,186,663		$—		$20,285,889		$—		$378,113,522		$—
Level 2		—		—		—		—		—		—
Level 3		—		—		—		—		—		—

		$61,186,663		$—		$20,285,889		$—		$378,113,522		$—


	Laudus				Laudus
	Rosenberg U.S.				Rosenberg Long/Short
	Small Capitalization Fund				Equity Fund
			Other							Other
	Investments		Financial		Investments		Securities Sold			Financial
	in Securities		Instruments*		in Securities		Short			Instruments*

Level 1		$243,603,379		$—		$72,172,842		$(58,076,614	)		$—
Level 2		—		—		3,900,319		—			—
Level 3		—		—		—		—			—

		$243,603,379		$—		$76,073,161		$(58,076,614	)		$—


*	The Funds have no Other Financial Instruments at the end of the period.

In March 2008, the FASB issued Statements of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS No. 161”). SFAS No. 161 is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS No. 161 requires enhanced disclosures about Funds’ derivative and hedging activities. Management is currently evaluating the impact of the adoption of SFAS No. 161 on the Funds’ financial statement disclosures.

3. Risk factors:

Investing in the Funds may involve certain risks including, but not limited to, those described below:

An investment in any of the Funds involves risks similar to those of investing in common stocks directly. Just as with common stocks, the value of Fund shares may increase or decrease depending on market, economic, political, regulatory and other conditions affecting a Fund’s portfolio. These types of risks may be greater with respect to investments in securities of foreign issuers. Investment in shares of the Funds is, like an investment in common stocks, more volatile and risky than some other forms of investment. This risk is significant for all Funds. The Laudus Rosenberg Long/Short Equity Fund is subject to the risk that its long positions may decline in value at the same time that the market value of securities sold short increases, thereby increasing the magnitude of the loss that you may suffer on your investment as compared with more conventional stock mutual funds.

Laudus Rosenberg U.S. Equity Funds

Financial Notes (continued)

3. Risk factors (continued):

A Fund may sell a security short by borrowing it from a third party and selling it at the then-current market price. The Fund is then obligated to buy the security on a later date so it can return the security to the lender. Short sales therefore involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which the Fund previously sold the security short. Moreover, because a Fund’s loss on a short sale arises from increases in the value of the security sold short, the extent of such loss, like the price of the security sold short, is theoretically unlimited. By contrast, a Fund’s loss on a long position arises from decreases in the value of the security and therefore is limited by the fact that a security’s value cannot drop below zero.

4. Affiliates and Affiliated Transactions:

The Trust’s Board of Trustees oversees the general conduct of the Trust and the Funds.

Charles Schwab Investment Management, Inc. (“CSIM” or the “Manager”) is the investment adviser of the Funds and manages the Funds’ business, subject to the supervision of the Board of Trustees. AXA Rosenberg Investment Management LLC (“AXA Rosenberg”), the Funds’ sub-adviser, provides day-to-day portfolio management services to the Funds, subject to the supervision of CSIM.

For its advisory services to each Fund, the Investment Adviser is entitled to receive an annual fee, payable monthly, based on the Funds’ average daily net assets described as follows.

Laudus

Rosenberg

U.S. Large

U.S.

U.S. Small

Capitalization

Discovery

Capitalization

Average daily net assets

Fund

Value Fund

Fund

First $1 billion

0.75%

0.90%

$1 billion to $2 billion

0.70%

0.85%

0.90%

Over $2 billion

0.675%

0.85%

0.90%


	Laudus
	Rosenberg
	Long/Short
	Equity
	Fund

First $500 million		1.50%
Over $500 million		1.45%

CSIM (not the Funds) pays a portion of the management fees it receives to AXA Rosenberg in return for its services.

Laudus Rosenberg U.S. Equity Funds

Financial Notes (continued)

4. Affiliates and Affiliated Transactions (continued):

accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Funds’ business as follows:


	Investor Shares		Select Shares

Laudus Rosenberg U.S. Large Capitalization Fund*		1.14%		0.84%
Laudus Rosenberg U.S. Large Capitalization Value Fund*		1.14%		0.84%
Laudus Rosenberg U.S. Discovery Fund		1.44%		1.14%
Laudus Rosenberg U.S. Small Capitalization Fund**		1.44%		1.14%
Laudus Rosenberg Long/Short Equity Fund		2.04%		1.74%


*	Prior to April 15, 2008, the expense limitations were 1.29% and 0.99% for the Investor Shares and Select Shares, respectively.
**	There is no Expense Limit for Adviser Shares of the Laudus Rosenberg U.S. Small Capitalization Fund. However, effective November 1, 2007 through October 31, 2008 the Manager had agreed to voluntarily waive 0.03% of the Adviser Shares expenses. In addition, effective November 1, 2007 through October 31, 2008 the Manager had agreed to voluntarily waive 0.03% of the Investor Shares expenses. Further, the Manager has voluntarily agreed to continue the 0.03% waiver on Adviser and Investor Shares effective November 1, 2008 through October 31, 2009.

Effective May 5, 2009, no further fees will be assessed under the Distribution and Shareholder Service Plan or for sub-accounting and sub-transfer agency services on the Investor Shares of the Laudus Rosenberg U.S. Large Capitalization Value Fund, which will make the expense limitation on the Investor Shares 0.84%.

Laudus

Rosenberg

U.S. Large

U.S.

U.S. Small

Long/Short

Capitalization

Discovery

Capitalization

Equity

Expire

Fund

Value Fund

Fund

2010

$—

$125,556

$—

2011

126,825

126,587

—

The Funds may, from time to time, execute portfolio trades with affiliated brokers/dealers. For the period ended March 31, 2009, the Funds paid no brokerage fees on the execution of portfolio trades with affiliated brokers/dealers.

5. Other Shareholders Services:

Boston Financial Data Services, Inc. (BFDS) provides the transfer agent services to the Funds, and receives transfer agent fees from the Funds as shown in the Statement of Operations.

The Trust has a Distribution and Shareholder Service Plan with respect to its Investor Shares pursuant to Rule 12b-1 under the 1940 Act. The Investor Shares of the Funds are sold on a continuous basis by the Trust’s distributor- ALPS Distributors, Inc. Under the Distribution and Shareholder Services Plan, the Funds pay distribution and shareholder servicing fees in connection with the sale and servicing of the Investor Shares. The annual Distribution and Shareholder Service Fee consists of up to 0.25% of the respective average daily net assets of the Investor Shares. In addition, the Trustees have authorized each Fund to pay up to 0.15% of its average daily net assets attributable to Investor Shares for sub-transfer agent and sub-accounting services in connection with such shares.

Various service organizations act as servicing agents of the Adviser Shares of the Laudus Rosenberg U.S. Small Capitalization Fund. Such shares are subject to an annual Service Fee of up to 0.25% of the average daily net assets attributable to such shares in accordance with a Service Plan adopted by the Trust. In addition, the Trustees have authorized the Fund to pay up to 0.05% of its average daily net assets attributable to Adviser Shares for the sub-agent and sub-accounting services in connection with such shares.

Laudus Rosenberg U.S. Equity Funds

Financial Notes (continued)

5. Other Shareholders Services (continued):

Effective May 5, 2009, no further fees will be assessed on the Investor Shares for U.S. Large Capitalization Value Fund, for sub-transfer agent and sub-accounting services or under the Distribution and Shareholder Service Plan, which will make the expense limitation for the class 0.84%.

6. Board of Trustees:

Trustees may include people who are officers and/or directors of other fund families affiliated to the investment adviser. Federal securities law limits the percentage of the “interested persons” who may serve on a trust’s board, and the Laudus Funds are in compliance with these limitations. The Funds did not pay any of the interested persons for their services as trustees, but did pay non-interested persons (Independent Trustees), as noted in each Fund’s Statement of Operations.

7. Borrowing from Banks:

The custodian has established a loan agreement for a maximum amount of 10% of total assets for the Laudus Rosenberg Long/Short Equity Fund for temporary borrowing purposes. The Laudus Rosenberg U.S. Large Capitalization Fund, Laudus Rosenberg U.S. Large Capitalization Value Fund, Laudus Rosenberg U.S. Discovery Fund and Laudus Rosenberg U.S. Small Capitalization Fund have access to custodian overdraft facilities and to an uncommitted line of credit up to a maximum of $100,000,000, as established by State Street Corporation. Interest is calculated based on the market rates at the time of borrowing.

There were no borrowings from the line of credit by the Funds during the period. However, the Funds utilized their overdraft facility and incurred interest expense, which is disclosed in the Statement of Operation. The Interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

8. Purchases and Sales of Investment Securities:

For the period ended March 31, 2009, purchases and sales of securities (excluding short-term securities) were as follows:


	Purchases		Sales

Laudus Rosenberg U.S. Large Capitalization Fund		$122,481,192		$127,164,046
Laudus Rosenberg U.S. Large Capitalization Value Fund		27,401,682		7,662,990
Laudus Rosenberg U.S. Discovery Fund		682,050,656		752,451,192
Laudus Rosenberg U.S. Small Capitalization Fund		500,815,910		646,941,036
Laudus Rosenberg Long/ Short Equity Fund		324,515,381		387,640,290

9. Redemption Fee:


	Current Period		Prior Period
	(4/1/08-3/31/09)		(4/1/07-3/31/08)

Laudus Rosenberg U.S. Large Capitalization Fund		$7,309		$22,951
Laudus Rosenberg U.S. Large Capitalization Value Fund		34		378
Laudus Rosenberg U.S. Discovery Fund		18,351		10,158
Laudus Rosenberg U.S. Small Capitalization Fund		5,665		16,091
Laudus Rosenberg Long/Short Equity Fund		4,716		26,432

Laudus Rosenberg U.S. Equity Funds

Financial Notes (continued)

10. Other:

As of the close of business on September 18, 2008, Lehman Brothers Holdings Inc. was in default of the security lending agreement with the Laudus Rosenberg U.S. Discovery Fund and the U.S. Small Capitalization Fund (“the Funds”). As a result the Funds took possession of the collateral and repurchased the securities on loan through open market purchases. The collateral held exceeded the replacement value of the securities. In accordance with Accounting for Transfers of Financial Assets and Repurchase Financing Transactions (“FAS 140”) the Funds recognized the following gains or losses that are not recognized for federal income tax purposes:


Laudus Rosenberg U.S. Discovery Fund	($69,235	)
Laudus Rosenberg U.S. Small Capitalization Fund	102,846

11. Federal Income Taxes:

As of March 31, 2009, the components of distributable earnings on a tax-basis were as follows:


	Laudus			Laudus			Laudus			Laudus			Laudus
	Rosenberg			Rosenberg			Rosenberg			Rosenberg			Rosenberg
	U.S. Large			U.S. Large			U.S.			U.S. Small			Long/Short
	Capitalization			Capitalization			Discovery			Capitalization			Equity
	Fund			Value Fund			Fund			Fund			Fund

Undistributed ordinary income		$329,081			$137,189			$1,066,283			$—			$—
Undistributed long-term capital gains		—			—			60,412			—			—
Unrealized appreciation		2,609,335			302,934			13,906,401			8,898,728			3,428,013
Unrealized depreciation on investments		(9,905,276	)		(3,911,213	)		(128,105,547	)		(90,987,769	)		(17,918,421	)
Other unrealized appreciation/ (depreciation)		—			—			—			—			14,824,469
Net unrealized appreciation/ (depreciation)		($7,295,941	)		($3,608,279	)		($114,199,146	)		($82,089,041	)		$334,061

The primary difference between book-basis and tax-basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales.

Capital loss carry forwards may be used to offset future realized capital gains for federal income tax purposes. As of March 31, 2009, the Laudus Rosenberg Long/Short Equity Fund was the only fund with capital loss carry forward available to offset net capital gains before the expiration dates:

Laudus

Rosenberg

U.S. Large

U.S.

Long/Short

Capitalization

Equity

Expire

Fund*

Value Fund

Fund

2016

$3,763,669

$—

$18,276,171

2017

11,493,144

341,905

—

Total

$15,256,813

$341,905

$18,276,171


*	As of March 15, 2009, Laudus Rosenberg U.S. Large Capitalization Fund has capital loss carryforwards of $3,763,669 subject to certain limitations on availability, to offset future capital gains, if any, as the successor of a merger.

For tax purposes, realized net capital losses incurred after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of March 31, 2009, the Funds had aggregate deferred realized net capital losses and capital losses utilized as follows:

Laudus Rosenberg U.S. Equity Funds

Financial Notes (continued)

11. Federal Income Taxes (continued):

Laudus

Rosenberg

U.S. Large

U.S.

U.S. Small

Long/Short

Capitalization

Discovery

Capitalization

Equity

Fund

Value Fund

Fund

Capital Losses Deferred

$21,463,820

$2,097,487

$154,288,681

$120,558,161

$8,364,765

Capital Losses Utilized

—

47,771,914

The tax-basis components of distribution paid during the current and prior periods were:


	Laudus		Laudus		Laudus		Laudus		Laudus
	Rosenberg		Rosenberg		Rosenberg		Rosenberg		Rosenberg
	U.S. Large		U.S. Large		U.S.		U.S. Small		Long/Short
	Capitalization		Capitalization		Discovery		Capitalization		Equity
	Fund		Value Fund		Fund		Fund		Fund

Current Period Distributions
Ordinary Income		$1,149,648		$189,971		$2,338,958		$2,209,926		$272,387
Long-Term Capital Gains		—		—		2,792,770		31,792,778		—
Return of Capital		—		—		—		—		—

Prior Period Distributions
Ordinary Income		$5,920,126		$205,381		$—		$57,252		$7,064,829
Long-Term Capital Gains		9,791,836		658,199		65,060,079		131,236,762		—
Return of Capital		—		—		—		—		—

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 are due primarily to differing treatment for items such as non-U.S. currency gains and losses, short-term capital gains and losses; capital losses related to wash sales, unrealized appreciation of certain investments in non-U.S. securities; paydowns on fixed-income securities; and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes. The Funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

The permanent book and tax basis differences may result in reclassifications between capital accounts and other accounts as required. The adjustments will have no impact on net assets or the results of operations. As of March 31, 2009, the Funds made the following reclassifications:


	Laudus			Laudus			Laudus			Laudus			Laudus
	Rosenberg			Rosenberg			Rosenberg			Rosenberg			Rosenberg
	U.S. Large			U.S. Large			U.S.			U.S. Small			Long/Short
	Capitalization			Capitalization			Discovery			Capitalization			Equity
	Fund			Value Fund			Fund			Fund			Fund

Capital Shares	$3,927,015*				$—			($13,239	)		($121,546	)		($638,105	)
Undistributed Net Investment Income		(710	)		(360	)		17,206			134,180			747,011
Net Realized Capital Gains/Losses	(3,926,305)*				360			(3,967	)		(12,634	)		(108,906	)


*	Mainly associated with the fund merger.

As of March 31, 2009, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and state purposes, four years from the date of filing), as applicable to the Funds, and has determined that no provision for income tax is required in the Funds’ financial statement. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended March 31, 2009, the Funds did not incur any interest or penalties.

Laudus Rosenberg U.S. Equity Funds

Financial Notes (continued)

11. Federal Income Taxes (continued):

12. Reorganization:

Under a plan of reorganization adopted by the Trust, all of the assets and liabilities of the Laudus Rosenberg U.S. Large Capitalization Growth Fund were transferred to the Laudus Rosenberg U.S. Large Capitalization Fund. The reorganization, which qualified as a tax-free exchange for federal income tax purposes, was completed at the close of business on March 26, 2009. The following is a summary of shares outstanding, net assets, net asset value per share issued and unrealized appreciation/depreciation immediately before and after the reorganization.


	Before Reorganization					After Reorganization
	Laudus			Laudus		Laudus
	Rosenberg			Rosenberg		Rosenberg
	U.S. Large			U.S. Large		U.S. Large
	Capitalization			Capitalization		Capitalization
	Fund			Growth Fund		Fund

Shares:
Investor Shares		827,548			454,136		1,239,793
Select Shares		8,356,025			1,187,893		9,431,613
Net Assets:
Investor Shares		$5,446,618			$2,713,243		$8,159,861
Select Shares		$54,841,889			$7,059,329		$61,901,218
Net Asset Value:
Investor Shares		$6.58			$5.97		$6.58
Select Shares		$6.56			$5.94		$6.56
Net unrealized appreciation/ (depreciation)
		($5,914,905	)		$105,616		($5,809,289	)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of:
Laudus Rosenberg U.S. Large Capitalization Fund
Laudus Rosenberg U.S. Large Capitalization Value Fund
Laudus Rosenberg U.S. Discovery Fund
Laudus Rosenberg U.S. Small Capitalization Fund
Laudus Rosenberg Long/Short Equity Fund

In our opinion, the accompanying statements of assets and liabilities, including the portfolio holdings, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Laudus Rosenberg U.S. Large Capitalization Fund, Laudus Rosenberg U.S. Large Capitalization Value Fund, Laudus Rosenberg U.S. Discovery Fund, Laudus Rosenberg U.S. Small Capitalization Fund and Laudus Rosenberg Long/Short Equity Fund (five of the portfolios constituting Laudus Trust, hereafter referred to as the “Funds”) at March 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
San Francisco, California
May 15, 2009

Other Federal Tax Information (unaudited)

For corporate shareholders, the following percentage of the Funds dividends distributions paid during the fiscal year ended March 31, 2009, qualify for the corporate dividends received deduction:


	Dividends
	Received Deduction

Laudus Rosenberg U.S. Large Capitalization Fund		90%
Laudus Rosenberg U.S. Large Capitalization Value Fund		100%
Laudus Rosenberg U.S. Discovery Fund		100%
Laudus Rosenberg U.S. Small Capitalization Fund		100%
Laudus Rosenberg Long/Short Equity Fund		31%

For the fiscal year ended March 31, 2009, the funds designate the following amounts of the dividend distributions as qualified dividends for the purpose of the maximum rate under section 1(h)(ii) of the Internal Revenue Code. Shareholders will be notified in January 2010 via IRS form 1099 of the amounts for use in preparing their 2009 income tax return.


	Qualified
	Dividend Income

Laudus Rosenberg U.S. Large Capitalization Fund		$1,039,400
Laudus Rosenberg U.S. Large Capitalization Value Fund		189,971
Laudus Rosenberg U.S. Discovery Fund		2,338,958
Laudus Rosenberg U.S. Small Capitalization Fund		2,217,528
Laudus Rosenberg Long/Short Equity Fund		99,852

For the fiscal year ended March 31, 2009, the Funds hereby designate the following amounts as capital gain dividends:


Laudus Rosenberg U.S. Large Capitalization Fund			$—
Laudus Rosenberg U.S. Large Capitalization Value Fund			—
Laudus Rosenberg U.S. Discovery Fund			2,792,770
Laudus Rosenberg U.S. Small Capitalization Fund			31,792,778
Laudus Rosenberg Long/Short Equity Fund			—

Trustees and Officers


Independent Trustees
Name, Address¹	Principal	Number of
and Year of Birth;	Occupation(s)	Portfolios in
(Term of Office, and	During the	Fund Complex
Length of Time Served²)	Past Five Years	Overseen		Other Directorships Held by Trustee



Mariann Byerwalter³1960 (1/04-present)	Chairman of JDN Corporate Advisory LLC.		83	Board 1–Director, Redwood Trust, Inc. (mortgage finance). Board 2–Director, PMI Group, Inc. (mortgage insurance).


William A. Hasler³1941 (1/04-present)	Retired. Dean Emeritus of the Haas School of Business at the University of California, Berkeley. Until February 2004, Co-Chief Executive Officer, Aphton Corp. (bio-pharmaceuticals).		83	Board 1–Director, Mission West Properties (commercial real estate). Board 2–Director, TOUSA (home building). Board 3–Director, Harris-Stratex Networks (a network equipment corporation). Board 4–Director, Genitope Corp. (bio-pharmaceuticals). Board 5 –Director, Ditech Networks (voice communication technology). Board 6–Rubicon Limited (manufacturing).


Nils H. Hakansson³1937 (3/90-present)	Sylvan C. Coleman Professor of Finance and Accounting, Emeritus, Haas School of Business, University of California, Berkeley (since 2003). Mr. Hakansson was also a Professor of Finance and Accounting, Haas School of Business, University of California, Berkeley (July 1969 to January 2003).		14	None


Interested Trustees
		Number of
Name, Address¹	Principal	Portfolios in
and Year of Birth;	Occupation(s)	Fund Complex
(Term of Office, and	During the	Overseen by
Length of Time Served²)	Past Five Years	the Trustee		Other Directorships Held by Trustee



Randall W. Merk 1954 Trustee (6/06-present)	Executive Vice President and President, Investment Management Services, Charles Schwab & Co. Inc.; Executive Vice President, Charles Schwab & Co. Inc.(2002-present); President and Chief Executive Officer, Charles Schwab Investment Management, Inc. (2007-present); Director, Charles Schwab Asset Management (Ireland) Limited and Charles Schwab Worldwide Funds PLC. From September 2002 to July 2004, Chief Executive Officer and President, Charles Schwab Investment Management, Inc. and Executive Vice President, Charles Schwab & Co., Inc.		14	None


Officers
Name, Address⁴
and Year of Birth;
(Term of Office⁵,
and Length of Time
Served)	Position with the Trust	Principal Occupation During Past Five Years



Jeffrey Mortimer 1963 (3/08-present, President and CEO) (6/04-present, CIO)	President, Chief Executive Officer, and Chief Investment Officer	Senior Vice President and Chief Investment Officer-Equities, Charles Schwab Investment Management, Inc., and Schwab Funds. Prior to May 2004, Vice President and Sr. Portfolio Manager, Charles Schwab Investment Management, Inc.


George Pereira 1964 (6/06-present)	Treasurer and Chief Financial Officer	Senior Vice President and Chief Financial Officer, Charles Schwab Investment Management, Inc.; Treasurer and Principal Financial Officer, Schwab Funds; Director, Charles Schwab Worldwide Funds, PLC and Charles Schwab Asset Management (Ireland) Ltd. Through June 2007, Chief Financial Officer, Mutual Fund Division, UST Advisers, Inc., and Treasurer, Chief Financial Officer and Chief Accounting Officer, Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc., and Excelsior Trust Inc.; From 12/99 to 11/04: Senior Vice President, Financial Reporting, Charles Schwab & Co., Inc.


Catherine MacGregor 1964 (12/05-present)	Chief Legal Officer, Vice President and Clerk	Vice President, Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc.; Vice President, Schwab Funds; until July 2005, Senior Associate, Paul Hastings Janofsky & Walker LLP.


Bari Havlik 1961 (3/09-present)	Chief Compliance Officer	Senior Vice President, Chief Compliance Officer for Charles Schwab & Co. Inc. and head of Global Compliance for the Charles Schwab Corporation since 2004. Chief Compliance Officer for Charles Schwab Investment Management, Inc since March 2009.


Daniel Kern 1961 (3/05-present)	Vice President	Vice President, Investment Management Services. Until September 2005, Assistant Treasurer, Laudus Trust and Laudus Variable Insurance Trust. Until December 2004, Vice President, Internal Audit, Charles Schwab Corporation.


Officers continued
Name, Address⁴
and Year of Birth;
(Term of Office⁵,
and Length of Time
Served)	Position with the Trust	Principal Occupation During Past Five Years


Michael Haydel 1972 (6/05-present)	Vice President	Vice President, Asset Management Client Services, Charles Schwab & Co., Inc. Until March 2004, Director Charles Schwab & Co., Inc.


¹	The mailing address of each of the Trustees is c/o Laudus Trust, 101 Montgomery Street, San Francisco, CA 94104.

²	Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed.

³	Member of the Audit Committee.

⁴	The mailing address of each of the Officers is c/o Laudus Trust, 101 Montgomery Street, San Francisco, CA 94104.

⁵	There is no stated term of office for the officers of the Trust.

Glossary

GDP, or Gross Domestic Product, is the market value of the goods and services produced by labor and property in the United States.

The S&P Global ex US Broad Market Index (BMI) $2-$10 Billion Cap Range is an absolute size benchmark that divides the investable region into capitalization bands of between $2 billion and $10 billion. It is a subset of the Broad Market Index (BMI), which includes companies in approximately 52 developed and emerging markets with more than $100 million of free float capitalization.

The S&P Developed ex US SmallCap Index is a float-adjusted index which measures the performance of small companies (approximately the bottom 15% by market capitalization) in 25 developed equity markets.

The Standard & Poor’s 500^® (S&P 500) Index is an unmanaged index measuring large-cap U.S. stock market performance, and includes a representative sample of leading companies in leading industries.

The Russell 1000^® Index measures the performance of the 1000 largest companies in the Russell 3000^® Index, and represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower valuation ratios such as price-to-book and price-to-earnings ratios.

The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, and represents approximately 16% of the total market capitalization of the Russell 3000^® Index.

The Russell 2500^tm Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, and represents approximately 16% of the total market capitalization of the Russell 3000^® Index.

The Russell 3000^® Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value or the Russell 2000 Value indexes.

The Russell 3000^® Value Index measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value or the Russell 2000 Value indexes.

Price to earnings ratio is the price of a stock divided by its historical earnings per share.

Price to book ratio compares the stock’s market value to the value of the total assets less the total liabilities.

Price to cash flow ratio is the price of a stock divided by its reported cash flow per share.

Relative strength is the rate that a stock falls relative to other stocks in a falling market or rises relative to other stocks in a rising market.

Proxy Voting

Quarterly Disclosure of Portfolio Holdings

Notes

For More Information about the Funds:

Investment Adviser

Charles Schwab Investment Management, Inc.

101 Montgomery Street, San Francisco, CA 94104

Shareholder Services

1.866.452.8387 Investment Professionals

1.800.447.3332 Individual Investors

www.laudus.com

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.


	MFR34765-06


Annual Report March 31, 2009

COMMAND PERFORMANCE^TM

Laudus Rosenberg International Equity Funds

Laudus Rosenberg International Equity Fund

Laudus Rosenberg International Discovery Fund

Laudus Rosenberg International Small Capitalization Fund (Closed to investors)

Adviser

Charles Schwab Investment Management, Inc.

Subadviser

AXA Rosenberg Investment Management LLC


In This Report
Performance at a Glance		2
From the President		3
The Investment Environment		4
Laudus Rosenberg International Equity Fund		6
Laudus Rosenberg International Discovery Fund		8
Laudus Rosenberg International Small Capitalization Fund		10
Fund Expenses		12
Financial Statements		13
Financial Notes		55
Report of Independent Registered Public Accounting Firm		63
Trustees and Officers		65
Glossary		68

Fund investment adviser: Charles Schwab Investment Management, Inc. (CSIM).
Distributor: ALPS Distributors, Inc.

Performance at a Glance


Total Return for the Report Period


Laudus Rosenberg International Equity Fund

Investor Shares (Ticker Symbol: RIEIX)		-50.04%
Select Shares (Ticker Symbol: REQIX)		-49.91%
Benchmark: MSCI EAFE Index		-46.20%

Performance Details		pages 6-7



Laudus Rosenberg International Discovery Fund

Investor Shares (Ticker Symbol: LIDIX)		-46.33%
Select Shares (Ticker Symbol: LIDSX)¹		-46.25%
Benchmark: S&P Global ex-U.S. BMI $2-10 Billion Cap Range		-47.13%

Performance Details		pages 8-9



Laudus Rosenberg International Small Capitalization Fund

Investor Shares (Ticker Symbol: RISIX)		-52.40%
Select Shares (Ticker Symbol: ICSIX)		-52.20%
Benchmark: S&P Developed ex-U.S. SmallCap Index		-49.75%

Performance Details		pages 10-11

Small-company stocks are subject to greater volatility than other asset categories. Foreign securities can involve risks such as political and economic instability and currency risk. These risks may be greater in emerging markets.

Please see prospectus for further detail and investor eligibility requirements.

Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the financial highlights section of the report is calculated in the same manner, but also taking into account certain adjustments that are necessary under generally accepted accounting principles which are required when preparing the annual report.

2 Laudus Rosenberg International Equity Funds

From the President

Dear Shareholder,

In the past year, financial markets were besieged with volatility and turmoil, while many economies across the globe experienced slower growth or recession, making investment conditions some of the most difficult in history. Although returns were relatively better in March, the fiscal year was characterized by two particularly bearish periods – the end of 2008 and the beginning of 2009. In this environment, major equity indices experienced significant declines. The Russell 1000 Index, for example, was down 38% for the reporting period, while the Russell 1000 Value Index declined 42%. On average, returns were down in all major sectors. The fixed income space, usually a bright spot in down markets, was not immune to the current market malady, with the Citigroup Non-U.S. Dollar World Government Bond Index down around 6%.

Within the Laudus Rosenberg Fund Family, returns in the funds followed the general downdraft on equity and fixed income prices. In both the U.S. and International fund groups, returns were down between 40-50% on average, indicating that various un-hedged investment strategies were similarly affected by overall market declines. In general, modest outperformance and underperformance relative to funds’ respective benchmarks was primarily attributable to stock selection. For more detail, please see the portfolio manager’s commentary in the following pages.

In closing, I would remind you that should you have any questions about the funds we are available to answer them at 1-800-447-3332.

Thank you for investing with us.

Sincerely,

Laudus Rosenberg International Equity Funds 3

The Investment Environment

4 Laudus Rosenberg International Equity Funds

The Investment Environment continued

Nothing in this report represents a recommendation of a security by the investment adviser.

Manager views and portfolio holdings may have changed since the report date.

Laudus Rosenberg International Equity Funds 5

Laudus Rosenberg International Equity Fund

The Laudus Rosenberg International Equity Fund Investor Shares returned -50.04% for the fiscal year ending March 31, 2009, underperforming the benchmark MSCI EAFE Index, which returned -46.20%. Persistent volatility, investor risk aversion, and a global economic recession weighed heavily on international equity prices during the reporting period. On a relative basis, underperformance versus the benchmark was principally attributable to stock selection in Europe.

Returns were strongly negative in all sectors represented in the fund. In this particularly difficult investment environment, un-hedged equity funds generally declined following the downward pricing pressure in equity markets. On a sector specific level, Materials, Industrials, and Financials declined the most. Prices in the Material and Industrial sectors declined primarily as investors priced in slower global growth and decreased demand amidst economic recession. Corporations within the Financial sector, particularly banks, ailed as credit constraints and corporate restructuring continued to adversely impact markets and stock prices. Better performing sectors were Utilities, Telecomm Services, and Health Care. Relative to the benchmark, stock selection in and an overweight to Materials, along with stock selection in Industrials led the detractors. Within Materials, an overweight to Xstrata detracted the most among individual holdings. However, in the Telecomm Services sector, an overweight to France Telecomm helped to partially offset.

From a price-to-earnings (P/E) standpoint, returns were down across the board. Companies with negative P/E ratios experienced the most significant decline. Over 90% of the fund is allocated to companies with mid to low P/E ratios. Relative to the benchmark, stock selection in companies with low P/E ratios detracted from returns.

When looking at market capitalization, returns were again negative across the board. In general, returns in the $25-50 billion range and the $150 billion and above range were most negative. Relative to the benchmark, stock selection in companies with market caps of $50 billion and below primarily accounted for underperformance.

In terms of price-to-book (P/B) ratios, returns were down across the spectrum. Relative to the benchmark, stock selection in companies with low P/B ratios accounted for most of the underperformance.

As of 3/31/09:

Fund Characteristics


Number of Securities	351

Avg. Market Capitalization


($Wtd. x 1,000,000)	$29,588

Portfolio Turnover


(One year trailing)	125%


Price to Earnings (P/E)	3.27


Price/Book Ratio (P/B)	0.99


Price to Cash Flow	8.83


Beta	0.85


Return on Equity	9.82%


Five-Year Earnings Growth	6%

Fund Overview


	Investor Shares	Select Shares


Initial Investment	$100	$50,000
Inception Date	12/5/2000	6/7/2000
Total Net Assets ($ x 1,000)	$7,820	$32,044
Ticker Symbol	RIEIX	REQIX
Cusip	51855Q812	51855Q507
NAV	$5.51	$5.49

Manager views and portfolio holdings may have changed since the report date.

6 Laudus Rosenberg International Equity Funds

Laudus Rosenberg International Equity Fund

Performance Summary as of 3/31/09

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$50,000 Investment in Select Shares¹

Average Annual Total Returns¹


Class and Inception Date	1 Year		5 Years		Since Inception


Investor (12/5/00)		-50.04%		-4.92%		-2.93%
Select (6/7/00)		-49.91%		-4.60%		-3.66%
Benchmark: MSCI EAFE Index^®*		-46.20%		-1.75%		(12/5/00) -1.40%
						(6/7/00) -2.76%

Fund Expense Ratios²: Investor Shares: Net 1.40%; Gross 1.69% / Select Shares: Net 1.12%; Gross 1.23%

Country Weightings % of Investments³


Japan	23.9%


United Kingdom	19.8%


France	9.7%


Germany	7.2%


Australia	6.7%


Switzerland	6.2%


Italy	4.3%


Spain	4.0%


Sweden	3.3%


Netherlands	2.9%


Hong Kong	2.4%


Belgium	2.0%


Norway	1.7%


Denmark	1.6%


Other Countries	4.3%


Total	100.0%

Sector Weightings % of Investments³


Financials	18.0%


Health Care	14.5%


Telecommunication Services	14.1%


Energy	9.5%


Utilities	8.7%


Industrials	8.6%


Consumer Discretionary	7.8%


Consumer Staples	7.7%


Information Technology	5.8%


Materials	5.3%


Total	100.0%

Top Holdings % of Net Assets³


Novartis AG - Reg’d	2.7%


AstraZeneca plc	2.7%


France Telecom S.A.	2.5%


Sanofi-Aventis	2.4%


Royal Dutch Shell plc, Class A	2.1%


Centrica plc	1.8%


Enel S.p.A.	1.7%


Vodafone Group plc	1.7%


StatoilHydro A.S.A.	1.7%


State Street Institutional Liquid Reserves Fund	1.7%


Total	21.0%


*	The Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE Index^®) is a free float-adjusted market capitalization index that is designed to measure market equity performance in 22 developed market countries, excluding the U.S. and Canada. Investors cannot invest directly in any index and index figures do not include trading and management costs.
¹	Total returns include change in share price and reinvestment of distributions. Total returns may reflect the waiver of a portion of a fund’s advisory fees for certain periods since the inception date. In such instances, and without the waiver of fees, total returns would have been lower.
²	As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/11. Adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the financial highlights section of the financial statements.
³	Portfolio holdings are subject to change and may not represent current or future holdings.

Laudus Rosenberg International Equity Funds 7

Laudus Rosenberg International Discovery Fund

The Laudus Rosenberg International Discovery Fund Investor Shares returned -46.33% for the fiscal year ending March 31, 2009, outperforming the benchmark S&P Global ex U.S. Broad Market Index $2-10 Billion Cap Range, which returned -47.13%. Persistent volatility, investor risk aversion, and a global economic recession weighed heavily on international equity prices during the reporting period. All major sectors represented in the fund and benchmark declined. On a relative basis, outperformance was generally attributable to stock selection in Asia/Pacific and Latin America.

Despite the fund’s modest outperformance relative to the benchmark, returns were strongly negative in all sectors represented in the fund. In this particularly difficult investment environment, un-hedged equity funds generally declined following the downward pricing pressure in equity markets. On a sector specific level, Materials, Industrials, and Energy declined the most. Prices in the Material and Industrial sectors declined primarily as investors priced in slower global growth and decreased demand amidst economic recession. Although stronger earlier in the period, the Energy sector experienced significant downward pricing pressure as the economic recession deepened and growth slowed. Better performing sectors were Utilities and Health Care. Relative to the benchmark, stock selection in Health Care and Utilities benefitted the most.

From a price-to-earnings (P/E) standpoint, returns were down across the board. Companies with negative P/E ratios experienced the most significant declines. Like the benchmark, the fund is primarily allocated to companies with mid to low P/E ratios. Relative to the benchmark, stock selection in companies with low P/E ratios generally benefitted the fund, as did selection in companies with very high P/E ratios.

When looking at market capitalization, returns were again negative across the board. In general, returns in the $7.5 billion and above range were most negative. Relative to the benchmark, stock selection in companies within the $7.5 billion and above range benefitted the fund, while selection in companies with market caps below $7.5 billion generally detracted.

In terms of price-to-book (P/B) ratios, returns were down across the spectrum. Relative to the benchmark, stock selection in companies with low P/B ratios generally detracted from performance.

As of 3/31/09:

Fund Characteristics


Number of Securities	475

Avg. Market Capitalization


($Wtd. x 1,000,000)	$3,732

Portfolio Turnover


(One year trailing)	159%


Price to Earnings (P/E)	0.88


Price/Book Ratio (P/B)	0.93


Price to Cash Flow	8.81


Beta	0.85


Return on Equity	9.47%


Five-Year Earnings Growth	10%

Fund Overview


	Investor Shares	Select Shares


Initial Investment	$100	$50,000
Inception Date	5/31/2006	5/31/2006
Total Net Assets ($ x 1,000)	$34,005	$182,191
Ticker Symbol	LIDIX	LIDSX
Cusip	51855Q697	51855Q689
NAV	$6.04	$6.03

Manager views and portfolio holdings may have changed since the report date.

8 Laudus Rosenberg International Equity Funds

Laudus Rosenberg International Discovery Fund

Performance Summary as of 3/31/09

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$50,000 Investment in Select Shares¹

Average Annual Total Returns¹


Class and Inception Date	1 Year		Since Inception


Investor (5/31/06)		-46.33%		-14.12%
Select (5/31/06)		-46.25%*		-13.90%
Benchmark: S&P Global ex US BMI $2-10 Billion Cap Range²		-47.13%		-13.83%

Fund Expense Ratios³: Investor Shares: Net 1.65%; Gross 1.81% / Select Shares: Net 1.35%; Gross 1.54%

Country Weightings % of Investments⁴


Japan	25.7%


United Kingdom	7.3%


Canada	5.5%


Republic of Korea	5.0%


Taiwan	4.9%


Australia	4.4%


South Africa	4.0%


Brazil	3.8%


France	3.0%


Italy	2.7%


India	2.1%


Belgium	2.0%


Netherlands	2.0%


China	1.8%


Sweden	1.8%


Switzerland	1.8%


Germany	1.7%


Finland	1.7%


Russia	1.5%


Mexico	1.5%


Other Countries	15.8%


Total	100.0%

Sector Weightings % of Investments⁴


Consumer Staples	16.1%


Financials	15.6%


Materials	12.7%


Industrials	11.4%


Consumer Discretionary	9.5%


Telecommunication Services	9.5%


Health Care	7.8%


Information Technologies	7.6%


Utilities	5.9%


Energy	3.9%


Total	100.0%

Top Holdings % of Net Assets⁴


State Street Institutional Liquid Reserves Fund	1.3%


Gold Fields Ltd.	0.9%


Tatneft GDR-Reg’d	0.8%


Shiseido Co., Ltd.	0.7%


West Japan Railway Co.	0.7%


Foster’s Group Ltd.	0.7%


All Nippon Airways Co., Ltd.	0.7%


Aeon Co., Ltd.	0.7%


Asahi Breweries Ltd.	0.7%


Delhaize Group	0.7%


Total	7.9%


¹	Total returns include change in share price and reinvestment of distributions. Total returns may reflect the waiver of a portion of a fund’s advisory fees for certain periods since the inception date. In such instances, and without the waiver of fees, total returns would have been lower.
²	The S&P Global ex US Broad Market Index (BMI) $2 - $10 Bill Cap Range includes companies in approximately 52 developed and emerging markets with more than $100 million of free float capitalization. Investors cannot invest directly in any index and index figures do not include trading and management costs.
³	As stated in the prospectus. Net Expenses: Reflects expenses expected to be charged to shareholders through at least 7/30/11. Adviser expects to hold expenses at this level by waiving its management fees and/or bearing other expenses. Gross Expenses: Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the financial highlights section of the financial statements.
⁴	Portfolio holdings are subject to change and may not represent current or future holdings.

Laudus Rosenberg International Equity Funds 9

Laudus Rosenberg International Small Capitalization Fund

The Laudus Rosenberg International Small Capitalization Fund Investor Shares returned -52.40% for the fiscal year ending March 31, 2009, underperforming the benchmark S&P Developed ex-U.S. Small Cap Index, which returned -49.75%. Persistent volatility, investor risk aversion, and a global economic recession weighed heavily on international equity prices during the reporting period. On a relative basis, underperformance was generally attributable to stock selection in Europe.

Returns were strongly negative in all sectors represented in the fund. In this particularly difficult investment environment, un-hedged equity funds generally declined following the downward pricing pressure in equity markets. On a sector specific level, Energy, Materials, Industrials, and Financials declined the most. Prices in the Material and Industrial sectors declined primarily as investors priced in slower global growth and decreased demand amidst economic recession. Although stronger earlier in the period, the Energy sector experienced significant downward pricing pressure as the economic recession deepened and growth slowed. Better performing sectors were Utilities, and Consumer Staples. Relative to the benchmark, stock selection across a number of sectors detracted, but more so Consumer Discretionary, Financials, and Industrials. Allocation also detracted slightly, primarily in the Materials sector. Within the Financial sector, an overweight to Swiss Life Holdings detracted the most among individual holdings.

When looking at market capitalization, returns were again negative across the board. In general, returns in the $5 billion to $7.5 billion range were most negative. Relative to the benchmark, stock selection in companies within the $300 million to $1.5 billion range detracted most. In general, stock selection detracted across all market caps, except in the $3 billion to $5 billion range.

In terms of price-to-book (P/B) ratios, returns were down across the spectrum. Relative to the benchmark, stock selection in companies with low P/B ratios accounted for most of the underperformance.

As of 3/31/09:

Fund Characteristics


Number of Securities	846

Avg. Market Capitalization


($Wtd. x 1,000,000)	$1,329

Portfolio Turnover


(One year trailing)	79%


Price to Earnings (P/E)	1.6


Price/Book Ratio (P/B)	0.62


Price to Cash Flow	5.01


Beta	0.94


Return on Equity	7.12%


Five-Year Earnings Growth	14%

Fund Overview


	Investor Shares	Select Shares


Initial Investment	$100	$50,000
Inception Date	10/29/1996	9/23/1996
Total Net Assets ($ x 1,000)	$147,608	$195,990
Ticker Symbol	RISIX	ICSIX
Cusip	51855Q796	51855Q606
NAV	$7.79	$7.87

Manager views and portfolio holdings may have changed since the report date.

10 Laudus Rosenberg International Equity Funds

Laudus Rosenberg International Small Capitalization Fund

Performance Summary as of 3/31/09

Performance of a Hypothetical
$10,000 Investment in Investor Shares¹

Performance of a Hypothetical
$50,000 Investment in Select Shares¹

Average Annual Total Returns¹


Class and Inception Date	1 Year		5 Years		10 Years


Investor (10/29/96)		-52.40%		-3.29%		4.61%
Select (9/23/96)		-52.20%		-2.95%		4.95%
Benchmark: S&P Developed ex-U.S. SmallCap Index*		-49.75%		-1.38%		2.61%

Fund Expense Ratios²: Investor Shares: 1.45% / Select Shares: Net 1.09%

Country Weightings % of Investments³


Japan	26.8%


United Kingdom	16.8%


France	8.2%


Switzerland	6.5%


Canada	6.1%


Germany	5.7%


Republic of Korea	4.2%


Netherlands	4.1%


Australia	3.2%


Italy	2.9%


Belgium	2.7%


Sweden	2.5%


Spain	2.4%


Finland	2.2%


Hong Kong	2.0%


Other Countries	3.7%


Total	100.0%

Sector Weightings % of Investments³


Industrials	21.9%


Consumer Discretionary	16.5%


Information Technology	14.6%


Materials	12.0%


Consumer Staples	11.5%


Financials	11.5%


Health Care	4.6%


Telecommunication Services	3.7%


Utilities	2.1%


Energy	1.6%


Total	100.0%

Top Holdings % of Net Assets³


Cap Gemini S.A.	1.8%


Thales S.A.	1.5%


State Street Institutional Liquid Reserves Fund	1.5%


Tele2 AB, B Shares	1.3%


Whitbread plc	1.2%


Lanxess	1.2%


Gemalto N.V.	1.2%


Koninklijke DSM N.V.	1.1%


Thomas Cook Group plc	1.1%


Logica plc	1.1%


Total	13.0%


*	S&P Developed ex-U.S. SmallCap Index is a float-adjusted index which measures the performance of small companies (approximately the bottom 15% by market capitalization) in 25 developed equity markets. Investors cannot invest directly in any index and index figures do not include trading and management costs.
¹	Total returns include change in share price and reinvestment of distributions. Total returns may reflect the waiver of a portion of a fund’s advisory fees for certain periods since the inception date. In such instances, and without the waiver of fees, total returns would have been lower.
²	As stated in the prospectus. Reflects the total annual fund operating expenses without the effect of contractual fee waivers. Please see the prospectus for more information. For actual rates during the period, refer to the financial highlights section of the financial statements.
³	Portfolio holdings are subject to change and may not represent current or future holdings.

Laudus Rosenberg International Equity Funds 11

Fund Expenses (Unaudited)

Examples for a $1,000 Investment


					Ending
			Beginning		Account Value		Expenses Paid
	Expense Ratio¹		Account Value		(Net of Expenses)		During Period²
	(Annualized)		at 10/1/08		at 3/31/09		10/1/08–3/31/09



Laudus Rosenberg International Equity Fund
Investor Shares
Actual Return		1.40%	$	1,000	$	649.70	$	5.76
Hypothetical 5% Return		1.40%	$	1,000	$	1,017.95	$	7.04
Select Shares
Actual Return		1.12%	$	1,000	$	650.10	$	4.61
Hypothetical 5% Return		1.12%	$	1,000	$	1,019.35	$	5.64


Laudus Rosenberg International Discovery Fund
Investor Shares
Actual Return		1.65%	$	1,000	$	701.00	$	7.00
Hypothetical 5% Return		1.65%	$	1,000	$	1,016.70	$	8.30
Select Shares
Actual Return		1.35%	$	1,000	$	701.60	$	5.73
Hypothetical 5% Return		1.35%	$	1,000	$	1,018.20	$	6.79


Laudus Rosenberg International Small Capitalization Fund
Investor Shares
Actual Return		1.56%	$	1,000	$	623.50	$	6.31
Hypothetical 5% Return		1.56%	$	1,000	$	1,017.15	$	7.85
Select Shares
Actual Return		1.13%	$	1,000	$	625.00	$	4.58
Hypothetical 5% Return		1.13%	$	1,000	$	1,019.30	$	5.69


¹	Based on the most recent six-month expense ratio; may differ from the expense ratio provided in Financial Highlights.

²	Expenses for each fund or share class are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 days of the period, and divided by 365 days of the fiscal year.

12 Laudus Rosenberg International Equity Funds

Laudus Rosenberg International Equity Fund

Financial Statements

Financial Highlights


	4/1/08–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Investor Shares	3/31/09			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		11.60			13.54			11.77			9.61			8.47

Income (loss) from investment operations:
Net investment income (loss)		0.37			0.55			0.14			0.10			0.06	¹
Net realized and unrealized gains (losses)		(6.12	)		(1.33	)		1.97			2.14			1.11

Total from investment operations		(5.75	)		(0.78	)		2.11			2.24			1.17
Less distributions:
Distributions from net investment income		(0.34	)		(0.21	)		(0.09	)		(0.08	)		(0.03	)
Distributions from net realized gains		(0.00	)²		(0.95	)		(0.25	)		—			—

Total distributions		(0.34	)		(1.16	)		(0.34	)		(0.08	)		(0.03	)

Net asset value at end of period		5.51			11.60			13.54			11.77			9.61

Total return (%)		(50.04	)		(6.21	)		18.08			23.41			13.79

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.40			1.61			1.64			1.72			1.72
Gross operating expenses		1.69			1.69			1.71			2.33			2.96
Net investment income (loss)		2.73			1.97			1.17			1.02			0.65
Portfolio turnover rate		125			83			64			59			52
Net assets, end of period ($ x 1,000)		7,820			19,570			61,411			18,824			12,491


	4/1/08³–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Select Shares	3/31/09			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		11.59			13.58			11.80			9.63			8.46

Income (loss) from investment operations:
Net investment income (loss)		0.36			0.18			0.07			0.14			0.09	¹
Net realized and unrealized gains (losses)		(6.08	)		(0.92	)		2.08			2.15			1.12

Total from investment operations		(5.72	)		(0.74	)		2.15			2.29			1.21
Less distributions:
Distributions from net investment income		(0.38	)		(0.30	)		(0.12	)		(0.12	)		(0.04	)
Distributions from net realized gains		(0.00	)²		(0.95	)		(0.25	)		—			—

Total distributions		(0.38	)		(1.25	)		(0.37	)		(0.12	)		(0.04	)

Net asset value at end of period		5.49			11.59			13.58			11.80			9.63

Total return (%)		(49.91	)		(5.91	)		18.37			23.86			14.36

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.12			1.22			1.34			1.34			1.34
Gross operating expenses		1.28			1.23			1.34			1.96			2.69
Net investment income (loss)		3.05			1.46			1.09			1.34			0.96
Portfolio turnover rate		125			83			64			59			52
Net assets, end of period ($ x 1,000)		32,044			97,701			68,398			21,688			16,094

¹ Calculated based on the average shares outstanding during the period.

² Amount less than $0.005.

³ Effective July 31, 2008, the Institutional Shares were redesignated as Select Shares.

See financial notes 13

Laudus Rosenberg International Equity Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.

Cost

Value

Holdings by Category

($)

.1%

Common Stock

54,480,505

38,701,247

.7%

Other Investment Company

673,541

.8%

Total Investments

55,154,046

39,374,788

.2%

Other Assets and Liabilities, Net

488,420

100

.0%

Net Assets

39,863,208


	Number		Value
Security	of Shares		($)





Common Stock 97.1% of net assets


Australia 6.5%


Banks 2.0%
Australia & New Zealand Banking Group Ltd.		16,300		178,115
Bendigo & Adelaide Bank Ltd.		1,500		8,528
Commonwealth Bank of Australia		7,800		187,251
National Australia Bank Ltd.		14,700		205,202
Westpac Banking Corp.		15,100		199,395

				778,491


Consumer Services 0.2%
Crown Ltd.		12,700		56,375
Tatts Group Ltd.		10,600		20,402

				76,777


Energy 0.5%
Energy Resources of Australia Ltd.		400		5,947
Origin Energy Ltd.		8,300		85,392
Santos Ltd.		6,600		77,681
Woodside Petroleum Ltd.		1,500		39,954

				208,974


Food & Staples Retailing 0.4%
Metcash Ltd.		13,200		37,175
Wesfarmers Ltd.		400		5,249
Woolworths Ltd.		7,300		126,703

				169,127


Food, Beverage & Tobacco 0.5%
Coca-Cola Amatil Ltd.		11,500		69,303
Foster’s Group Ltd.		23,100		81,239
Lion Nathan Ltd.		9,500		53,228

				203,770


Health Care Equipment & Services 0.2%
Cochlear Ltd.		1,700		59,282


Insurance 0.6%
Insurance Australia Group Ltd.		27,000		65,574
QBE Insurance Group Ltd.		7,800		104,637
Suncorp-Metway Ltd.		13,400		55,964

				226,175


Materials 1.1%
BHP Billiton Ltd.		19,400		428,763
Newcrest Mining Ltd.		800		18,415

				447,178


Pharmaceuticals, Biotechnology & Life Sciences 0.3%
CSL Ltd.		5,500		124,281


Real Estate 0.3%
CFS Retail Property Trust		10,900		12,385
Dexus Property Group		21,600		11,253
Goodman Group		12,700		2,883
Westfield Group		14,200		98,434

				124,955


Software & Services 0.0%
Computershare Ltd.		2,100		12,805


Telecommunication Services 0.2%
Telstra Corp., Ltd.		43,400		96,880


Utilities 0.2%
AGL Energy Ltd.		7,100		73,654

				2,602,349


Austria 0.2%


Energy 0.2%
OMV AG		1,531		51,218


Telecommunication Services 0.0%
Telekom Austria AG		555		8,402

				59,620


Belgium 1.9%


Diversified Financials 0.0%
Banque Nationale de Belgique		3		8,764


Food & Staples Retailing 0.9%
Delhaize Group		5,700		369,895


Materials 0.6%
Solvay S.A.		2,800		196,368
Umicore		2,322		42,911

				239,279


Pharmaceuticals, Biotechnology & Life Sciences 0.4%
UCB S.A.		5,000		147,299

				765,237


Bermuda 0.4%


Diversified Financials 0.1%
Guoco Group Ltd.		8,000		44,568


Insurance 0.2%
Hiscox Ltd.		14,000		61,945


Retailing 0.1%
Li & Fung Ltd.		16,000		37,509

				144,022

14 See financial notes

Laudus Rosenberg International Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Denmark 1.5%


Food, Beverage & Tobacco 0.1%
Danisco A/S		2,099		62,898


Materials 0.4%
Novozymes A/S, Class B		2,000		144,684


Transportation 1.0%
A P Moller - Maersk A/S, Series A		92		399,643

				607,225


Finland 1.1%


Capital Goods 0.3%
Wartsila Corp. Oyj		4,500		94,903


Insurance 0.4%
Sampo Oyj, Class A		11,565		170,530


Materials 0.3%
UPM-Kymmene Oyj		22,263		128,489


Pharmaceuticals, Biotechnology & Life Sciences 0.1%
Orion Oyj, Class B		2,872		41,561

				435,483


France 9.5%


Banks 0.7%
BNP Paribas		4,986		205,705
Societe Generale		1,971		77,099

				282,804


Capital Goods 0.7%
Bouygues S.A.		2,053		73,364
Nexans S.A.		899		34,089
Thales S.A.		4,054		153,513

				260,966


Commercial & Professional Supplies 0.0%
Teleperformance		542		14,909


Consumer Durables & Apparel 0.4%
Christian Dior S.A.		2,587		141,707
Nexity		338		7,218

				148,925


Consumer Services 0.5%
Sodexo		4,427		201,650


Food, Beverage & Tobacco 0.7%
Pernod Ricard S.A.		4,629		257,972


Insurance 0.1%
CNP Assurances		635		40,047


Media 0.7%
M6 Metropole Television		2,609		42,574
Vivendi		8,702		230,159

				272,733


Pharmaceuticals, Biotechnology & Life Sciences 2.4%
Sanofi-Aventis		17,364		974,487


Software & Services 0.7%
Atos Origin S.A.		2,678		68,704
Cap Gemini S.A.		6,500		208,904

				277,608


Telecommunication Services 2.5%
France Telecom S.A.		43,000		980,277


Transportation 0.1%
Air France-KLM		5,765		51,259


Utilities 0.0%
Suez Environnement S.A. *		611		8,985

				3,772,622


Germany 7.0%


Capital Goods 0.5%
Bilfinger Berger AG		714		26,852
KSB AG		12		4,230
MTU Aero Engines Holding AG		2,275		53,134
Rheinmetall AG		1,407		47,641
Siemens AG - Reg’d		200		11,418
Tognum AG		5,400		46,838

				190,113


Diversified Financials 0.2%
Deutsche Bank AG - Reg’d		2,064		82,676


Food, Beverage & Tobacco 0.1%
Suedzucker AG		2,100		40,510


Health Care Equipment & Services 0.2%
Fresenius Medical Care AG & Co. KGaA		2,100		81,489


Household & Personal Products 0.5%
Henkel AG & Co. KGaA		7,064		178,197


Insurance 0.6%
Allianz SE - Reg’d		2,848		238,385


Materials 0.2%
Lanxess		2,297		39,035
Linde AG		361		24,511

				63,546


Pharmaceuticals, Biotechnology & Life Sciences 1.0%
Bayer AG		2,400		114,664
Merck KGaA		3,000		265,069

				379,733


Software & Services 0.0%
Software AG		238		16,892


Telecommunication Services 1.1%
Deutsche Telekom AG - Reg’d.		36,800		455,804


Transportation 1.1%
Deutsche Lufthansa AG - Reg’d		10,800		117,003
Deutsche Post AG - Reg’d		31,404		338,383

				455,386


Utilities 1.5%
RWE AG		8,698		609,125

				2,791,856


Greece 0.2%


Consumer Services 0.2%
OPAP S.A.		2,526		66,773

See financial notes 15

Laudus Rosenberg International Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Telecommunication Services 0.0%
Hellenic Telecommunications Organization S.A.		493		7,390

				74,163


Hong Kong 2.3%


Banks 0.3%
BOC Hong Kong (Holdings) Ltd.		21,500		22,020
Hang Seng Bank Ltd.		8,200		82,755

				104,775


Capital Goods 0.4%
Hutchison Whampoa Ltd.		21,000		103,090
Jardine Matheson Holdings Ltd.		2,400		43,640
Jardine Strategic Holdings Ltd.		3,000		29,735

				176,465


Consumer Durables & Apparel 0.1%
Yue Yuen Industrial (Holdings) Ltd.		23,000		52,533


Food, Beverage & Tobacco 0.0%
Vitasoy International Holdings Ltd.		8,000		3,422


Real Estate 0.5%
Cheung Kong (Holdings) Ltd.		12,000		103,426
Sun Hung Kai Properties Ltd.		3,000		26,919
The Link REIT		12,000		23,793
The Wharf (Holdings) Ltd.		12,000		29,878
Wheelock Properties Ltd.		5,000		1,648

				185,664


Retailing 0.2%
Esprit Holdings Ltd.		12,000		61,228
Wing On Co. International Ltd.		24,000		19,506

				80,734


Telecommunication Services 0.0%
Hutchison Telecommunications International Ltd.		22,000		6,882


Transportation 0.2%
Hopewell Highway Infrastructure Ltd.		47,000		26,515
MTR Corp., Ltd.		22,000		52,872

				79,387


Utilities 0.6%
CLP Holdings Ltd.		19,000		130,550
Hongkong Electric Holdings Ltd.		17,000		101,003

				231,553

				921,415


Italy 4.1%


Automobiles & Components 0.0%
Pirelli & C. S.p.A.		48,404		11,296


Banks 0.9%
Banco Popolare Societa Cooperativa		37,561		172,381
Intesa Sanpaolo		38,712		106,476
UniCredit S.p.A.		43,404		71,437

				350,294


Capital Goods 0.1%
Finmeccanica S.p.A.		4,452		55,413


Insurance 0.2%
Fondiaria - Sai S.p.A.		1,600		18,701
Unipol Gruppo Finanziario S.p.A.		63,000		55,783

				74,484


Telecommunication Services 1.2%
Telecom Italia S.p.A.		367,549		473,855


Utilities 1.7%
Enel S.p.A.		142,187		681,824

				1,647,166


Japan 23.2%


Automobiles & Components 1.8%
Aisan Industry Co., Ltd.		100		465
Bridgestone Corp.		15,800		229,117
Fuji Heavy Industries Ltd.		13,000		43,267
Honda Motor Co., Ltd.		1,400		33,328
Musashi Seimitsu Industry Co., Ltd.		600		6,158
Nippon Seiki Co., Ltd.		2,000		12,428
Nissan Shatai Co., Ltd.		3,000		17,482
Toyota Industries Corp.		200		4,308
Toyota Motor Corp.		9,900		314,462
Unipres Corp.		100		704
Yamaha Motor Co., Ltd.		6,500		58,317

				720,036


Banks 2.8%
Bank of The Ryukyus Ltd. *		800		6,648
Chuo Mitsui Trust Holdings, Inc.		32,000		99,538
Fukuoka Financial Group, Inc.		30,000		92,365
Mitsubishi UFJ Financial Group, Inc.		66,100		325,656
Mizuho Financial Group, Inc.		8,000		15,622
Sapporo Hokuyo Holdings, Inc. *		11,000		31,192
Sumitomo Mitsui Financial Group, Inc.		3,800		133,803
The 77 Bank Ltd.		9,000		44,894
The Aichi Bank Ltd.		400		27,569
The Bank of Kyoto Ltd.		9,000		76,440
The Chiba Kogyo Bank Ltd. *		200		1,969
The Eighteenth Bank Ltd.		2,000		6,881
The Higashi-Nippon Bank Ltd.		1,000		2,708
The Hyakugo Bank Ltd.		6,000		30,859
The Mie Bank Ltd.		2,000		6,273
The Nishi-Nippon City Bank Ltd.		27,000		59,139
The San-in Godo Bank Ltd.		4,000		30,873
The Sumitomo Trust & Banking Co., Ltd.		33,000		127,769

				1,120,198


Capital Goods 0.3%
Aida Engineering Ltd.		1,000		2,832
Daimei Telecom Engineering Corp.		1,000		9,301
Fuji Machine Manufacturing Co., Ltd.		1,100		8,936
JFE Shoji Holdings, Inc.		5,000		13,403
Kamei Corp.		2,000		8,966
Maeda Corp.		6,000		20,960
Nagase & Co., Ltd.		4,000		30,965
Sumikin Bussan Corp.		4,000		8,419
Takeuchi Mfg. Co., Ltd.		400		2,571

				106,353


Commercial & Professional Supplies 0.2%
Dai Nippon Printing Co., Ltd.		11,000		101,379

16 See financial notes

Laudus Rosenberg International Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Consumer Durables & Apparel 0.4%
Kurabo Industries Ltd.		6,000		8,267
Nikon Corp.		10,000		113,811
Roland Corp.		600		6,446
SRI Sports Ltd.		3		2,340
Tokyo Style Co., Ltd.		2,000		13,737

				144,601


Consumer Services 0.0%
Resorttrust, Inc.		500		4,638
Royal Holdings Co., Ltd.		400		4,301
Saint Marc Holdings Co., Ltd.		100		2,520

				11,459


Diversified Financials 0.1%
Fuyo General Lease Co., Ltd.		400		5,045
ORIX Corp.		890		29,291
Tokai Tokyo Financial Holdings, Inc.		3,000		5,424

				39,760


Energy 0.9%
Inpex Corp.		31		219,538
Itohchu Enex Co., Ltd.		1,700		8,998
Nippon Mining Holdings, Inc.		19,000		76,157
Showa Shell Sekiyu K.K.		7,900		72,557

				377,250


Food & Staples Retailing 0.5%
Aeon Co., Ltd.		15,200		100,472
Cawachi Ltd.		500		7,691
Circle K Sunkus Co., Ltd.		2,100		29,937
Kasumi Co., Ltd.		1,000		3,796
Ministop Co., Ltd.		200		3,131
Uny Co., Ltd.		6,000		47,574

				192,601


Food, Beverage & Tobacco 1.5%
Ajinomoto Co., Inc.		12,000		85,071
Asahi Breweries Ltd.		8,800		105,549
Japan Tobacco, Inc.		69		184,450
Kirin Holdings Co., Ltd.		16,000		170,929
Meiji Seika Kaisha Ltd.		8,000		27,789
Mikuni Coca-Cola Bottling Co., Ltd.		1,100		8,612

				582,400


Health Care Equipment & Services 0.2%
BML, Inc.		200		3,726
Hitachi Medical Corp.		2,000		15,586
Suzuken Co., Ltd.		2,300		60,331

				79,643


Household & Personal Products 0.9%
Aderans Holdings Co., Ltd.		500		3,640
Kao Corp.		9,000		175,612
Kose Corp.		1,500		28,072
Lion Corp.		4,000		18,688
Mandom Corp.		200		3,314
Milbon Co., Ltd.		400		8,564
Shiseido Co., Ltd.		9,000		131,949

				369,839


Insurance 1.2%
Mitsui Sumitomo Insurance Group Holdings, Inc.		9,100		214,398
NIPPONKOA Insurance Co., Ltd.		7,000		40,530
Sompo Japan Insurance, Inc.		22,000		115,313
T&D Holdings, Inc.		3,800		92,548

				462,789


Materials 1.4%
Earth Chemical Co., Ltd.		100		2,601
JFE Holdings, Inc.		8,300		183,208
Kaneka Corp.		12,000		59,330
Mitsubishi Chemical Holdings Corp.		26,500		91,456
Nippon Paper Group, Inc.		1,000		24,346
Sumitomo Chemical Co., Ltd.		37,000		127,203
Teijin Ltd.		25,000		54,624

				542,768


Media 0.1%
Daiichikosho Co., Ltd.		900		7,394
TV Asahi Corp.		17		18,982

				26,376


Pharmaceuticals, Biotechnology & Life Sciences 2.8%
Astellas Pharma, Inc.		8,100		250,664
Daiichi Sankyo Co., Ltd.		13,900		233,701
Dainippon Sumitomo Pharma Co., Ltd.		10,000		83,473
Eisai Co., Ltd.		2,700		79,473
Kyowa Hakko Kirin Co., Ltd.		7,000		59,702
Mitsubishi Tanabe Pharma Corp.		9,000		89,598
Nippon Shinyaku Co., Ltd.		2,000		17,716
Ono Pharmaceutical Co., Ltd.		800		35,111
Taisho Pharmaceutical Co., Ltd.		5,000		93,214
Takeda Pharmaceutical Co., Ltd.		5,100		176,942
Torii Pharmaceutical Co., Ltd.		600		8,297

				1,127,891


Retailing 0.5%
AOKl Holdings, Inc.		1,000		8,977
Aoyama Trading Co., Ltd.		1,400		18,483
AT-Group Co., Ltd.		2,000		15,390
Belluna Co., Ltd.		1,250		3,235
J. Front Retailing Co., Ltd.		15,000		52,204
Kohnan Shoji Co., Ltd.		200		1,720
Marui Group Co., Ltd.		6,800		36,553
Nafco Co., Ltd.		200		1,847
Sazaby League Ltd.		500		5,594
Takashimaya Co., Ltd.		9,000		52,156

				196,159


Software & Services 0.0%
Hitachi System & Services Ltd.		300		2,703


Technology Hardware & Equipment 2.8%
FUJIFILM Holdings Corp.		11,300		248,729
Fujitsu Ltd.		41,000		153,842
Furuno Electric Co., Ltd.		900		4,554
Hitachi Ltd.		56,000		153,216
Hitachi Maxell Ltd.		2,100		15,250
Hosiden Corp.		1,200		11,973
Murata Manufacturing Co., Ltd.		4,500		174,588
NEC Corp. *		47,000		127,828
OMRON Corp.		5,200		61,677
Ricoh Co., Ltd.		3,000		36,276
Riso Kagaku Corp.		600		5,493
Tdk Corp.		3,200		120,959
Toshiba Tec Corp.		6,000		15,374

				1,129,759

See financial notes 17

Laudus Rosenberg International Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Telecommunication Services 1.9%
KDDI Corp.		54		254,294
Nippon Telegraph & Telephone Corp.		5,600		213,722
NTT DoCoMo, Inc.		211		287,474
Okinawa Cellular Telephone Co.		1		1,720

				757,210


Transportation 1.4%
Central Japan Railway Co.		33		186,081
Japan Airlines Corp. *		57,000		115,675
Kawasaki Kisen Kaisha Ltd.		7,000		22,001
Nippon Yusen Kabushiki Kaisha		18,000		69,534
Seino Holdings Co., Ltd.		6,000		29,020
West Japan Railway Co.		40		126,837

				549,148


Utilities 1.5%
Chubu Electric Power Co., Inc.		4,500		99,183
Electric Power Development Co., Ltd.		3,200		95,438
Kyushu Electric Power Co., Inc.		7,100		159,412
The Tokyo Electric Power Co., Inc.		900		22,494
Tohoku Electric Power Co., Inc.		10,900		239,915

				616,442

				9,256,764


Netherlands 2.8%


Banks 0.0%
Van Lanschot N.V. CVA		146		7,394


Capital Goods 0.4%
Imtech N.V.		847		11,645
Koninklijke (Royal) Philips Electronics N.V.		9,109		134,833

				146,478


Commercial & Professional Supplies 0.2%
Randstad Holding N.V.		4,800		81,429


Diversified Financials 0.1%
ING Groep N.V. CVA		9,222		50,531


Food & Staples Retailing 0.8%
Koninklijke Ahold N.V.		28,238		309,283


Food, Beverage & Tobacco 0.0%
Nutreco Holding N.V.		394		14,107


Materials 0.5%
James Hardie Industries N.V. CDI		13,200		38,624
Koninklijke DSM N.V.		6,500		171,032

				209,656


Semiconductors & Semiconductor Equipment 0.2%
STMicroelectronics N.V.		14,372		71,894


Transportation 0.6%
TNT N.V.		13,300		227,967

				1,118,739


New Zealand 0.1%


Materials 0.1%
Nufarm Ltd.		4,400		34,722


Utilities 0.0%
Vector Ltd.		14,400		18,731

				53,453


Norway 1.7%


Energy 1.7%
StatoilHydro A.S.A.		38,008		665,166


Papua New Guinea 0.1%


Materials 0.1%
Lihir Gold Ltd. *		12,400		28,055


Portugal 1.2%


Banks 0.0%
Banco Comercial Portugues S.A. - Reg’d *		3,613		2,963


Telecommunication Services 0.2%
Portugal Telecom SGPS S.A. - Reg’d		8,000		61,799


Utilities 1.0%
EDP - Energias de Portugal S.A.		84,000		291,197
Redes Energeticas Nacionais S.A.		25,000		104,392

				395,589

				460,351


Singapore 1.0%


Banks 0.2%
Oversea-Chinese Banking Corp., Ltd.		16,000		51,007
United Overseas Bank Ltd.		5,000		32,072

				83,079


Capital Goods 0.3%
Fraser & Neave Ltd.		6,000		9,995
SembCorp Industries Ltd.		25,000		38,775
Singapore Technologies Engineering Ltd.		34,000		55,086

				103,856


Food, Beverage & Tobacco 0.1%
Wilmar International Ltd.		12,000		25,109


Materials 0.0%
NSL Ltd.		15,000		11,362


Retailing 0.1%
Jardine Cycle & Carriage Ltd.		5,000		39,034


Telecommunication Services 0.1%
Singapore Telecommunications Ltd.		26,000		43,338


Transportation 0.2%
ComfortDelGro Corp., Ltd.		8,000		7,164
SIA Engineering Co., Ltd.		14,000		17,241
Singapore Airlines Ltd.		9,540		62,915

				87,320

				393,098


Spain 3.9%


Banks 1.3%
Banco Bilbao Vizcaya Argentaria S.A.		27,299		221,579
Banco Santander S.A.		41,799		288,195

				509,774


Capital Goods 0.0%
Abengoa S.A.		583		7,748

18 See financial notes

Laudus Rosenberg International Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Energy 1.5%
Repsol YPF S.A.		33,600		579,767


Food, Beverage & Tobacco 0.0%
Ebro Puleva S.A.		1,200		14,085


Insurance 0.0%
Grupo Catalana Occidente S.A.		148		1,750


Telecommunication Services 1.0%
Telefonica S.A.		20,907		416,913


Utilities 0.1%
Gas Natural SDG S.A.		1,820		24,921

				1,554,958


Sweden 3.2%


Banks 0.2%
Nordea Bank AB		15,752		78,378


Commercial & Professional Supplies 0.1%
Securitas AB, B Shares		3,405		24,853


Materials 0.3%
Svenska Cellulosa AB, A Shares		912		6,867
Svenska Cellulosa AB, B Shares		16,345		124,053

				130,920


Pharmaceuticals, Biotechnology & Life Sciences 0.2%
Meda AB, A Shares		13,121		77,659


Technology Hardware & Equipment 1.2%
Telefonaktiebolaget LM Ericsson, B Shares		61,122		494,183


Telecommunication Services 1.2%
Tele2 AB, B Shares		16,000		134,880
TeliaSonera AB		70,761		340,339

				475,219

				1,281,212


Switzerland 6.0%


Banks 0.3%
Banque Cantonale Vaudoise - Reg’d		350		116,042


Capital Goods 0.2%
Sulzer AG - Reg’d		1,257		64,865


Diversified Financials 0.7%
Credit Suisse Group AG - Reg’d		4,427		134,793
UBS AG - Reg’d *		13,264		124,353
Vontobel Holding AG - Reg’d		768		14,221

				273,367


Insurance 1.1%
Baloise Holding AG - Reg’d		1,914		122,328
Helvetia Holding AG - Reg’d		300		63,885
Zurich Financial Services AG - Reg’d		1,655		261,562

				447,775


Materials 0.1%
Clariant AG - Reg’d *		8,000		31,043
Syngenta AG - Reg’d		102		20,503

				51,546


Pharmaceuticals, Biotechnology & Life Sciences 2.8%
Novartis AG - Reg’d		28,916		1,093,994


Real Estate 0.0%
PSP Swiss Property AG - Reg’d *		189		7,968


Telecommunication Services 0.8%
Swisscom AG - Reg’d		1,181		331,598


Transportation 0.0%
Flughafen Zuerich AG - Reg’d		76		13,682
Swissair Group (a)(b)(c) *		30		—

				13,682

				2,400,837


United Kingdom 19.2%


Banks 1.0%
Barclays plc		23,101		49,046
HSBC Holdings plc		47,415		263,987
Standard Chartered plc		7,115		88,349

				401,382


Capital Goods 0.1%
Qinetiq plc		16,928		32,081


Consumer Services 0.6%
Compass Group plc		38,882		177,816
Thomas Cook Group plc		15,000		51,653

				229,469


Diversified Financials 0.1%
Investec plc		9,324		39,040


Energy 4.5%
BP plc		49,907		334,645
Royal Dutch Shell plc, Class A		37,499		836,567
Royal Dutch Shell plc, Class B		28,559		621,297

				1,792,509


Food & Staples Retailing 0.1%
J Sainsbury plc		8,399		37,646


Food, Beverage & Tobacco 0.3%
SABMiller plc		4,163		61,898
Tate & Lyle plc		22,991		85,760

				147,658


Insurance 1.3%
Aviva plc		34,109		105,772
Jardine Lloyd Thompson Group plc		3,215		20,194
Legal & General Group plc		241,695		148,810
Old Mutual plc		203,955		151,838
RSA Insurance Group plc		54,169		101,013

				527,627


Media 0.8%
Informa plc		4,016		15,130
WPP plc		53,000		298,062

				313,192


Pharmaceuticals, Biotechnology & Life Sciences 3.6%
AstraZeneca plc		30,064		1,064,716
GlaxoSmithKline plc		24,000		373,793

				1,438,509


Retailing 1.0%
Home Retail Group plc		42,000		135,229
Kingfisher plc		117,931		252,787

				388,016

See financial notes 19

Laudus Rosenberg International Equity Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Software & Services 0.5%
Logica plc		70,000		63,817
The Sage Group plc		63,000		152,678

				216,495


Technology Hardware & Equipment 0.1%
Spectris plc		4,625		26,673


Telecommunication Services 3.4%
BT Group plc		406,454		453,464
Cable & Wireless plc		114,000		227,977
Vodafone Group plc		387,559		675,692

				1,357,133


Utilities 1.8%
Centrica plc		216,000		705,095
International Power plc		4,944		14,931

				720,026

				7,667,456

Total Common Stock (Cost $54,480,505)				38,701,247




Other Investment Company 1.7% of net assets
State Street Institutional Liquid Reserves Fund - Institutional Class		673,541		673,541

Total Other Investment Company (Cost $673,541)				673,541


End of Investments.

At 03/31/09, the tax basis cost of the fund’s investments was $56,849,150 and the unrealized appreciation and depreciation were $486,140 and ($17,960,502), respectively, with a net unrealized depreciation of ($17,474,362).

At 03/31/09, the values of certain foreign securities held by the fund aggregating $38,701,247 were adjusted from their closing market values following the guidelines adopted by the fund’s Board of Trustees.


*		Non-income producing security.
(a)		Bankrupt security/delisted.
(b)		Fair-valued by Management.
(c)		Illiquid security. At the period end, the value of these amounted to $0 or 0% of net assets.

CDI — CHESS Depositary Interest

CVA — Dutch Certificate

Reg’d — Registered

REIT — Real Estate Investment Trust

20 See financial notes

Laudus Rosenberg International Equity Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $55,154,046)		$39,374,788
Foreign currency, at value (cost $582,201)		576,867
Receivables:
Investments sold		241,168
Dividends		163,495
Foreign tax reclaims		74,234
Fund shares sold		11,603
Interest		151
Prepaid expenses	+	1,346


Total assets		40,443,652


Liabilities
Payables:
Investments bought		474,641
Fund shares redeemed		28,682
Investment adviser fees		5,676
Accrued expenses	+	71,445


Total liabilities		580,444


Net Assets
Total assets		40,443,652
Total liabilities	−	580,444


Net assets		$39,863,208
Net Assets by Source
Capital received from investors		89,966,027
Net investment income not yet distributed		115,733
Net realized capital losses		(34,426,804	)
Net unrealized capital losses		(15,791,748	)

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$7,819,700		1,419,908			$5.51
Select Shares	$32,043,508		5,835,098			$5.49

See financial notes 21

Laudus Rosenberg International Equity Fund

Statement of

Operations

For April 1, 2008 through March 31, 2009.




Investment Income
Dividends (net of foreign withholding taxes of $344,806)		$3,380,284
Interest	+	10,428


Total Investment Income		3,390,712


Net Realized Gains and Losses
Net realized losses on investments		(32,496,557	)
Net realized losses on foreign currency transactions	+	(97,458	)


Net realized losses		(32,594,015	)


Net Unrealized Gains and Losses
Net unrealized losses on investments		(22,472,497	)
Net unrealized losses on foreign currency translations	+	(16,053	)


Net unrealized losses		(22,488,550	)


Expenses
Investment adviser fees		691,456
Custodian fees		145,967
Accounting and administration fees		77,911
Professional fees		44,162
Distribution and shareholder services fees (Investor Shares)		40,273
Sub-Accounting fees (Investor Shares)		25,797
Registration fees		24,200
Transfer agent fees		22,546
Shareholder reports		10,827
Trustees’ fees		4,895
Interest expense		3,499
Other expenses	+	13,116


Total expenses		1,104,649
Expense reduction by adviser	−	145,842
Custody credits	−	16


Net expenses		958,791


Increase (Decrease) in Net Assets from Operations
Total investment income		3,390,712
Net expenses	−	958,791


Net investment income		2,431,921
Net realized losses		(32,594,015	)
Net unrealized losses	+	(22,488,550	)


Decrease in net assets from operations		($52,650,644	)

22 See financial notes

Laudus Rosenberg International Equity Fund

Statements of

Changes in Net Assets

For the current and prior report periods.




Operations


		4/01/08-3/31/09			4/1/07-3/31/08
Net investment income			$2,431,921			$2,152,001
Net realized gains (losses)			(32,594,015	)		3,091,259
Net unrealized losses	+		(22,488,550	)		(12,929,808	)


Decrease in net assets from operations			(52,650,644	)		(7,686,548	)


Distributions to Shareholders¹
Distributions from net investment income
Investor Shares			515,226			361,620
Select Shares	+		1,891,028			2,381,553


Total distributions from net investment income			2,406,254			2,743,173


Distributions from net realized gains
Investor Shares			3,606			1,666,605
Select Shares	+		11,988			7,587,962


Total distributions from net realized gains			15,594			9,254,567

Total distributions			$2,421,848			$11,997,740

Transactions in Fund Shares¹


		4/01/08-3/31/09						4/1/07-3/31/08
		SHARES			VALUE			SHARES			VALUE


Shares Sold
Investor Shares			771,279			$8,773,925			449,393			$6,229,865
Select Shares	+		1,399,274			10,217,255			4,161,569			55,041,800


Total shares sold			2,170,553			$18,991,180			4,610,962			$61,271,665


Shares Reinvested
Investor Shares			71,898			$478,841			149,983			$1,834,295
Select Shares	+		280,139			1,857,319			474,171			5,789,629


Total shares reinvested			352,037			$2,336,160			624,154			$7,623,924


Shares Redeemed
Investor Shares			(1,110,300	)		($10,030,028	)		(3,447,172	)		($45,082,165	)
Select Shares	+		(4,271,762	)		(33,632,837	)		(1,244,671	)		(16,666,965	)


Total shares redeemed			(5,382,062	)		($43,662,865	)		(4,691,843	)		($61,749,130	)

Net transactions in fund shares			(2,859,472	)		($22,335,525	)		543,273			$7,146,459


Shares Outstanding and Net Assets
		4/01/08-3/31/09						4/1/07-3/31/08
		SHARES			NET ASSETS			SHARES			NET ASSETS
Beginning of period			10,114,478			$117,271,225			9,571,205			$129,809,054
Total increase (decrease)	+		(2,859,472	)		(77,408,017	)		543,273			(12,537,829	)


End of period			7,255,006			$39,863,208			10,114,478			$117,271,225


Net investment income not yet distributed						$115,733						$75,602


¹	Effective July 31, 2008 the Institutional Shares were redesignated as Select Shares.

See financial notes 23

Laudus Rosenberg International Discovery Fund

Financial Statements

Financial Highlights


	4/1/08–			4/1/07–			5/31/06¹–
Investor Shares	3/31/09			3/31/08			3/31/07


Per-Share Data ($)

Net asset value at beginning of period		11.43			12.04			10.00

Income (loss) from investment operations:
Net investment income (loss)		0.17	²		0.11	²		0.06	²
Net realized and unrealized gains (losses)		(5.45	)		(0.16	)		2.06

Total from investment operations		(5.28	)		(0.05	)		2.12
Less distributions:
Distributions from net investment income		(0.11	)		(0.10	)		(0.06	)
Distributions from net realized gains		—			(0.46	)		(0.02	)

Total distributions		(0.11	)		(0.56	)		(0.08	)

Net asset value at end of period		6.04			11.43			12.04

Total return (%)		(46.33	)		(0.51	)		21.62	³

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.65			1.65			1.64	⁴
Gross operating expenses		1.86			1.81			2.03	⁴
Net investment income (loss)		1.90			0.89			0.75	⁴
Portfolio turnover rate		159			147			106	³
Net assets, end of period ($ x 1,000)		34,005			121,930			51,572


	4/1/08⁵–			4/1/07–			5/31/06¹–
Select Shares	3/31/09			3/31/08			3/31/07


Per-Share Data ($)

Net asset value at beginning of period		11.45			12.05			10.00

Income (loss) from investment operations:
Net investment income (loss)		0.15	²		0.14	²		0.09	²
Net realized and unrealized gains (losses)		(5.42	)		(0.16	)		2.06

Total from investment operations		(5.27	)		(0.02	)		2.15
Less distributions:
Distributions from net investment income		(0.15	)		(0.12	)		(0.08	)
Distributions from net realized gains		—			(0.46	)		(0.02	)

Total distributions		(0.15	)		(0.58	)		(0.10	)

Net asset value at end of period		6.03			11.45			12.05

Total return (%)		(46.20	)		(0.24	)		21.90	³

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.35			1.35			1.34	⁴
Gross operating expenses		1.54			1.54			1.64	⁴
Net investment income (loss)		1.87			1.14			1.06	⁴
Portfolio turnover rate		159			147			106	³
Net assets, end of period ($ x 1,000)		182,191			139,643			19,173

¹ Commencement of operations.

² Calculated based on the average shares outstanding during the period.

³ Not annualized.

⁴ Annualized.

⁵ Effective July 31, 2008, the Institutional Shares were redesignated as Select Shares.

24 See financial notes

Laudus Rosenberg International Discovery Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.


				Cost		Value
Holdings by Category				($)		($)


	94	.3%	Common Stock		254,055,862		203,818,432
	2	.5%	Preferred Stock		6,551,902		5,416,304
		—%	Rights		—		75,384
	1	.3%	Other Investment Company		2,758,462		2,758,462

	98	.1%	Total Investments		263,366,226		212,068,582
	1	.9%	Other Assets and Liabilities, Net				4,127,502

	100	.0%	Net Assets				216,196,084


	Number		Value
Security	of Shares		($)





Common Stock 94.3% of net assets


Argentina 0.1%


Telecommunication Services 0.1%
Telecom Argentina S.A. ADR *		32,900		254,975


Australia 4.3%


Banks 0.0%
Bendigo Bank Ltd.		900		5,117


Consumer Services 0.5%
Crown Ltd.		219,800		975,695
Tatts Group Ltd.		70,200		135,115

				1,110,810


Diversified Financials 0.0%
ASX Ltd.		3,100		63,207


Energy 0.7%
Caltex Australia Ltd.		53,298		331,137
Origin Energy Ltd.		74,100		762,350
Santos Ltd.		39,600		466,088

				1,559,575


Food & Staples Retailing 0.1%
Metcash Ltd.		51,800		145,886


Food, Beverage & Tobacco 1.5%
Coca-Cola Amatil Ltd.		145,400		876,230
Foster’s Group Ltd.		445,500		1,566,751
Lion Nathan Ltd.		122,200		684,680

				3,127,661


Health Care Equipment & Services 0.4%
Cochlear Ltd.		11,500		401,025
Ramsay Health Care Ltd		56,400		385,528

				786,553


Insurance 0.3%
Insurance Australia Group Ltd.		240,797		584,822
Suncorp-Metway Ltd.		16,900		70,581

				655,403


Materials 0.0%
Orica Ltd.		6,600		68,080


Real Estate 0.3%
CFS Retail Property Trust		241,500		274,396
Dexus Property Group		543,186		282,981
Goodman Group		454,000		103,056

				660,433


Utilities 0.5%
AGL Energy Ltd.		105,600		1,095,475

				9,278,200


Austria 1.1%


Capital Goods 0.2%
Strabag SE		26,218		514,384


Energy 0.0%
OMV AG		1,101		36,833


Food, Beverage & Tobacco 0.0%
Agrana Beteiligungs AG		570		34,792


Telecommunication Services 0.6%
Telekom Austria AG		84,700		1,282,260


Utilities 0.3%
EVN AG		42,500		611,963

				2,480,232


Belgium 2.0%


Diversified Financials 0.0%
Banque Nationale de Belgique		18		52,584


Food & Staples Retailing 0.7%
Delhaize Group		22,200		1,440,645


Materials 0.7%
Solvay S.A.		7,956		557,964
Tessenderlo Chemie N.V.		8,400		255,615
Umicore		39,600		731,822

				1,545,401


Pharmaceuticals, Biotechnology & Life Sciences 0.6%
UCB SA		41,600		1,225,527

				4,264,157


Bermuda 1.3%


Capital Goods 0.1%
Jardine Strategic Holdings Ltd.		7,000		69,380
Noble Group Ltd.		26,000		20,352

				89,732


Consumer Durables & Apparel 0.3%
Yue Yuen Industrial (Holdings) Ltd.		300,000		685,211


Consumer Services 0.0%
Cafe De Coral Holdings Ltd.		26,000		51,019

See financial notes 25

Laudus Rosenberg International Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Star Cruises Ltd. *		138,000		9,435

				60,454


Food & Staples Retailing 0.3%
Dairy Farm International Holdings Ltd.		150,300		664,492


Food, Beverage & Tobacco 0.1%
First Pacific Co., Ltd.		290,000		99,408
People’s Food Holdings Ltd.		104,000		33,475

				132,883


Insurance 0.2%
Hiscox Ltd.		104,000		460,160


Materials 0.1%
Huabao International Holdings Ltd.		325,000		267,289


Real Estate 0.1%
Hongkong Land Holdings Ltd.		94,000		214,165
SRE Group Ltd.		828,000		63,959

				278,124


Retailing 0.1%
Esprit Holdings Ltd.		30,500		155,622


Technology Hardware & Equipment 0.0%
Digital China Holdings Ltd.		75,000		31,369

				2,825,336


Brazil 1.1%


Food, Beverage & Tobacco 0.2%
Souza Cruz S.A.		21,200		399,827


Household & Personal Products 0.2%
Natura Cosmeticos S.A.		36,800		359,315


Materials 0.3%
Bradespar S.A.		58,700		503,558
Companhia Siderurgica Nacional S.A.		17,300		256,545

				760,103


Utilities 0.4%
Cia de Gas de Sao Paulo		9,100		105,917
Companhia de Saneamento Basico do Estado de Sao Paulo *		37,000		411,510
Companhia de Saneamento de Minas Gerais - Copasa MG *		17,300		144,828
EDP - Energias do Brasil S.A.		26,900		281,205

				943,460

				2,462,705


Canada 5.3%


Banks 0.4%
National Bank of Canada		29,490		941,678


Capital Goods 0.0%
SNC-Lavalin Group, Inc.		2,400		61,009


Commercial & Professional Supplies 0.0%
Stantec, Inc. *		2,000		36,167


Consumer Services 0.1%
Tim Hortons, Inc.		5,400		138,812


Energy 0.5%
Advantage Energy Income Fund		20,200		49,186
Mullen Group Income Fund		29,000		209,771
Pembina Pipeline Income Fund		4,600		51,006
Penn West Energy Trust		51,600		486,206
Provident Energy Trust		62,700		239,203
Savanna Energy Services Corp.		23,100		93,441

				1,128,813


Food & Staples Retailing 1.2%
Alimentation Couche-Tard, Inc., Class B		26,600		278,912
Empire Co., Ltd., Class A		15,330		644,424
George Weston Ltd.		16,400		760,946
Loblaw Cos., Ltd.		2,000		49,730
Metro, Inc., Class A		29,000		871,748

				2,605,760


Insurance 0.1%
Industrial Alliance Insurance & Financial Services, Inc.		4,680		73,608
ING Canada, Inc.		400		11,421

				85,029


Materials 0.9%
Agnico-Eagle Mines Ltd.		10,200		586,290
Agrium, Inc.		4,850		175,759
Canfor Corp. *		54,200		206,156
IAMGOLD Corp.		4,660		40,213
Kinross Gold Corp.		1,170		21,260
West Fraser Timber Co., Ltd.		15,900		281,731
Yamana Gold, Inc.		63,890		596,435

				1,907,844


Media 0.3%
Cogeco Cable, Inc.		1,400		34,978
Quebecor Inc		24,500		348,806
Shaw Communications, Inc., Class B		13,550		206,560

				590,344


Pharmaceuticals, Biotechnology & Life Sciences 0.2%
Biovail Corp.		41,500		451,273


Software & Services 0.5%
CGI Group, Inc., Class A *		93,300		753,326
Open Text Corp. *		11,000		380,132

				1,133,458


Technology Hardware & Equipment 0.1%
Celestica, Inc. *		55,610		196,276


Transportation 0.1%
Canadian Pacific Railway Ltd.		6,100		181,529


Utilities 0.9%
ATCO Ltd., Class I		22,900		653,870
Canadian Utilities Ltd., Class A		24,000		699,556
Fortis, Inc.		34,570		607,059

				1,960,485

				11,418,477


Cayman Islands 0.9%


Capital Goods 0.0%
China State Construction International Holdings Ltd.		568,000		98,361

26 See financial notes

Laudus Rosenberg International Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Consumer Durables & Apparel 0.1%
Shenzhou International Group		539,000		138,087


Food, Beverage & Tobacco 0.5%
Chaoda Modern Agriculture (Holdings) Ltd.		830,608		495,038
Tingyi (Cayman Islands) Holding Corp.		468,000		541,665

				1,036,703


Pharmaceuticals, Biotechnology & Life Sciences 0.0%
China Shineway Pharmaceutical Group Ltd.		58,000		32,899


Telecommunication Services 0.2%
Hutchison Telecommunications International Ltd.		1,007,000		315,008


Transportation 0.1%
Hopewell Highway Infrastructure Ltd.		404,000		227,922

				1,848,980


Chile 0.5%


Food, Beverage & Tobacco 0.0%
Embotelladora Andina S.A. Series A ADR		1,817		22,295


Transportation 0.2%
Lan Airlines S.A. ADR		46,200		386,232


Utilities 0.3%
Empresa Nacional de Electricidad S.A. ADR		200		7,500
Enersis S.A. ADR		46,500		702,150

				709,650

				1,118,177


China 1.8%


Automobiles & Components 0.3%
Dongfeng Motor Group Co., Ltd., Class H		1,342,000		693,441


Capital Goods 0.1%
China Communications Construction Co., Ltd., Class H		158,000		173,385


Energy 0.3%
Yanzhou Coal Mining Co., Ltd., Class H		828,000		592,784


Food, Beverage & Tobacco 0.1%
Yantai Changyu Pioneer Wine Co., Ltd., Class B		57,800		210,522


Materials 0.6%
China Bluechemical Ltd., Class H		828,000		453,006
CSG Holding Co Ltd		509,100		411,477
Shandong Chenming Paper Holdings, Ltd., Class B		891,300		489,176

				1,353,659


Transportation 0.4%
China COSCO Holdings Co., Ltd., Class H		175,000		114,017
Guangshen Railway Co., Ltd., Class H		804,000		260,454
Zhejiang Expressway Co., Ltd., Class H		622,000		453,278

				827,749

				3,851,540


Denmark 1.2%


Food, Beverage & Tobacco 0.4%
Carlsberg A/S, Class B		7,600		312,083
Danisco A/S		19,198		575,282

				887,365


Materials 0.5%
Novozymes A/S, Class B		13,600		983,851


Pharmaceuticals, Biotechnology & Life Sciences 0.3%
H. Lundbeck A/S		40,600		692,692

				2,563,908


Egypt 0.8%


Telecommunication Services 0.8%
Egyptian Company for Mobile Services (MobiNil)		21,000		547,114
Orascom Telecom Holding SAE		255,000		1,157,770

				1,704,884


Finland 1.6%


Capital Goods 0.5%
KCI Konecranes Oyj		19,992		333,960
Wartsila Corp. Oyj		36,400		767,659

				1,101,619


Diversified Financials 0.0%
Pohjola Bank plc		3,947		23,204


Insurance 0.1%
Sampo Oyj, Class A		10,500		154,826


Materials 0.4%
Stora Enso Oyj, Class R *		183,147		648,747
UPM-Kymmene Oyj		23,463		135,415

				784,162


Pharmaceuticals, Biotechnology & Life Sciences 0.3%
Orion Oyj, Class B		52,500		759,726


Telecommunication Services 0.3%
Elisa Oyj		50,713		739,217

				3,562,754


France 2.9%


Capital Goods 0.3%
Thales S.A.		13,200		499,844


Commercial & Professional Supplies 0.3%
Teleperformance		22,688		624,099


Consumer Durables & Apparel 0.5%
Christian Dior S.A.		11,399		624,399
Nexity		24,000		512,537

				1,136,936


Consumer Services 0.2%
Sodexo		10,500		478,274

See financial notes 27

Laudus Rosenberg International Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Media 0.3%
Havas S.A.		6,539		16,844
M6 Metropole Television		40,600		662,518

				679,362


Software & Services 0.8%
Atos Origin S.A. *		28,500		731,172
Cap Gemini		27,600		887,039

				1,618,211


Technology Hardware & Equipment 0.2%
Alcatel-Lucent *		251,914		470,958


Transportation 0.3%
Air France-KLM		78,000		693,537

				6,201,221


Germany 1.7%


Capital Goods 0.7%
Bilfinger Berger AG		15,959		600,181
Hochtief AG		19,500		734,641
Tognum AG		2,706		23,471

				1,358,293


Food, Beverage & Tobacco 0.5%
Suedzucker AG		58,000		1,118,854


Software & Services 0.3%
Software AG		9,000		638,770


Transportation 0.2%
Deutsche Lufthansa AG - Reg’d		44,471		481,784

				3,597,701


Greece 0.6%


Consumer Services 0.2%
OPAP S.A.		18,190		480,841


Energy 0.2%
Hellenic Petroleum S.A.		34,725		331,726


Telecommunication Services 0.2%
Hellenic Telecommunications Organization S.A. (OTE)		32,000		479,669

				1,292,236


Hong Kong 1.1%


Banks 0.2%
Industrial & Commercial Bank of China (Asia) Ltd.		280,000		297,766
The Bank of East Asia Ltd.		31,760		61,369

				359,135


Capital Goods 0.3%
Shanghai Industrial Holdings Ltd.		215,000		596,776


Food, Beverage & Tobacco 0.1%
China Agri-Industries Holdings Ltd. *		279,000		132,813


Media 0.1%
Television Broadcasts Ltd.		66,000		211,105


Pharmaceuticals, Biotechnology & Life Sciences 0.1%
China Pharmaceutical Group Ltd.		684,000		273,444


Real Estate 0.3%
China Overseas Land & Investment Ltd.		182,000		285,245
SEA Holdings Ltd.		36,000		10,776
The Wharf (Holdings) Ltd.		188,000		468,087

				764,108


Retailing 0.0%
Wing On Co. International Ltd.		37,000		30,071


Utilities 0.0%
China Resources Power Holdings Co., Ltd.		20,000		42,000

				2,409,452


Hungary 0.3%


Telecommunication Services 0.3%
Magyar Telekom Telecommunications plc		294,000		680,686


India 2.0%


Automobiles & Components 0.1%
Hero Honda Motors Ltd.		1,700		36,059
Maruti Suzuki India Ltd.		6,780		104,466

				140,525


Banks 0.5%
Bank of India		45,990		199,972
Bank of Maharashtra Ltd.		237,160		97,672
Corporation Bank		11,060		38,962
Dena Bank Ltd.		128,902		82,481
HDFC Bank Ltd.		4,160		80,493
Housing Development Finance Corp., Ltd.		11,730		326,125
Indian Bank		40,230		65,128
Syndicate Bank		230,390		218,907

				1,109,740


Capital Goods 0.1%
Bharat Electronics Ltd.		7,110		125,053
SKF India Ltd.		23,662		70,301

				195,354


Diversified Financials 0.0%
JM Financial Ltd.		252,852		102,486


Energy 0.1%
Bongaigaon Refinery & Petrochemicals Ltd.		48,220		39,335
The Great Eastern Shipping Co., Ltd.		80,728		303,882

				343,217


Household & Personal Products 0.1%
Hindustan Unilever Ltd.		30,000		139,500


Materials 0.6%
Birla Corp., Ltd.		37,050		128,499
Coromandel Fertilisers Ltd.		2,280		4,050
Grasim Industries Ltd.		2,050		63,864
Gujarat Alkalies & Chemicals Ltd.		34,950		40,791
Gujarat Fluorochemicals Ltd.		2,200		2,809
Gujarat Narmada Valley Fertilizers Co., Ltd.		80,930		96,977

28 See financial notes

Laudus Rosenberg International Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Gujarat State Fertilizers & Chemicals Ltd.		37,210		64,839
Hindalco Industries Ltd.		109,322		113,246
Hindustan Zinc Ltd.		27,156		242,472
JSL Ltd.		40,260		31,050
National Aluminium Co., Ltd.		5,480		23,093
Pidilite Industries Ltd.		19,746		33,131
Steel Authority of India Ltd.		39,790		76,226
Sterlite Industries (India) Ltd.		17,150		120,895
Tata Steel Ltd.		7,542		30,890
Ultra Tech Cement Ltd.		14,940		162,465

				1,235,297


Pharmaceuticals, Biotechnology & Life Sciences 0.2%
Dr. Reddy’s Laboratories		15,000		144,935
Ipca Laboratories Ltd.		6,072		39,566
Sun Pharmaceutical Industries Ltd.		9,016		198,465
Wockhardt Ltd.		5,390		9,133

				392,099


Software & Services 0.0%
HCL Technologies Ltd.		51,400		104,733


Transportation 0.1%
Container Corp. of India Ltd.		3,550		50,360
Shipping Corp. of India Ltd.		100,495		152,666

				203,026


Utilities 0.2%
Gail India Ltd.		93,900		451,296

				4,417,273


Indonesia 0.4%


Automobiles & Components 0.0%
PT Astra International Tbk		73,000		90,363


Banks 0.3%
PT Bank Central Asia Tbk		122,000		32,697
PT Bank Mandiri		296,500		56,161
PT Bank Rakyat Indonesia		1,216,000		443,220

				532,078


Food, Beverage & Tobacco 0.0%
PT Hanjaya Mandala Sampoerna Tbk		12,600		11,812


Household & Personal Products 0.1%
PT Unilever Indonesia Tbk		379,000		261,466

				895,719


Israel 0.9%


Banks 0.2%
Mizrahi Tefahot Bank Ltd.		93,000		449,319


Telecommunication Services 0.7%
Bezeq Israeli Telecommunication Corp., Ltd.		637,000		999,323
Partner Communications Co., Ltd.		32,000		482,324

				1,481,647

				1,930,966


Italy 2.7%


Automobiles & Components 0.2%
Pirelli & C. S.p.A. *		1,603,609		374,228


Banks 1.1%
Banca Carige S.p.A. (Cassa di Risparmio di Genova e Imperia)		238,551		781,448
Banca Piccolo Credito Valtellinese Scarl		45,503		368,611
Banca Popolare di Milano Scarl		135,184		672,389
Banco Popolare Societa Cooperativa *		123,094		564,922
Unione di Banche Italiane S.c.p.A.		5,532		60,914

				2,448,284


Capital Goods 0.1%
Finmeccanica S.p.A.		8,929		111,136


Consumer Services 0.0%
Autogrill S.p.A. *		4,421		25,467


Food, Beverage & Tobacco 0.1%
Davide Campari - Milano S.p.A.		28,577		181,350


Insurance 0.5%
Fondiaria - Sai S.p.A.		36,600		427,783
Milano Assicurazioni S.p.A.		135,751		312,174
Unipol Gruppo Finanziario S.p.A. *		401,606		355,603

				1,095,560


Real Estate 0.0%
Beni Stabili S.p.A.		4,544		2,502


Telecommunication Services 0.3%
Fastweb *		30,800		626,678


Utilities 0.4%
ACEA S.p.A.		63,000		752,382
Edison S.p.A.		100,524		108,774

				861,156

				5,726,361


Japan 24.9%


Automobiles & Components 0.9%
Fuji Heavy Industries Ltd.		379,000		1,261,405
Yamaha Motor Co., Ltd.		87,500		785,035

				2,046,440


Banks 4.3%
Chuo Mitsui Trust Holdings, Inc.		409,000		1,272,220
Fukuoka Financial Group, Inc.		407,000		1,253,092
Sapporo Hokuyo Holdings, Inc. *		295,000		836,508
The 77 Bank Ltd.		253,000		1,262,014
The Bank of Kyoto Ltd.		151,000		1,282,492
The Gunma Bank Ltd.		202,000		1,099,148
The Hachijuni Bank Ltd.		216,000		1,260,125
The Nishi-Nippon City Bank Ltd.		429,000		939,653

				9,205,252


Commercial & Professional Supplies 0.4%
Dai Nippon Printing Co., Ltd.		105,000		967,711


Consumer Durables & Apparel 0.1%
Nikon Corp.		15,000		170,716


Energy 0.1%
Idemitsu Kosan Co., Ltd.		500		37,772

See financial notes 29

Laudus Rosenberg International Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Showa Shell Sekiyu K.K.		7,800		71,638

				109,410


Food & Staples Retailing 1.9%
Aeon Co., Ltd.		226,800		1,499,150
FamilyMart Co., Ltd.		41,700		1,269,746
Lawson, Inc.		30,800		1,279,428

				4,048,324


Food, Beverage & Tobacco 4.0%
Ajinomoto Co., Inc.		203,000		1,439,114
Asahi Breweries Ltd.		122,600		1,470,494
Kikkoman Corp.		5,000		42,165
Nippon Meat Packers, Inc.		115,000		1,208,856
Nisshin Seifun Group, Inc.		114,000		1,228,282
Nissin Foods Holdings Co., Ltd.		39,900		1,181,442
Yakult Honsha Co., Ltd.		50,200		898,260
Yamazaki Baking Co., Ltd.		102,000		1,098,951

				8,567,564


Health Care Equipment & Services 0.6%
Suzuken Co., Ltd.		46,800		1,227,606


Household & Personal Products 0.7%
Shiseido Co., Ltd.		109,000		1,598,051


Insurance 0.6%
NIPPONKOA Insurance Co., Ltd.		219,000		1,268,010


Materials 2.8%
Kaneka Corp.		248,000		1,226,153
Mitsui Chemicals, Inc.		492,000		1,204,308
Nippon Paper Group, Inc.		45,500		1,107,763
Sumitomo Chemical Co., Ltd.		334,000		1,148,266
Teijin Ltd.		604,000		1,319,709

				6,006,199


Pharmaceuticals, Biotechnology & Life Sciences 4.1%
Dainippon Sumitomo Pharma Co., Ltd.		140,000		1,168,620
Hisamitsu Pharmaceutical Co., Inc.		43,600		1,347,056
Kyowa Hakko Kirin Co., Ltd.		160,000		1,364,624
Mitsubishi Tanabe Pharma Corp.		105,000		1,045,306
Ono Pharmaceutical Co., Ltd.		32,600		1,430,770
Santen Pharmaceutical Co., Ltd.		20,900		582,941
Shionogi & Co., Ltd.		37,000		637,760
Taisho Pharmaceutical Co., Ltd.		69,000		1,286,346

				8,863,423


Retailing 0.4%
Aoyama Trading Co., Ltd.		8,400		110,898
Marui Group Co., Ltd.		144,000		774,059
Takashimaya Co., Ltd.		9,000		52,156

				937,113


Software & Services 0.6%
Nomura Research Institute Ltd.		81,200		1,274,620


Technology Hardware & Equipment 1.4%
NEC Corp. *		422,000		1,147,736
OMRON Corp.		42,400		502,905
Seiko Epson Corp.		72,700		999,978
Tdk Corp.		8,800		332,638

				2,983,257


Transportation 1.4%
All Nippon Airways Co., Ltd.		397,000		1,553,133
West Japan Railway Co.		500		1,585,460

				3,138,593


Utilities 0.6%
Electric Power Development Co., Ltd.		45,600		1,359,996
Hokkaido Electric Power Co., Inc.		1,100		22,119

				1,382,115

				53,794,404


Luxembourg 0.0%


Household & Personal Products 0.0%
Oriflame Cosmetics S.A. SDR		3,025		94,446


Malaysia 1.0%


Banks 0.5%
Hong Leong Bank Berhad		165,500		243,244
Hong Leong Financial Group Berhad		126,500		162,497
Malayan Banking Berhad		505,000		535,274

				941,015


Capital Goods 0.1%
Hap Seng Consolidated Berhad		295,200		154,264
MMC Corp. Berhad		100,000		38,949

				193,213


Consumer Services 0.0%
Genting Berhad		65,000		65,615


Diversified Financials 0.0%
Multi-Purpose Holdings Bhd		18,000		5,479


Energy 0.0%
Petronas Dagangan Berhad		15,000		32,522


Food, Beverage & Tobacco 0.2%
British American Tobacco Malaysia Berhad		7,500		93,665
IOI Corp., Berhad		89,000		92,914
PPB Group Berhad		95,000		255,535

				442,114


Materials 0.0%
Lion Industries Corp. Berhad		440,000		73,689
Titan Chemicals Corp. Berhad		10,000		1,333

				75,022


Utilities 0.2%
Tenaga Nasional Berhad		43,000		71,968
YTL Corp., Berhad		52,000		99,237
YTL Power International Berhad		518,000		272,715

				443,920

				2,198,900


Mexico 1.5%


Banks 0.2%
Grupo Financiero Banorte S.A.B. de C.V., Class O		362,300		480,594


Food & Staples Retailing 0.0%
Grupo Gigante S.A. de C.V., Class B		71,800		56,999

30 See financial notes

Laudus Rosenberg International Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Food, Beverage & Tobacco 0.9%
Coca-Cola Femsa S.A.B. de C.V. (Femsa), Series L		126,900		430,734
Embotelladoras Arca S.A.		110,600		192,701
Grupo Bimbo S.A.B. de C.V., Series A		119,500		447,123
Grupo Continental, S.A.B.		141,900		229,304
Grupo Modelo, S.A. de C.V., Series C		194,800		589,970

				1,889,832


Materials 0.3%
Grupo Mexico S.A.B. de C.V., Series B		867,600		632,095


Media 0.0%
Grupo Televisa S.A.		16,300		44,303


Retailing 0.1%
Grupo Elektra, S.A. de C.V.		2,600		86,306

				3,190,129


Netherlands 2.0%


Capital Goods 0.2%
Imtech N.V.		33,758		464,138


Commercial & Professional Supplies 0.4%
Randstad Holding N.V. *		48,261		818,716


Food, Beverage & Tobacco 0.4%
Nutreco Holding N.V.		21,417		766,847


Materials 0.6%
James Hardie Industries N.V. CDI		165,894		485,410
Koninklijke DSM N.V.		32,400		852,529

				1,337,939


Semiconductors & Semiconductor Equipment 0.3%
STMicroelectronics N.V.		134,761		674,122


Transportation 0.1%
TNT N.V.		9,995		171,318

				4,233,080


New Zealand 0.3%


Materials 0.1%
Nufarm Ltd.		38,611		304,689


Utilities 0.2%
TrustPower Ltd.		16,031		64,502
Vector Ltd.		230,400		299,700

				364,202

				668,891


Papua New Guinea 0.1%


Materials 0.1%
Lihir Gold Ltd. *		107,400		242,991


Philippines 0.3%


Telecommunication Services 0.3%
Globe Telecom, Inc.		17,000		294,095
Philippine Long Distance Telephone Co.		1,000		44,711
Pilipino Telephone Corp.		1,532,000		269,102

				607,908


Poland 0.9%


Energy 0.7%
Polski Koncern Naftowy Orlen S.A.		132,000		910,241
Polskie Gornictwo Naftowe I Gazownictwo S.A.		646,000		625,790

				1,536,031


Telecommunication Services 0.2%
Telekomunikacja Polska S.A.		87,000		471,236

				2,007,267


Portugal 0.5%


Materials 0.0%
Semapa - Sociedade de Investimento e Gestao, SGPS, S.A.		4,584		38,640


Telecommunication Services 0.2%
Portugal Telecom SGPS S.A. - Reg’d		56,028		432,813


Utilities 0.3%
Redes Energeticas Nacionais S.A.		142,520		595,116

				1,066,569


Republic of Korea 4.8%


Automobiles & Components 0.0%
Hyundai Mobis		1,590		92,336


Banks 0.1%
Hana Financial Group, Inc.		10,000		152,363


Capital Goods 1.1%
Doosan Corp.		320		23,363
Hyundai Engineering & Construction Co., Ltd.		21,950		946,168
LG Corp.		17,910		645,303
LS Corp.		8,120		461,524
Samsung C&T Corp.		3,850		111,736
Samsung Heavy Industries Co., Ltd.		5,710		107,149
SK Holdings Co., Ltd.		1,090		85,496

				2,380,739


Commercial & Professional Supplies 0.0%
S1 Corp.		1,810		60,878


Consumer Durables & Apparel 0.0%
Youngone Corp.		15,880		99,946


Consumer Services 0.3%
Kangwon Land, Inc.		62,830		628,078


Diversified Financials 0.0%
Shinyoung Securities Co., Ltd. *		3,590		94,914


Energy 0.1%
SK Energy Co., Ltd.		2,669		172,803


Food & Staples Retailing 0.1%
Shinsegae Co., Ltd.		660		207,287


Food, Beverage & Tobacco 0.4%
Dongwon Industries Co., Ltd.		1,390		86,190

See financial notes 31

Laudus Rosenberg International Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

KT&G Corp.		15,250		841,753

				927,943


Household & Personal Products 0.1%
LG Household & Health Care Ltd.		160		17,515
Pacific Corp.		2,790		176,365

				193,880


Insurance 0.3%
Samsung Fire & Marine Insurance Co., Ltd. *		5,320		619,570


Materials 0.5%
Korea Zinc Co., Ltd.		3,270		270,983
LG Chem Ltd. (a)		13,040		825,415
SeAH Holdings Corp.		1,155		51,099

				1,147,497


Pharmaceuticals, Biotechnology & Life Sciences 0.1%
Yuhan Corp.		1,006		134,934


Retailing 0.7%
GS Home Shopping, Inc.		980		36,327
Hyundai Department Store Co., Ltd.		7,160		373,505
Lotte Shopping Co., Ltd		7,100		988,909

				1,398,741


Semiconductors & Semiconductor Equipment 0.1%
Hynix Semiconductor, Inc. *		15,630		140,722


Software & Services 0.1%
NHN Corp. *		2,230		245,715


Telecommunication Services 0.8%
KT Corp.		26,740		744,001
KT Freetel Co., Ltd. *		29,760		597,086
LG Telecom Ltd.		59,940		367,102

				1,708,189

				10,406,535


Russia 1.5%


Energy 0.8%
Tatneft GDR - Reg’d		35,054		1,614,237


Telecommunication Services 0.7%
Comstar United Telesystems OJSC GDR		30,397		101,830
Mobile TeleSystems ADR		21,600		646,272
Sistema JSFC GDR		146,540		837,609

				1,585,711

				3,199,948


Singapore 1.2%


Capital Goods 0.5%
Fraser & Neave Ltd.		226,000		376,488
Haw Par Corp., Ltd.		33,000		75,829
SembCorp Industries Ltd.		406,000		629,706
Singapore Technologies Engineering Ltd.		67,000		108,551

				1,190,574


Retailing 0.3%
Jardine Cycle & Carriage Ltd.		73,000		569,893


Semiconductors & Semiconductor Equipment 0.0%
STATS ChipPAC Ltd. *		147,000		30,471


Transportation 0.4%
ComfortDelGro Corp., Ltd.		507,000		454,040
Singapore Airlines Ltd.		55,000		362,719
SMRT Corp., Ltd.		77,000		77,522

				894,281

				2,685,219


South Africa 3.9%


Capital Goods 0.3%
Aveng Ltd.		244,593		673,043
Bidvest Group Ltd.		6,060		56,252

				729,295


Consumer Durables & Apparel 0.2%
Steinhoff International Holdings Ltd		486,000		517,564


Diversified Financials 0.3%
Investec Ltd.		153,735		631,238


Health Care Equipment & Services 0.3%
Medi-Clinic Corp., Ltd.		275,000		625,558


Insurance 0.3%
Sanlam Ltd.		414,564		737,467


Materials 1.7%
Assore Ltd.		6,864		319,405
Gold Fields Ltd.		164,000		1,842,232
Harmony Gold Mining Co., Ltd. *		129,000		1,392,674

				3,554,311


Retailing 0.3%
Imperial Holdings Ltd.		100,000		565,120


Telecommunication Services 0.5%
Telkom South Africa Ltd.		86,113		959,428

				8,319,981


Spain 0.4%


Commercial & Professional Supplies 0.0%
Prosegur, Compania de Seguridad S.A.		875		23,563


Food, Beverage & Tobacco 0.1%
Ebro Puleva S.A.		11,705		137,387


Insurance 0.1%
Grupo Catalana Occidente S.A.		14,980		177,113


Utilities 0.2%
Acciona S.A.		4,100		421,736
Gas Natural SDG S.A.		7,571		103,669

				525,405

				863,468


Sweden 1.8%


Commercial & Professional Supplies 0.4%
Securitas AB, B Shares		104,969		766,168


Health Care Equipment & Services 0.2%
Getinge AB, Class B		33,524		324,678


Materials 0.5%
Svenska Cellulosa AB (SCA), A Shares		10,000		75,297

32 See financial notes

Laudus Rosenberg International Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Svenska Cellulosa AB (SCA), B Shares		139,961		1,062,260

				1,137,557


Pharmaceuticals, Biotechnology & Life Sciences 0.3%
Meda AB, A Shares		101,351		599,864


Telecommunication Services 0.4%
Tele2 AB, B Shares		114,000		961,017

				3,789,284


Switzerland 1.7%


Banks 0.4%
Banque Cantonale Vaudoise - Reg’d		2,640		875,286


Capital Goods 0.3%
Sulzer AG - Reg’d		15,104		779,410


Insurance 0.6%
Baloise Holding AG - Reg’d		11,270		720,293
Helvetia Holding AG - Reg’d		2,400		511,083

				1,231,376


Materials 0.2%
Clariant AG - Reg’d *		92,000		356,992


Utilities 0.2%
BKW FMB Energie AG		6,251		449,923
Energiedienst Holding AG - Reg’d *		600		25,828

				475,751

				3,718,815


Taiwan 4.7%


Banks 0.5%
Chang Hwa Commercial Bank		1,562,000		526,309
Taiwan Cooperative Bank		1,418,278		660,423

				1,186,732


Capital Goods 0.5%
CTCI Corp.		168,000		116,682
Far Eastern Textile Ltd.		1,135,091		884,915

				1,001,597


Consumer Durables & Apparel 0.1%
Asia Optical Co., Inc.		89,000		106,420


Diversified Financials 0.2%
Fubon Financial Holding Co. Ltd.		558,000		337,290


Insurance 0.2%
Shin Kong Financial Holding Co., Ltd.		1,840,000		529,063


Materials 0.6%
China Manmade Fibers Corp.		633,000		91,842
China Steel Corp.		960,000		630,132
Formosa Chemicals & Fibre Corp.		184,000		217,558
Formosa Plastics Corp.		300,000		452,898

				1,392,430


Semiconductors & Semiconductor Equipment 0.4%
MediaTek, Inc.		72,000		677,784
Siliconware Precision Industries Co.		24,000		25,236
United Microelectronics Corp.		332,000		108,373

				811,393


Technology Hardware & Equipment 1.8%
Acer, Inc.		156,382		235,477
Asustek Computer, Inc.		270,864		285,603
AU Optronics Corp.		456,163		379,764
Compal Electronics, Inc.		1,040,847		747,476
Delta Electronics, Inc.		32,000		58,992
Gigabyte Technology Co., Ltd.		257,000		142,066
HTC Corp.		49,000		603,336
Lite-On Technology Corp.		636,397		431,428
Quanta Computer, Inc.		667,836		843,966
Yageo Corp.		1,054,000		188,201

				3,916,309


Telecommunication Services 0.4%
Far EasTone Telecommunications Co., Ltd.		856,544		881,557
Taiwan Mobile Co., Ltd.		21,000		30,484

				912,041

				10,193,275


Thailand 0.6%


Banks 0.3%
Bangkok Bank Public Co., Ltd. NVDR		294,000		617,458


Energy 0.1%
Banpu Public Co., Ltd. - Reg’d		7,000		42,278
PTT Exploration & Production Public Co., Ltd. NVDR		21,000		57,689

				99,967


Food, Beverage & Tobacco 0.1%
Thai Beverage Public Co., Ltd.		1,893,000		218,123


Utilities 0.1%
Electricity Generating PCL		126,000		235,276
Ratchaburi Electricity Generating Holding Public Co., Ltd. NVDR		46,000		49,932

				285,208

				1,220,756


Turkey 0.6%


Capital Goods 0.3%
Koc Holding A/S *		555,000		779,456


Energy 0.3%
Petrol Ofisi A/S *		252,000		577,145

				1,356,601


United Kingdom 7.0%


Capital Goods 0.2%
Qinetiq Group plc		189,000		358,181


Consumer Services 0.9%
Compass Group plc		106,000		484,761
Thomas Cook Group plc		308,000		1,060,619
Whitbread plc		40,464		456,973

				2,002,353

See financial notes 33

Laudus Rosenberg International Discovery Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Diversified Financials 0.1%
Investec plc		75,002		314,038


Food & Staples Retailing 0.2%
J Sainsbury plc		104,000		466,156


Food, Beverage & Tobacco 0.5%
Associated British Foods plc		45,900		421,314
Tate & Lyle plc		173,000		645,316

				1,066,630


Insurance 1.4%
Brit Insurance Holdings plc		156,000		403,354
Friends Provident plc		576,000		571,146
Legal & General Group plc		594,000		365,723
Old Mutual plc		582,840		433,906
RSA Insurance Group plc		535,428		998,452
St. James’s Place plc		105,781		252,951

				3,025,532


Media 0.5%
Informa plc		10,136		38,187
Pearson plc		44,000		442,478
WPP plc		89,505		503,358

				984,023


Retailing 1.1%
Home Retail Group plc		316,000		1,017,434
Kingfisher plc		664,728		1,424,858

				2,442,292


Software & Services 0.6%
Dimension Data Holdings plc		172,665		100,618
Logica plc		230,662		210,288
The Sage Group plc		393,000		952,417

				1,263,323


Technology Hardware & Equipment 0.2%
Spectris plc		69,190		399,023


Telecommunication Services 0.7%
BT Group plc		378,000		421,719
Cable & Wireless		594,864		1,189,610

				1,611,329


Transportation 0.3%
Arriva plc		107,200		569,778


Utilities 0.3%
Centrica plc		62,943		205,467
Tanjong plc		123,000		465,900

				671,367

				15,174,025

Total Common Stock (Cost $254,055,862)				203,818,432




Preferred Stock 2.5% of net assets


Brazil 2.5%
All America Latina Logistica		11,728		7,381
Brasil Telecom Participacoes S.A.		43,000		310,486
Brasil Telecom S.A.		68,900		383,149
Centrais Eletricas de Santa Catarina S.A., Class B		7,200		97,179
Companhia Energetica de Minas Gerais		30,000		446,039
Companhia Paranaense de Energia-Copel, Class B		36,000		374,006
Fertilizantes Fosfatados S.A.		51,600		302,515
Gerdau S.A.		141,600		787,430
Tele Norte Leste Participacoes S.A.		57,500		805,583
Telecomunicacoes de Sao Paulo S.A.		24,300		504,803
Telemar Norte Leste S.A., Class A		15,000		338,183
Tim Participacoes S.A.		210,000		261,623
Usinas Siderurgicas de Minas Gerais S.A., Class A		23,600		300,119
Vivo Participacoes S.A.		37,800		497,808

Total Preferred Stock (Cost $6,551,902)				5,416,304




Rights 0.0% of net assets


Finland 0.0%
Pohjola Bank PLC Rights (a) *		4,096		5,566


Malaysia 0.0%
Malayan Bk Bhd (a) *		227,250		69,818

Total Rights (Cost $—)				75,384




Other Investment Company 1.3% of net assets


United States 1.3%
State Street Institutional Liquid Reserves Fund – Institutional Class		2,758,462		2,758,462

Total Other Investment Company (Cost $2,758,462)				2,758,462


End of Investments.

At 03/31/09, the tax basis cost of the fund’s investments was $269,094,455 and the unrealized appreciation and depreciation were $7,757,486 and ($64,783,359), respectively, with a net unrealized depreciation of ($57,025,873).

At 03/31/09, the values of certain foreign securities held by the fund aggregating $182,175,439 were adjusted from their closing market values following the guidelines adopted by the fund’s board of trustees.


*		Non-income producing security.
(a)		Fair-valued by Management.

ADR — American Depositary Receipt

CDI — CHESS Depositary Interest

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

Reg’d — Registered

SDR — Swedish Depositary Receipt

34 See financial notes

Laudus Rosenberg International Discovery Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $263,366,226)		$212,068,582
Foreign currency, at value (cost $2,428,340)		2,381,760
Receivables:
Investments sold		4,428,605
Dividends		1,157,449
Fund shares sold		779,333
Foreign tax reclaims		78,633
Due from manager		44,403
Interest		436
Prepaid expenses	+	2,939


Total assets		220,942,140


Liabilities
Payables:
Investments bought		3,885,186
Fund shares redeemed		316,662
Custodian fees		260,924
Foreign capital gains tax expense		2,216
Distribution and shareholder services fees		597
Accrued expenses	+	280,471


Total liabilities		4,746,056


Net Assets
Total assets		220,942,140
Total liabilities	−	4,746,056


Net assets		$216,196,084
Net Assets by Source
Capital received from investors		420,578,050
Net investment income not yet distributed		816,458
Net realized capital losses		(153,817,936	)
Net unrealized capital losses		(51,380,488	)

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$34,004,612		5,633,634			$6.04
Select Shares	$182,191,472		30,196,351			$6.03

See financial notes 35

Laudus Rosenberg International Discovery Fund

Statement of

Operations

For April 1, 2008 through March 31, 2009.




Investment Income
Dividends (net of foreign withholding taxes of $923,045)		$8,820,087
Interest	+	69,973


Total Investment Income		8,890,060


Net Realized Gains and Losses
Net realized losses on investments		(144,835,440	)
Net realized gains on foreign currency transactions	+	140,812


Net realized losses		(144,694,628	)


Net Unrealized Gains and Losses
Net unrealized losses on investments		(45,012,323	)
Net unrealized losses on foreign currency translations	+	(96,291	)


Net unrealized losses		(45,108,614	)


Expenses
Investment adviser fees		2,669,538
Transfer agent fees		660,039
Custodian fees		346,157
Distribution and shareholder services fees (Investor Shares)		216,502
Sub-Accounting fees (Investor Shares)		140,010
Accounting and administration fees		89,603
Professional fees		67,174
Shareholder reports		61,338
Registration fees		55,086
Interest expense		3,746
Trustees’ fees		3,546
Other expenses	+	70,185


Total expenses		4,382,924
Expense reduction by adviser	−	516,875
Custody credits	−	476


Net expenses		3,865,573


Increase (Decrease) in Net Assets from Operations
Total investment income		8,890,060
Net expenses	−	3,865,573


Net investment income		5,024,487
Net realized losses		(144,694,628	)
Net unrealized losses	+	(45,108,614	)


Decrease in net assets from operations		($184,778,755	)

36 See financial notes

Laudus Rosenberg International Discovery Fund

Statements of

Changes in Net Assets

For the current and prior report periods.




Operations


		4/1/08-3/31/09			4/1/07-3/31/08
Net investment income			$5,024,487			$1,728,062
Net realized losses			(144,694,628	)		(2,339,694	)
Net unrealized losses	+		(45,108,614	)		(14,507,335	)


Decrease in net assets from operations			(184,778,755	)		(15,118,967	)


Distributions to Shareholders¹
Distributions from net investment income
Investor Shares			887,943			1,224,195
Select Shares	+		4,211,558			720,949


Total distributions from net investment income			5,099,501			1,945,144


Distributions from net realized gains
Investor Shares			—			5,727,789
Select Shares	+		—			2,753,798


Total distributions from net realized gains			—			8,481,587

Total distributions			$5,099,501			$10,426,731

Transactions in Fund Shares¹


		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			VALUE			SHARES			VALUE


Shares Sold
Investor Shares			2,380,148			$24,115,172			11,324,623			$144,113,465
Select Shares	+		32,278,723			280,376,112			11,862,466			145,518,579


Total shares sold			34,658,871			$304,491,284			23,187,089			$289,632,044


Shares Reinvested
Investor Shares			85,708			$580,245			545,156			$6,361,968
Select Shares	+		549,064			3,711,673			203,036			2,373,494


Total shares reinvested			634,772			$4,291,918			748,192			$8,735,462


Shares Redeemed
Investor Shares			(7,502,921	)		($56,218,275	)		(5,484,170	)		($64,769,656	)
Select Shares	+		(14,822,685	)		(108,063,780	)		(1,465,877	)		(17,223,557	)


Total shares redeemed			(22,325,606	)		($164,282,055	)		(6,950,047	)		($81,993,213	)

Net transactions in fund shares			12,968,037			$144,501,147			16,985,234			$216,374,293


Shares Outstanding and Net Assets
		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			NET ASSETS			SHARES			NET ASSETS
Beginning of period			22,861,948			$261,573,193			5,876,714			$70,744,598
Total increase (decrease)	+		12,968,037			(45,377,109	)		16,985,234			190,828,595


End of period			35,829,985			$216,196,084			22,861,948			$261,573,193


Net investment income not yet distributed						$816,458						$358,822


¹	Effective on July 31, 2008, the Institutional Shares were redesignated as Select Shares.

See financial notes 37

Laudus Rosenberg International Small Capitalization Fund

Financial Statements

Financial Highlights


	4/1/08–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Investor Shares	3/31/09			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		16.74			22.38			20.74			16.73			13.83

Income (loss) from investment operations:
Net investment income (loss)		0.32			0.36			0.20			0.08			0.03	¹
Net realized and unrealized gains (losses)		(9.06	)		(2.60	)		3.82			4.89			3.51

Total from investment operations		(8.74	)		(2.24	)		4.02			4.97			3.54
Less distributions:
Distributions from net investment income		(0.21	)		(0.63	)		(0.30	)		(0.04	)		(0.02	)
Distributions from net realized gains		—			(2.77	)		(2.08	)		(0.92	)		(0.62	)

Total distributions		(0.21	)		(3.40	)		(2.38	)		(0.96	)		(0.64	)

Net asset value at end of period		7.79			16.74			22.38			20.74			16.73

Total return (%)		(52.40	)		(10.27	)		20.35			30.48			26.16

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.49			1.45			1.47			1.60			1.83
Gross operating expenses		1.49			1.45			1.47			1.60			1.88
Net investment income (loss)		2.05			1.55			0.87			0.42			0.20
Portfolio turnover rate		79			105			92			102			60
Net assets, end of period ($ x 1,000)		147,608			523,709			882,163			804,340			355,766


	4/1/08²–			4/1/07–			4/1/06–			4/1/05–			4/1/04–
Select Shares	3/31/09			3/31/08			3/31/07			3/31/06			3/31/05


Per-Share Data ($)

Net asset value at beginning of period		16.97			22.67			20.97			16.89			13.94

Income (loss) from investment operations:
Net investment income (loss)		0.30			0.34			0.26			0.13			0.08	¹
Net realized and unrealized gains (losses)		(9.12	)		(2.55	)		3.90			4.95			3.53

Total from investment operations		(8.82	)		(2.21	)		4.16			5.08			3.61
Less distributions:
Distributions from net investment income		(0.28	)		(0.73	)		(0.38	)		(0.08	)		(0.04	)
Distributions from net realized gains		—			(2.76	)		(2.08	)		(0.92	)		(0.62	)

Total distributions		(0.28	)		(3.49	)		(2.46	)		(1.00	)		(0.66	)

Net asset value at end of period		7.87			16.97			22.67			20.97			16.89

Total return (%)		(52.20	)		(9.97	)		20.82			30.90			26.52

Ratios/Supplemental Data (%)

Ratios to average net assets:
Net operating expenses		1.11			1.09			1.10			1.25			1.49
Gross operating expenses		1.11			1.09			1.10			1.25			1.55
Net investment income (loss)		2.39			1.87			1.21			0.85			0.50
Portfolio turnover rate		79			105			92			102			60
Net assets, end of period ($ x 1,000)		195,990			612,703			1,048,829			698,064			270,646

¹ Calculated based on the average shares outstanding during the period.

² Effective July 31, 2008, the Institutional Shares were redesignated as Select Shares.

38 See financial notes

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings as of March 31, 2009

This section shows all the securities in the fund’s portfolio and their value as of the report date.


				Cost		Value
Holdings by Category				($)		($)


	95	.3%	Common Stock		498,557,725		327,579,410
	0	.8%	Preferred Stock		4,776,295		2,755,801
		—%	Rights		—		2,258
		—%	Warrants		—		1,264
	1	.5%	Other Investment Company		4,967,012		4,967,012

	97	.6%	Total Investments		508,301,032		335,305,745
	2	.4%	Other Assets and Liabilities, Net				8,292,258

	100	.0%	Net Assets				343,598,003


	Number		Value
Security	of Shares		($)





Common Stock 95.3% of net assets


Australia 3.0%


Banks 0.0%
Bank of Queensland Ltd.		471		2,767


Capital Goods 0.1%
Austal Ltd.		27,595		33,422
Emeco Holdings Ltd.		1,165,573		328,953

				362,375


Commercial & Professional Supplies 0.3%
Campbell Brothers Ltd.		26,874		255,450
Corporate Express Australia Ltd.		121,489		246,276
Downer EDI Ltd.		141,123		436,251
Salmat Ltd.		39,150		103,074

				1,041,051


Consumer Services 0.2%
Crown Ltd.		33,350		148,041
Navitas Ltd.		362,311		577,117

				725,158


Diversified Financials 0.0%
Perpetual Ltd.		2,900		54,391


Energy 0.3%
Australian Worldwide Exploration Ltd.		43,770		74,323
Beach Petroleum Ltd.		940,300		579,074
Caltex Australia Ltd.		3,400		21,124
Extract Resources Ltd. *		12,000		37,794
Pan Pacific Petroleum NL *		1,098,111		236,662

				948,977


Food & Staples Retailing 0.0%
ABB Grain Ltd.		3,200		13,336
AWB Ltd.		105,035		89,959

				103,295


Food, Beverage & Tobacco 0.2%
Goodman Fielder Ltd.		1,143,200		828,463


Health Care Equipment & Services 0.5%
Ansell Ltd.		11,900		70,822
Healthscope Ltd.		155,800		443,837
IBA Health Group Ltd. *		189,381		80,617
Primary Health Care Ltd.		45,600		144,608
Ramsay Health Care Ltd.		34,580		236,375
Sigma Pharmaceuticals Ltd.		1,137,173		839,970

				1,816,229


Insurance 0.2%
Tower Australia Group Ltd.		343,252		552,481


Materials 0.3%
Centamin Egypt Ltd. *		21,100		19,273
Dominion Mining Ltd.		89,000		348,743
Forest Enterprises Australia Ltd.		39,650		5,113
Gunns Ltd.		460,773		288,827
Iluka Resources Ltd. *		71,100		199,299
Sino Gold Mining Ltd. *		27,300		101,617
TFS Corp., Ltd.		405,800		243,112

				1,205,984


Media 0.1%
Amalgamated Holdings Ltd.		98,998		267,793
Consolidated Media Holdings Ltd.		31,100		43,396

				311,189


Pharmaceuticals, Biotechnology & Life Sciences 0.1%
Arana Therapeutics Ltd.		331,835		322,770


Real Estate 0.1%
Bunnings Warehouse Property Trust		80,161		87,462
ING Office Fund		1,112,079		329,155
Macquarie Office Trust		211,600		25,136

				441,753


Retailing 0.4%
ARB Corp., Ltd.		4,362		9,126
David Jones Ltd.		132,500		258,004
JB Hi-Fi Ltd.		95,257		764,766
The Reject Shop Ltd.		48,200		352,106

				1,384,002


Telecommunication Services 0.1%
iiNET Ltd.		191,514		200,858


Utilities 0.1%
Energy Developments Ltd.		174,967		154,152
Spark Infrastructure Group		46,100		32,488

				186,640

				10,488,383


Austria 0.2%


Consumer Durables & Apparel 0.0%
Linz Textil Holding AG		76		9,592

See financial notes 39

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Real Estate 0.2%
Conwert Immobilien Invest SE *		90,421		568,728


Software & Services 0.0%
S&T System Integration & Technology Distribution AG *		4,341		47,993

				626,313


Belgium 2.5%


Capital Goods 0.0%
Societe Anonyme Belge de Constructions Aeronautques		681		11,473


Consumer Durables & Apparel 0.0%
Jensen Group N.V.		12,000		76,938


Diversified Financials 0.2%
Banque Nationale de Belgique		219		639,771


Food & Staples Retailing 0.8%
Delhaize Group		45,132		2,928,792


Food, Beverage & Tobacco 0.0%
Pinguin N.V. *		313		4,221


Health Care Equipment & Services 0.3%
Omega Pharma S.A.		49,994		1,099,571


Materials 0.9%
Recticel S.A.		37,999		112,183
Solvay S.A.		4,258		298,619
Tessenderlo Chemie N.V.		83,833		2,551,073

				2,961,875


Retailing 0.3%
S.A. D’Ieteren N.V.		7,336		1,047,700

				8,770,341


Canada 5.8%


Banks 0.2%
Laurentian Bank of Canada		32,100		677,237
National Bank of Canada		1,400		44,705

				721,942


Capital Goods 0.1%
Toromont Industries Ltd.		12,960		241,150


Commercial & Professional Supplies 0.4%
BFI Canada Ltd.		93,200		691,903
Stantec, Inc. *		42,778		773,587

				1,465,490


Diversified Financials 0.1%
TMX Group, Inc.		14,200		402,641


Energy 0.7%
Harvest Energy Trust		5,390		19,665
Mullen Group Income Fund		83,400		603,274
Pembina Pipeline Income Fund		63,030		698,889
Petro-Canada		19,700		529,219
Provident Energy Trust		59,450		226,804
Savanna Energy Services Corp.		112,040		453,208

				2,531,059


Food & Staples Retailing 0.5%
Alimentation Couche Tard, Inc., Class B		95,680		1,003,244
Empire Co., Ltd., Class A		13,600		571,700
George Weston Ltd.		3,000		139,197

				1,714,141


Food, Beverage & Tobacco 0.1%
Maple Leaf Foods, Inc.		61,900		399,640
Viterra, Inc. *		14,430		100,488

				500,128


Health Care Equipment & Services 0.0%
CML Healthcare Income Fund		600		6,263


Materials 0.8%
Canfor Corp. *		137,190		522,297
IAMGOLD Corp.		147,460		1,272,497
PAN American Silver Corp. *		800		14,131
West Fraser Timber Co., Ltd.		35,400		627,249
Yamana Gold, Inc.		20,360		190,068

				2,626,242


Media 0.5%
Cogeco Cable, Inc.		27,400		684,565
Corus Entertainment, Inc., Class B		27,200		294,048
Quebecor, Inc., Class B		51,000		726,087

				1,704,700


Pharmaceuticals, Biotechnology & Life Sciences 0.4%
Biovail Corp.		86,300		938,430
MDS, Inc. *		63,590		298,078

				1,236,508


Real Estate 0.5%
BPO Properties Ltd.		100		2,379
Calloway Real Estate Investment Trust		81,700		647,353
FirstService Corp. *		42,410		348,820
MI Developments, Inc., Class A		88,500		541,894

				1,540,446


Retailing 0.3%
Leon’s Furniture Ltd.		59,000		445,027
RONA, Inc. *		72,100		678,797
Sears Canada, Inc. *		3,300		49,730

				1,173,554


Software & Services 0.5%
CGI Group, Inc., Class A *		72,700		586,997
Open Text Corp. *		32,200		1,112,749

				1,699,746


Technology Hardware & Equipment 0.2%
Celestica, Inc. *		199,380		703,713


Telecommunication Services 0.2%
Manitoba Telecom Services, Inc.		20,900		529,628


Utilities 0.3%
ATCO Ltd., Class I		18,100		516,815
Canadian Utilities Ltd., Class A		1,950		56,839
Emera, Inc.		18,400		277,722
Fortis, Inc.		18,100		317,841

				1,169,217

				19,966,568


Cayman Islands 0.1%


Materials 0.0%
Yip’s Chemical Holdings Ltd.		32,000		9,719

40 See financial notes

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Pharmaceuticals, Biotechnology & Life Sciences 0.0%
China Shineway Pharmaceutical Group Ltd.		18,000		10,210


Real Estate 0.0%
HKR International Ltd.		224,000		54,122


Telecommunication Services 0.0%
Hutchison Telecommunications International Ltd.		58,000		18,143


Utilities 0.1%
Towngas China Co., Ltd. *		429,000		83,815

				176,009


China 0.3%


Consumer Durables & Apparel 0.1%
Weiqiao Textile Co., Ltd., Class H		927,000		275,508


Technology Hardware & Equipment 0.0%
Great Wall Technology Co., Ltd., Class H *		6,000		636


Transportation 0.2%
Sichuan Expressway Co., Ltd., Class H *		3,764,000		705,196


Utilities 0.0%
Xinao Gas Holdings Ltd.		18,000		18,125

				999,465


Denmark 0.8%


Banks 0.0%
Ostjydsk Bank A/S *		658		36,622


Capital Goods 0.1%
DLH A/S, Class B		27,383		67,532
Monberg & Thorsen A/S, Class B		7,500		222,231
Ove Arkil Holding A/S, Class B		899		99,314

				389,077


Materials 0.6%
Auriga Industries A/S, Class B		106,963		1,850,376


Real Estate 0.0%
TK Development A/S *		42,974		128,421


Transportation 0.1%
DFDS A/S		5,770		290,684

				2,695,180


Finland 2.1%


Capital Goods 0.5%
Cramo Oyj		169,408		1,137,275
Larox Oyj		23,725		189,182
Lemminkainen Oyj		1,802		37,799
PKC Group Oyj		79,997		286,963
Raute Oyj, A Shares		2,839		26,627

				1,677,846


Materials 0.5%
Kemira Oyj *		266,797		1,712,655


Pharmaceuticals, Biotechnology & Life Sciences 0.1%
Orion Oyj, Class B		34,887		504,849


Semiconductors & Semiconductor Equipment 0.0%
Okmetic Oyj		60,000		159,255


Software & Services 0.9%
Digia plc *		73,761		146,866
TietoEnator Oyj		271,918		2,817,703

				2,964,569


Technology Hardware & Equipment 0.1%
Scanfil Oyj		80,982		210,791


Transportation 0.0%
Finnair Oyj *		21,793		106,372

				7,336,337


France 7.9%


Capital Goods 1.6%
Compagnie Industrielle et Financiere d’ Entreprises		2,392		109,673
Ginger (Groupe Ingenierie Europe)		8,834		112,727
Securidev S.A.		356		7,846
Thales S.A.		136,502		5,168,918
Zodiac Aerospace		1,426		36,132

				5,435,296


Commercial & Professional Supplies 0.2%
Assystem		77,028		542,282
Groupe Crit		21,181		205,250
Teleperformance		2,500		68,770

				816,302


Consumer Durables & Apparel 0.2%
Nexity		39,340		840,134


Consumer Services 0.1%
Compagnie des Alpes		4,130		117,268
Pierre & Vacances		3,129		161,657

				278,925


Food, Beverage & Tobacco 0.1%
Sucriere de Pithiviers Le Vieil		266		184,934
Vranken - Pommery Monopole		3,746		92,278

				277,212


Materials 0.3%
Gascogne		1,170		37,159
Gevelot		2,121		36,607
Guillin Emballages		60		2,689
Internationale de Plantations d’Heveas S.A.		1,310		31,318
Rougier S.A.		2,620		73,082
Sequana		150,169		773,396

				954,251


Media 0.6%
Havas S.A.		448,391		1,155,067
M6 Metropole Television		61,600		1,005,200

				2,160,267


Pharmaceuticals, Biotechnology & Life Sciences 0.0%
Boiron S.A.		329		8,825


Real Estate 0.0%
Acanthe Developpement S.A. *		37,981		56,950


Software & Services 4.0%
Altran Technologies S.A. *		425,503		1,277,174
Atos Origin S.A. *		138,685		3,557,985

See financial notes 41

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Aubay		58,060		170,823
Ausy *		12,369		239,818
Cap Gemini		196,800		6,324,971
ESI Group *		9,000		80,010
GFI Informatique		55,536		167,367
Groupe Steria S.C.A.		86,239		1,216,950
Jet Multimedia (a)		15,000		98,649
Linedata Services		51,106		297,714
Sopra Group		1,322		43,961
Tessi S.A.		3,864		129,429

				13,604,851


Technology Hardware & Equipment 0.0%
HF Co.		1,890		15,307


Transportation 0.8%
Air France-KLM		279,028		2,480,977
Norbert Dentressangle		8,807		267,234

				2,748,211

				27,196,531


Germany 4.8%


Automobiles & Components 0.1%
Bertrandt AG		22,809		405,139


Capital Goods 1.4%
Bilfinger Berger AG		14,486		544,785
Duerr AG		51,356		665,473
Gesco AG		8,232		354,519
Indus Holding AG		50,869		588,333
KSB AG		1,393		490,983
MTU Aero Engines Holding AG		22,310		521,062
Muehlbauer Holding AG & Co.		5,460		120,856
Rheinmetall AG		15,315		518,571
Tognum AG		115,642		1,003,055
Westag & Getalit AG		2,631		28,064

				4,835,701


Commercial & Professional Supplies 0.0%
Amadeus Fire AG		11,478		144,744


Consumer Durables & Apparel 0.0%
Loewe AG		773		7,991


Consumer Services 0.0%
IFA Hotel & Touristik AG *		5,170		23,712


Diversified Financials 0.0%
ADCapital AG		498		3,301


Food & Staples Retailing 0.0%
WASGAU Produktions & Handels AG		1,500		10,112


Food, Beverage & Tobacco 0.4%
Frosta AG		4,880		92,657
Sektkellerei Schloss Wachenheim AG *		21,039		108,661
Suedzucker AG		62,866		1,212,722

				1,414,040


Health Care Equipment & Services 0.4%
Fresenius SE		32,365		1,225,257


Materials 1.2%
Lanxess		242,596		4,122,610


Retailing 0.2%
Hornbach Baumarkt Aktiengesellschaft AG		2,542		80,191
Praktiker Bau- und Heimwerkermaerkte Holding AG		115,306		604,450

				684,641


Semiconductors & Semiconductor Equipment 0.0%
ELMOS Semiconductor AG *		33,286		79,069


Software & Services 0.2%
Bechtle AG		15,839		251,432
Integralis AG *		33,677		128,950
REALTECH AG		10,055		74,642
syzygy AG		53,528		202,617

				657,641


Technology Hardware & Equipment 0.3%
Augusta Technologie AG *		27,989		296,467
Boewe Systec AG		18,723		94,181
Euromicron AG		25,107		337,113
Funkwerk AG		38,000		208,479

				936,240


Transportation 0.6%
D. Logistics AG *		159,124		227,887
Deutsche Lufthansa AG - Reg’d		152,100		1,647,801

				1,875,688

				16,425,886


Greece 0.0%


Banks 0.0%
Bank of Greece		86		4,804


Hong Kong 2.0%


Banks 0.2%
Hongkong Chinese Ltd.		180,000		13,478
Industrial & Commercial Bank of China (Asia) Ltd.		704,000		748,669

				762,147


Capital Goods 0.1%
Miramar Hotel & Investment Co., Ltd.		223,000		144,360
Shui On Construction & Materials Ltd.		218,000		209,525

				353,885


Consumer Durables & Apparel 0.2%
Texwinca Holdings Ltd.		824,000		423,201
Truly International Holdings Ltd.		252,000		136,978
USI Holdings Ltd.		514,727		71,162

				631,341


Consumer Services 0.0%
Cafe De Coral Holdings Ltd.		12,000		23,547
Mandarin Oriental International Ltd.		122,000		96,902

				120,449


Diversified Financials 0.2%
Allied Group Ltd.		207,600		325,794
Allied Properties (H.K.) Ltd.		1,678,000		131,863
Asia Financial Holdings Ltd.		526,000		131,109

42 See financial notes

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Lippo Ltd.		100,000		13,450

				602,216


Food, Beverage & Tobacco 0.0%
Pacific Andes (Holdings) Ltd.		233,000		24,541


Materials 0.0%
Minmetals Resources Ltd.		68,000		11,674


Real Estate 0.3%
Champion Real Estate Investment Trust		742,000		177,507
China Motor Bus Co., Ltd.		4,000		19,712
Pacific Century Premium Developments Ltd. *		1,462,000		263,716
Soundwill Holdings Ltd.		580,000		135,988
Tai Sang Land Development Ltd.		101,000		29,875
Tian An China Investments Co., Ltd.		20,000		5,341
Wheelock Properties Ltd.		930,000		306,622

				938,761


Retailing 0.2%
Aeon Stores Hong Kong Co., Ltd.		4,000		5,060
Chow Sang Sang Holdings International Ltd.		164,000		94,998
Dickson Concepts International Ltd.		129,500		33,989
Goldlion Holdings Ltd.		341,000		46,554
Sa Sa International Holdings Ltd.		50,000		15,548
Tan Chong International Ltd.		1,254,000		205,478
Wing On Co. International Ltd.		276,500		224,720

				626,347


Technology Hardware & Equipment 0.3%
Champion Technology Holdings Ltd.		4,363,582		152,073
Digital China Holdings Ltd.		119,000		49,772
VTech Holdings Ltd.		181,000		699,232

				901,077


Telecommunication Services 0.2%
Asia Satellite Telecommunications Holdings Ltd.		457,500		478,124
Citic 1616 Holdings Ltd.		84,000		16,048
SmarTone Telecommunications Holdings Ltd.		489,500		286,511

				780,683


Transportation 0.3%
Road King Infrastructure Ltd.		497,000		203,307
Transport International Holdings Ltd.		317,600		810,320

				1,013,627

				6,766,748


Ireland 0.2%


Consumer Durables & Apparel 0.0%
Abbey plc		15,931		70,841


Food & Staples Retailing 0.2%
Total Produce plc		1,608,382		578,471


Food, Beverage & Tobacco 0.0%
Donegal Creameries plc		8,185		16,852

				666,164


Italy 2.8%


Automobiles & Components 0.3%
Pirelli & C. S.p.A. *		4,603,424		1,074,282


Banks 0.0%
Banca Piccolo Credito Valtellinese Scarl		13,690		110,900
Banca Popolare dell’Emilia Romagna Scrl		547		5,994
Banco di Sardegna S.p.A.		3,288		41,046

				157,940


Capital Goods 0.6%
Astaldi S.p.A.		50,352		207,288
C.I.R. S.p.A. - Compagnie Industriali Riunite		8,457		8,736
Cofide S.p.A. - Compagnia Finanziaria De Benedetti		2,247,453		1,037,528
Irce S.p.A.		14,133		27,974
Vianini Lavori S.p.A.		118,000		611,318

				1,892,844


Consumer Durables & Apparel 0.1%
Benetton Group S.p.A.		2,833		18,446
Safilo Group S.p.A.		650,801		340,486

				358,932


Consumer Services 0.1%
Autogrill S.p.A.		9,607		55,341
I Grandi Viaggi S.p.A.		168,174		205,179

				260,520


Food, Beverage & Tobacco 0.3%
Davide Campari - Milano S.p.A.		178,081		1,130,101
La Doria S.p.A. *		20,301		38,622

				1,168,723


Health Care Equipment & Services 0.1%
El.En. S.p.A.		15,350		211,459


Household & Personal Products 0.1%
Mirato S.p.A.		51,665		295,198


Insurance 0.4%
Premafin Finanziaria S.p.A.		407,834		541,236
Unipol Gruppo Finanziario S.p.A. *		1,069,969		947,406

				1,488,642


Materials 0.1%
KME Group		371,182		298,426


Pharmaceuticals, Biotechnology & Life Sciences 0.0%
Recordati S.p.A.		17,915		97,526


Real Estate 0.0%
Immobiliare Grande Distribuzione		57,664		69,921
Realty Vailog S.p.A. *		10,929		23,820

				93,741


Software & Services 0.3%
Engineering Ingegneria Informatica S.p.A.		29,038		655,771
Reply S.p.A.		10,557		206,330

				862,101


Technology Hardware & Equipment 0.0%
Gefran S.p.A.		39,000		107,526

See financial notes 43

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Telecommunication Services 0.2%
Fastweb *		32,741		666,171


Transportation 0.1%
Autostrada Torino-Milano S.p.A.		1,858		10,597
Autostrade Meridionali S.p.A.		216		3,009
Societa Iniziative Autostradali e Servizi S.p.A.		35,869		181,659

				195,265


Utilities 0.1%
ACEA S.p.A.		26,526		316,789

				9,546,085


Japan 25.7%


Automobiles & Components 0.6%
Ahresty Corp.		5,600		16,430
Aisan Industry Co., Ltd.		56,300		261,486
Fuji Oozx, Inc.		1,000		2,100
HI-LEX Corp.		72,800		427,229
Ichishin Co., Ltd.		24,500		49,507
Kikuchi Co., Ltd.		2,100		15,589
Murakami Corp.		2,000		6,715
Nihon Plast Co., Ltd.		11,400		19,211
Nippon Seiki Co., Ltd.		39,000		242,336
Nishikawa Rubber Co., Ltd.		3,000		15,140
Nissan Shatai Co., Ltd.		88,000		512,813
Nittan Valve Co., Ltd.		8,300		20,375
Piolax, Inc.		6,100		73,178
Sanoh Industrial Co., Ltd.		300		1,184
SNT Corp.		600		1,703
SOFT99 Corp.		29,400		122,910
Suncall Corp.		57,000		111,222
TBK Co., Ltd.		3,000		3,384
Tigers Polymer Corp.		8,300		29,410
Unipres Corp.		9,100		64,038
Univance Corp.		9,600		16,668
Yachiyo Industry Co., Ltd.		100		506

				2,013,134


Banks 3.2%
Asax Co., Ltd.		2		1,042
Sapporo Hokuyo Holdings, Inc. *		219,000		621,001
The 77 Bank Ltd.		7,000		34,917
The Aichi Bank Ltd.		17,600		1,213,044
The Akita Bank Ltd.		1,000		3,754
The Bank of Nagoya Ltd.		1,000		4,211
The Bank of Saga Ltd.		40,000		132,812
The Biwako Bank Ltd.		1,000		1,041
The Chiba Kogyo Bank Ltd. *		78,700		774,886
The Eighteenth Bank Ltd.		337,000		1,159,397
The Higashi-Nippon Bank Ltd.		367,000		993,821
The Higo Bank Ltd.		51,000		295,514
The Hokuetsu Bank Ltd.		11,000		18,382
The Hyakugo Bank Ltd.		260,000		1,337,218
The Hyakujushi Bank Ltd.		25,000		118,181
The Kagawa Bank Ltd.		34,000		143,281
The Kita-Nippon Bank Ltd.		5,100		150,336
The Mie Bank Ltd.		81,000		254,037
The Minato Bank Ltd. *		8,000		11,967
The Nishi-Nippon City Bank Ltd.		471,000		1,031,647
The San-in Godo Bank Ltd.		190,000		1,466,456
The Taiko Bank Ltd.		63,000		129,377
The Tochigi Bank Ltd.		62,000		302,795
The Yamanashi Chuo Bank Ltd.		159,000		835,421

				11,034,538


Capital Goods 4.1%
Aichi Electric Co., Ltd.		3,000		4,804
Aida Engineering Ltd.		207,300		587,017
C-Cube Corp.		77,100		202,692
Chodai Co., Ltd.		23,000		55,595
Chudenko Corp.		71,500		997,274
CTI Engineering Co., Ltd.		38,300		230,976
Daiichi Kensetu Corp.		3,000		18,951
Daimei Telecom Engineering Corp.		21,000		195,326
Denkyosha Co., Ltd.		20,000		96,707
Fuji Machine Manufacturing Co., Ltd.		121,600		987,869
Furusato Industries Ltd.		26,500		216,218
Futaba Corp.		42,400		671,188
Inabata & Co., Ltd.		18,900		48,777
Ishikawajima Transportation Machinery Co., Ltd.		42,000		124,654
Japan Pulp & Paper Co., Ltd.		142,000		401,034
JFE Shoji Holdings, Inc.		181,000		485,178
Kamei Corp.		93,000		416,910
Kanaden Corp.		100,000		482,520
Koatsu Kogyo Co., Ltd.		22,000		53,230
Komori Corp.		31,200		256,561
Kowa Spinning Co., Ltd.		12,000		32,003
Kuroda Electric Co., Ltd.		1,800		9,948
Maeda Corp.		140,000		489,071
Marufuji Sheet Piling Co., Ltd.		29,000		38,618
Mitani Corp.		28,100		122,069
Miyachi Corp.		32,900		134,119
Musashi Co., Ltd.		500		6,609
Nagase & Co., Ltd.		143,000		1,107,002
Nakano Refrigerators Co., Ltd.		100		775
Nichireki Co., Ltd.		6,000		17,641
Nihon Decoluxe Co., Ltd.		2,000		6,991
Nishio Rent All Co., Ltd.		200		1,236
Nissei Plastic Industrial Co., Ltd.		55,600		136,832
Nitto Kogyo Corp.		50,600		390,669
Ohmoto Gumi Co., Ltd.		34,000		86,559
Okaya & Co., Ltd.		500		4,623
Oki Wintech Co., Ltd.		33,000		176,389
Onoken Co., Ltd.		47,300		351,887
Sanki Engineering Co., Ltd.		2,000		10,922
Sankyo Rikagaku Co., Ltd.		15,000		131,838
Sanso Electric Co., Ltd. *		27,000		57,145
SEC Carbon Ltd.		13,000		43,685
Seibu Electric Industry Co., Ltd.		66,000		253,886
Senshu Electric Co., Ltd.		19,100		151,472
ShinMaywa Industries Ltd.		296,000		621,488
Solcom Co., Ltd.		1,000		2,606
Sugimoto & Co., Ltd.		2,600		23,921
Sumikin Bussan Corp.		14,000		29,468
Taisei Oncho Co., Ltd.		40,000		116,615
Taisei Rotec Corp.		220,000		307,068
Takasago Thermal Engineering Co., Ltd.		7,000		43,202
Takeuchi Mfg. Co., Ltd.		43,900		282,141
Totech Corp.		40,000		106,793
Trinity Industrial Corp.		1,000		2,746
Trusco Nakayama Corp.		91,900		1,098,346

44 See financial notes

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Tsurumi Manufacturing Co., Ltd.		11,000		64,449
Tsuzuki Denki Co., Ltd.		6,000		14,972
Uehara Sei Shoji Co., Ltd.		51,000		172,385
Wakita & Co., Ltd.		50,000		162,027
YAMABIKO Corp.		25,300		293,422
Yondenko Corp.		115,000		551,029
Yurtec Corp.		9,000		48,281

				14,236,429


Commercial & Professional Supplies 0.1%
EJ Holdings, Inc.		120		12,182
FujiStaff Holdings, Inc.		64		7,213
Kawanishi Warehouse Co., Ltd. (b)		7,000		38,541
Kimura Unity Co., Ltd.		2,000		14,667
Kokuyo Co., Ltd.		8,000		59,030
Temp Holdings Co., Ltd.		2,800		14,370
Wesco, Inc.		37,300		38,107

				184,110


Consumer Durables & Apparel 1.5%
Charle Co., Ltd.		4,900		15,265
Cleanup Corp.		4,000		17,978
Corona Corp.		32,300		314,453
Fuji Corp.		15,000		78,372
Fujix Ltd.		11,000		30,476
Ichikawa Co., Ltd.		77,000		217,504
Jichodo Co., Ltd.		16,000		110,703
Kurabo Industries Ltd.		659,000		908,009
Miyuki Holdings Co., Ltd.		12,000		25,145
Onward Holdings Co., Ltd.		73,000		483,233
Roland Corp.		66,300		712,226
Sanei-International Co., Ltd.		37,700		251,448
SRI Sports Ltd.		459		358,028
Tachikawa Corp.		55,700		259,639
Tokyo Style Co., Ltd.		171,000		1,174,529
Toso Co., Ltd.		28,000		59,120
Yamato International, Inc.		9,300		33,409

				5,049,537


Consumer Services 0.3%
Daisyo Corp.		14,200		200,644
Eikoh, Inc.		11,100		32,745
Hurxley Corp.		100		809
Nippon Game Card Corp.		88		92,281
Resorttrust, Inc.		1,800		16,694
Royal Holdings Co., Ltd.		10,900		117,209
Shidax Corp.		102,600		329,253
Shingakukai Co., Ltd.		44,600		97,445

				887,080


Diversified Financials 0.3%
Century Leasing System, Inc.		52,200		312,195
Daiko Clearing Services Corp.		41,000		267,473
Fuyo General Lease Co., Ltd.		1,000		12,612
Hitachi Capital Corp.		13,600		146,396
Kyokuto Securities Co., Ltd.		2,300		7,345
Pocket Card Co., Ltd.		2,500		6,343
Ricoh Leasing Co., Ltd.		300		5,025
Takefuji Corp.		67,890		321,109

				1,078,498


Energy 0.4%
AOC Holdings, Inc.		5,100		28,138
Cosmo Oil Co., Ltd.		9,000		27,398
Itohchu Enex Co., Ltd.		91,200		482,709
Kanto Natural Gas Development Co., Ltd.		113,000		609,705
Sinanen Co., Ltd.		64,000		276,537

				1,424,487


Food & Staples Retailing 1.6%
Aeon Hokkaido Corp. *		2,600		8,288
Allied Hearts Holdings Co., Ltd.		10,000		19,287
Cawachi Ltd.		66,700		1,026,039
Circle K Sunkus Co., Ltd.		54,800		781,225
Create SD Co., Ltd. *		11,600		179,300
Heiwado Co., Ltd.		62,900		785,815
Itochu-Shokuhin Co., Ltd.		100		3,540
Kasumi Co., Ltd.		151,000		573,135
Kirindo Co., Ltd.		7,300		35,522
Marukyo Corp.		8,000		30,865
Maxvalu Nishinihon Co., Ltd.		3,200		40,452
Maxvalu Tokai Co., Ltd.		6,100		67,739
Ministop Co., Ltd.		50,000		782,754
Poplar Co., Ltd. *		1,900		12,077
S Foods, Inc.		1,000		7,925
San-A Co., Ltd.		4,400		123,381
Satoh & Co., Ltd.		100		846
Unimat Life Corp.		100		846
Universe Co., Ltd.		6,400		71,414
Uny Co., Ltd.		27,000		214,082
Valor Co., Ltd.		84,800		616,079

				5,380,611


Food, Beverage & Tobacco 2.3%
Coca-Cola Central Japan Co., Ltd.		84,700		1,127,667
DyDo Drinco, Inc.		4,500		115,193
House Foods Corp.		2,700		37,651
Itoham Foods, Inc.		75,000		216,894
Marudai Food Co., Ltd.		147,000		351,265
Meiji Seika Kaisha Ltd.		333,000		1,156,717
Mercian Corp.		216,000		370,704
Mikuni Coca-Cola Bottling Co., Ltd.		129,600		1,014,584
Morinaga Milk Industry Co., Ltd.		327,000		978,642
Nichiwa Sangyo Co., Ltd.		56,000		93,390
Nippon Beet Sugar Manufacturing Co., Ltd.		146,000		328,343
Nippon Flour Mills Co., Ltd.		8,000		32,692
Nissin Sugar Manufacturing Co., Ltd.		112,000		214,815
Q.P. Corp.		105,500		1,136,392
Sonton Food Industry Co., Ltd.		30,000		166,022
Yonekyu Corp.		46,000		463,820

				7,804,791


Health Care Equipment & Services 0.8%
Aloka Co., Ltd.		2,600		18,763
BML, Inc.		38,400		715,316
Create Medic Co., Ltd.		3,700		29,782
Fukuda Denshi Co., Ltd.		12,700		247,048
Hitachi Medical Corp.		97,000		755,938
Kawasumi Laboratories, Inc.		2,000		11,176
N.I.C. Corp.		42,600		186,068
Nakanishi, Inc.		300		17,070
Suzuken Co., Ltd.		33,200		870,866
Tokiwa Yakuhin Co., Ltd.		12,000		31,641

				2,883,668

See financial notes 45

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)



Household & Personal Products 0.9%
Aderans Holdings Co., Ltd.		84,100		612,261
Fancl Corp.		21,100		239,105
Kose Corp.		46,800		875,853
Lion Corp.		25,000		116,799
Mandom Corp.		48,400		802,059
Milbon Co., Ltd.		17,400		372,548

				3,018,625


Materials 2.5%
Arakawa Chemical Industrial Ltd.		5,700		36,165
Asahi Industries Co., Ltd.		184		222,573
Atomix Co., Ltd.		3,000		10,380
Chubu Steel Plate Co., Ltd.		97,100		571,932
Chuetsu Pulp & Paper Co., Ltd.		7,000		17,690
Earth Chemical Co., Ltd.		8,700		226,332
Fujikura Kasei Co., Ltd.		900		3,354
Fuso Chemical Co., Ltd.		12,300		78,530
Kaneka Corp.		217,000		1,072,884
Koei Chemical Co., Ltd.		1,000		2,677
Mitani Sekisan Co., Ltd.		200		836
Mitsui Chemicals, Inc.		173,000		423,466
Mory Industries, Inc.		14,000		30,704
N.E. Chemcat Corp.		41,000		402,096
Nichia Steel Works Ltd.		86,000		222,669
Nihon Kagaku Sangyo Co., Ltd.		15,000		68,694
Nippon Kodoshi Corp.		8,000		37,986
Nitto FC Co., Ltd.		6,000		26,768
Osaka Steel Co., Ltd.		42,400		710,651
Sakai Chemical Industry Co., Ltd.		289,000		825,542
Sakata Inx Corp.		6,000		16,504
Sanyo Chemical Industries Ltd.		51,000		239,067
SK Kaken Co., Ltd.		2,000		35,339
Soken Chemical & Engineering Co., Ltd.		4,100		18,448
Sumitomo Seika Chemicals Co., Ltd.		169,000		466,448
T&K Toka Co., Ltd.		10,500		51,377
Teijin Ltd.		193,000		421,695
Toagosei Co., Ltd.		446,000		1,004,198
Topy Industries Ltd.		401,000		589,363
Toyo Ink Mfg. Co., Ltd.		82,000		166,373
Toyo Kohan Co., Ltd.		4,000		12,406
Yodogawa Steel Works Ltd.		111,000		458,897

				8,472,044


Media 0.4%
Chubu-Nippon Broadcasting Co., Ltd.		800		6,079
Daiichikosho Co., Ltd.		102,400		841,236
RKB Mainichi Broadcasting Corp.		32,000		254,423
Tohokushinsha Film Corp.		500		3,556
TV Asahi Corp.		405		452,234

				1,557,528


Pharmaceuticals, Biotechnology & Life Sciences 0.7%
Nippon Shinyaku Co., Ltd.		133,000		1,178,119
Seikagaku Corp.		23,400		231,429
Torii Pharmaceutical Co., Ltd.		76,400		1,056,548

				2,466,096


Real Estate 0.1%
Hosoda Corp.		51,100		57,819
Nisshin Fudosan Co., Ltd.		61,000		109,496
Sankyo Frontier Co., Ltd.		63,000		146,837

				314,152


Retailing 2.4%
AOKl Holdings, Inc.		77,100		692,113
Aoyama Trading Co., Ltd.		98,500		1,300,406
AT-Group Co., Ltd.		20,000		153,896
Belluna Co., Ltd.		118,950		307,822
Central Automotive Products Ltd.		3,000		8,636
EDION Corp.		91,000		226,986
Felissimo Corp.		2,200		38,153
Fujitsu Business Systems Ltd.		74,200		913,720
H2O Retailing Corp.		56,000		322,877
Haruyama Trading Co., Ltd.		21,800		76,952
Hikari Furniture Co., Ltd.		1,000		3,223
J. Front Retailing Co., Ltd.		252,000		877,030
Kato Sangyo Co., Ltd.		2,400		35,249
King Co., Ltd.		64,000		125,316
Kitamura Co., Ltd.		2,100		8,787
Kohnan Shoji Co., Ltd.		42,800		368,156
Ku Co., Ltd.		52,200		115,872
Mac House Co., Ltd.		8,900		38,750
Marui Group Co., Ltd.		5,900		31,715
Nafco Co., Ltd.		40,100		370,376
Nagahori Corp.		45,000		68,192
Sazaby League, Ltd.		45,600		510,193
Senshukai Co., Ltd.		83,200		588,633
Takashimaya Co., Ltd.		172,000		996,767
Tokyo Derica Co., Ltd.		7,800		23,396
Warehouse Co., Ltd.		23,800		101,261

				8,304,477


Semiconductors & Semiconductor Equipment 0.3%
Aoi Electronics Co., Ltd.		3,000		13,724
Lasertec Corp.		10,600		56,139
Mimasu Semiconductor Industry Co., Ltd.		1,100		12,165
Mitsui High-tec, Inc.		124,000		805,541
USC Corp.		100		838

				888,407


Software & Services 0.6%
Argo Graphics, Inc.		1,200		11,895
Atlus Co., Ltd.		6,500		24,091
CAC Corp.		13,000		74,130
Computer Engineering & Consulting Ltd.		1,000		6,278
Hitachi Information Systems Ltd.		100		1,645
Hitachi Software Engineering Co., Ltd.		57,500		713,244
Hitachi System & Services Ltd.		15,800		142,356
INES Corp.		2,800		15,333
Information Services International-Dentsu Ltd.		16,600		87,975
Japan Process Development Co., Ltd.		16,600		92,431
NEC Fielding Ltd.		101,800		1,025,717
Nifty Corp.		39		35,294
Sumisho Computer Systems Corp.		700		8,075

				2,238,464


Technology Hardware & Equipment 1.6%
Canon Electronics, Inc.		2,500		30,116
Daishinku Corp.		113,000		174,190

46 See financial notes

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Furuno Electric Co., Ltd.		78,300		396,202
Hagiwara Electric Co., Ltd.		14,200		65,035
Hakuto Co., Ltd.		59,600		361,395
Hitachi Maxell Ltd.		135,800		986,141
Innotech Corp.		46,100		106,349
Iriso Electronics Co., Ltd.		12,300		60,287
Katsuragawa Electric Co., Ltd.		3,000		7,892
Kitagawa Industries Co., Ltd.		9,700		102,929
Nippon Antenna Co., Ltd.		3,200		17,205
Nippon Chemi-Con Corp.		127,000		263,214
OMRON Corp.		33,200		393,784
Riso Kagaku Corp.		51,500		471,522
Ryoden Trading Co., Ltd.		40,000		172,246
Ryoyo Electro Corp.		80,900		672,607
Sanshin Electronics Co., Ltd.		700		4,495
Satori Electric Co., Ltd.		13,700		53,379
Shinko Shoji Co., Ltd.		15,400		102,205
Sumida Corp.		1,300		5,861
Sun-Wa Technos Corp.		500		2,223
Toshiba Tec Corp.		401,000		1,027,471
Tsuzuki Densan Co., Ltd.		27,900		64,039

				5,540,787


Telecommunication Services 0.1%
Okinawa Cellular Telephone Co.		290		498,772


Transportation 0.8%
Hutech Norin Co., Ltd.		100		452
Isewan Terminal Service Co., Ltd.		75,000		289,114
Kawasaki Kisen Kaisha Ltd.		347,000		1,090,646
Meiko Trans Co., Ltd.		25,000		160,794
Nippon Konpo Unyu Soko Co., Ltd.		18,000		142,040
Seino Holdings Co., Ltd.		248,000		1,199,508
Tokyo Kisen Co., Ltd.		1,000		5,933

				2,888,487


Utilities 0.1%
Hokuriku Gas Co., Ltd.		5,000		13,655
Keiyo Gas Co., Ltd.		49,000		173,226
Otaki Gas Co., Ltd.		16,000		108,299
The Chubu Gas Co., Ltd.		1,000		2,448

				297,628

				88,462,350


Luxembourg 0.5%


Household & Personal Products 0.1%
Oriflame Cosmetics S.A. SDR		7,175		224,017


Telecommunication Services 0.4%
COLT Telecom Group S.A. *		1,149,000		1,432,903

				1,656,920


Malaysia 0.0%


Real Estate 0.0%
Rekapacific Berhad (a)(b) *		24,000		—


Netherlands 3.9%


Capital Goods 0.3%
Draka Holdings N.V.		119,857		860,961
Imtech N.V.		10,285		141,408

				1,002,369


Commercial & Professional Supplies 0.4%
Brunel International N.V.		20,162		253,943
Randstad Holding N.V. *		50,689		859,906
Teleplan International N.V. *		6,975		4,384
USG People N.V.		42,123		338,256

				1,456,489


Consumer Durables & Apparel 0.0%
Gamma Holding N.V.		19,774		92,075


Food, Beverage & Tobacco 0.6%
CSM		171,069		1,997,518
Koninklijike Wessanen N.V.		45,641		155,224

				2,152,742


Materials 1.3%
James Hardie Industries N.V. CDI		202,746		593,240
Koninklijke DSM N.V.		148,800		3,915,319

				4,508,559


Media 0.1%
DOCdata N.V.		17,209		135,263


Semiconductors & Semiconductor Equipment 0.0%
BE Semiconductor Industries N.V. *		62,821		133,462


Software & Services 0.0%
Ordina N.V.		11,087		39,189


Technology Hardware & Equipment 1.2%
Gemalto N.V. *		143,153		4,086,100

				13,606,248


New Zealand 0.2%


Consumer Services 0.0%
Millennium & Capthorne Hotels New Zealand Ltd.		340,586		70,446


Transportation 0.2%
Air New Zealand Ltd.		1,034,014		530,865


Utilities 0.0%
Vector Ltd.		104,900		136,452

				737,763


Portugal 0.5%


Banks 0.3%
Banif, SGPS, S.A. - Reg’d		696,000		952,135


Consumer Services 0.0%
Ibersol - SGPS, S.A.		2,871		24,509


Materials 0.0%
Corticeira Amorim S.A.		3,256		2,505


Software & Services 0.1%
Novabase, SGPS, S.A. *		50,419		277,660


Utilities 0.1%
Redes Energeticas Nacionais S.A.		97,133		405,595

				1,662,404


Republic of Korea 4.0%


Automobiles & Components 0.2%
Dong Ah Tire & Rubber Co., Ltd.		7,660		38,981
Dong-Il Corp.		1,074		36,716
Global & Yuasa Battery Co., Ltd.		17,270		284,676

See financial notes 47

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Halla Climate Control Corp.		48,220		272,000

				632,373


Capital Goods 0.1%
Kyeryong Construction Industrial Co., Ltd.		12,200		190,356
Silla Co., Ltd.		1,360		13,536
Ssangyong Engineering & Construction Co., Ltd. *		1,576		8,415

				212,307


Commercial & Professional Supplies 0.0%
Fursys, Inc.		8,000		119,140


Consumer Durables & Apparel 0.3%
Handsome Co., Ltd.		43,160		262,138
Hanssem Co., Ltd.		30,630		137,322
Intelligent Digital Integrated Security Co., Ltd.		5,300		65,867
Youngone Corp.		62,590		393,932

				859,259


Diversified Financials 0.1%
Daishin Securities Co. *		2,420		30,092
Shinyoung Securities Co., Ltd. *		12,833		339,283

				369,375


Energy 0.1%
SK Gas Co., Ltd.		8,260		349,354


Food, Beverage & Tobacco 0.7%
Binggrae Co., Ltd.		3,580		108,975
Daehan Flour Mill Co., Ltd.		1,010		75,349
Daesang Corp. *		48,600		205,141
Dongwon Industries Co., Ltd.		3,420		212,066
Lotte Chilsung Beverage Co., Ltd.		870		542,907
Lotte Confectionery Co., Ltd.		100		74,899
Lotte Samkang Co., Ltd.		2,134		213,077
Namyang Dairy Products Co., Ltd.		1,070		349,722
Nong Shim Co., Ltd.		280		43,630
Nong Shim Holdings Co., Ltd.		790		31,844
Ottogi Corp.		3,158		291,329
Samyang Corp.		8,459		215,575
TS Corp.		3,860		146,289

				2,510,803


Household & Personal Products 0.1%
Pacific Corp.		4,860		307,217


Insurance 0.4%
Hyundai Marine & Fire Insurance Co., Ltd. (HDMF) *		38,510		352,776
Korean Reinsurance Co. *		8,630		66,730
LIG Non-Life Insurance Co., Ltd. *		67,940		664,760
Meritz Fire & Marine Insurance Co., Ltd.		118,310		335,725

				1,419,991


Materials 0.8%
Asia Cement Co., Ltd.		8,288		246,503
Hanwha Chemical Corp.		64,310		442,147
Huchems Fine Chemical Corp.		4,660		65,697
Kisco Corp.		13,062		469,784
KISWIRE Ltd.		5,320		151,039
Korea Zinc Co., Ltd.		3,870		320,705
KP Chemical Corp. *		64,730		292,309
Moorim Paper Co., Ltd.		24,820		138,516
SeAH Holdings Corp.		1,838		81,316
Taekwang Industrial Co., Ltd.		224		103,190
Unid Co., Ltd.		8,440		248,568
Young Poong Corp.		564		205,956

				2,765,730


Pharmaceuticals, Biotechnology & Life Sciences 0.3%
Chong Kun Dang Pharm Corp.		12,750		167,860
Daewoong Co., Ltd. *		10,320		170,708
Green Cross Holdings Corp.		346		15,092
Handok Pharmaceuticals Co., Ltd.		570		5,447
Hanmi Pharm Co., Ltd.		411		44,720
Il Dong Pharmaceutical Co., Ltd. *		5,763		146,349
Ilsung Pharmaceuticals Co., Ltd.		4,278		191,342
Kwang Dong Pharmaceutical Co., Ltd.		96,930		240,041

				981,559


Retailing 0.3%
Dongsuh Co., Inc.		5,050		94,566
GS Home Shopping, Inc.		5,930		219,813
GwangjuShinsegae Co., Ltd.		812		57,957
Hyundai Department Store Co., Ltd.		13,490		703,713

				1,076,049


Software & Services 0.1%
Daou Technology, Inc.		71,800		336,798
NCSoft Corp.		1,650		111,205

				448,003


Technology Hardware & Equipment 0.1%
People & Telecommunication		14,670		97,771
Sindo Ricoh Co., Ltd.		2,190		84,493

				182,264


Telecommunication Services 0.1%
LG Dacom Corp.		26,370		335,043


Transportation 0.0%
Sebang Co., Ltd.		13,360		106,100


Utilities 0.3%
Daehan City Gas Co., Ltd.		3,870		72,470
E1 Corp.		4,567		229,157
KyungDong City Gas Co., Ltd.		1,440		42,301
Samchully Co., Ltd.		5,040		419,117
Seoul City Gas Co., Ltd.		3,275		121,203
YESCO Co., Ltd.		7,350		133,722

				1,017,970

				13,692,537


Singapore 0.8%


Capital Goods 0.2%
Haw Par Corp., Ltd.		232,000		533,098
Hi-P International Ltd.		645,000		195,402

				728,500


Consumer Services 0.1%
Hotel Plaza Ltd.		354,000		209,212


Diversified Financials 0.4%
G.K. Goh Holdings Ltd.		977		280
Hong Leong Finance Ltd.		87,000		103,855
K1 Ventures Ltd.		3,842,000		302,987
Kim Eng Holdings Ltd.		544,513		476,122

48 See financial notes

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

UOB-Kay Hian Holdings Ltd.		527,850		382,638

				1,265,882


Food, Beverage & Tobacco 0.1%
Cerebos Pacific Ltd.		38,000		61,882
People’s Food Holdings Ltd.		800,000		257,503

				319,385


Real Estate 0.0%
Mapletree Logistics Trust		445,000		109,352
Starhill Global REIT		57,000		17,036

				126,388


Retailing 0.0%
Metro Holdings Ltd.		765,000		133,572


Technology Hardware & Equipment 0.0%
Elec & Eltek International Co., Ltd.		37,000		34,827

				2,817,766


Spain 2.3%


Capital Goods 0.1%
Abengoa S.A.		9,995		132,834
Nicolas Correa S.A.		24,923		65,912
Solaria Energia y Medio Ambiente S.A. *		34,551		70,153
Tecnocom, Telecomunicaciones y Energia S.A. *		39,087		165,105

				434,004


Commercial & Professional Supplies 0.8%
Befesa Medio Ambiente S.A. *		27,456		517,998
Prosegur, Compania de Seguridad S.A. - Reg’d		76,608		2,062,994

				2,580,992


Food, Beverage & Tobacco 1.0%
Campofrio Food Group S.A.		123,478		1,221,520
Ebro Puleva S.A.		150,768		1,769,637
Pescanova S.A.		17,100		590,358

				3,581,515


Insurance 0.3%
Grupo Catalana Occidente S.A.		78,104		923,445


Materials 0.1%
Ercros S.A. *		2,413,734		416,613
Miquel y Costas & Miquel S.A.		495		8,369

				424,982

				7,944,938


Sweden 2.4%


Capital Goods 0.1%
Addtech AB, B Shares		19,445		176,697
Consilium AB, B Shares		6,245		21,356
OEM International AB, B Shares		9,820		50,360

				248,413


Commercial & Professional Supplies 0.1%
AF AB, B Shares		15,951		207,505
Proffice AB, B Shares *		32,088		37,638

				245,143


Pharmaceuticals, Biotechnology & Life Sciences 0.6%
Biotage AB *		178,800		106,973
Meda AB, A Shares		319,794		1,892,758

				1,999,731


Real Estate 0.0%
Din Bostad AB		57,764		124,743


Software & Services 0.2%
Acando AB		266,101		348,085
Addnode AB		34,730		104,538
Connecta AB		44,187		246,790
Know IT AB		24,768		92,559
LBI International AB *		5,753		7,508
ProAct IT Group AB		14,097		72,742

				872,222


Technology Hardware & Equipment 0.1%
Pricer AB, B Shares *		2,893,471		185,957


Telecommunication Services 1.2%
Tele2 AB, B Shares		510,000		4,299,288


Transportation 0.1%
Rederi AB Transatlantic		65,778		193,002

				8,168,499


Switzerland 6.3%


Banks 0.2%
Banque Cantonale de Geneve		1,304		227,904
Banque Cantonale Vaudoise - Reg’d		926		307,013

				534,917


Capital Goods 1.2%
Carlo Gavazzi Holding AG		1,170		91,925
Conzzeta AG		1,035		1,164,099
Daetwyler Holding AG *		44,500		1,562,178
Feintool International Holding AG - Reg’d		1,932		274,054
Kardex AG *		6,490		160,317
Sulzer AG - Reg’d		11,044		569,902
Walter Meier AG, Class A - Reg’d		4,831		226,117

				4,048,592


Consumer Durables & Apparel 0.3%
Forbo Holding AG - Reg’d *		7,335		1,081,449


Consumer Services 0.8%
Kuoni Reisen Holding AG - Reg’d		11,100		2,688,731
MCH Messe Schweiz Holding AG - Reg’d		2,700		60,492

				2,749,223


Diversified Financials 0.1%
Valartis Group AG		11,876		153,539


Food, Beverage & Tobacco 0.3%
Emmi AG - Reg’d		13,172		1,167,795


Insurance 1.1%
Baloise Holding AG - Reg’d		29,013		1,854,291
Schweizerische National-Versicherungs-Gesellschaft - Reg’d		2,567		1,132,383

See financial notes 49

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

Vaudoise Assurances Holding S.A. - Reg’d		6,492		799,342

				3,786,016


Materials 1.0%
Clariant AG - Reg’d *		518,000		2,010,017
CPH Chemie & Papier Holding AG - Reg’d		102		109,223
Siegfried Holding AG - Reg’d		9,738		475,193
Swissmetal Holding AG *		8,624		49,927
Vetropack Holding AG		546		599,500

				3,243,860


Real Estate 0.0%
LO Holding Lausanne-Ouchy S.A. - Reg’d		77		69,179
PAX-Anlage AG - Reg’d		60		40,105

				109,284


Retailing 0.1%
Bossard Holding AG		3,123		104,159
Dufry Group - Reg’d		4,150		62,670
Metraux Services Holding AG - Reg’d		1,503		96,385

				263,214


Technology Hardware & Equipment 0.4%
Also Holding - Reg’d *		3,777		86,366
Inficon Holding AG - Reg’d		8,287		615,398
Phoenix Mecano AG		3,582		770,995

				1,472,759


Transportation 0.2%
The Jungfraubahn Holding AG - Reg’d		21,324		779,003


Utilities 0.6%
Energiedienst Holding AG - Reg’d *		49,560		2,133,426

				21,523,077


United Kingdom 16.2%


Capital Goods 2.3%
Balfour Beatty plc		64,352		301,772
Bodycote plc		66,762		118,791
Carr’s Milling Industries plc		27,358		173,810
Galliford Try plc		1,167,347		668,627
Hampson Industries plc		5,480		7,106
J. Smart & Co. (Contractors) plc		34,041		159,963
Keller Group plc		184,222		1,298,463
Meggitt plc		1,007,777		1,854,639
MS International plc		19,986		21,459
Qinetiq plc		1,598,309		3,029,012
Trifast plc		205,179		25,939
Waterman Group plc		55,702		26,784

				7,686,365


Commercial & Professional Supplies 0.4%
Communisis plc		409,580		163,028
Management Consulting Group plc		707,895		304,349
OPD Group plc		72,614		41,047
Sthree plc		214,013		533,563
Tribal Group plc		169,542		236,677

				1,278,664


Consumer Services 2.7%
J.D. Wetherspoon plc		157,742		956,711
Millennium & Copthorne Hotels plc		134,938		332,614
Sportech plc *		10,493		11,114
Thomas Cook Group plc		1,104,100		3,802,042
Whitbread plc		375,546		4,241,166

				9,343,647


Diversified Financials 0.7%
Close Brothers Group plc		64,819		498,858
Investec plc		453,766		1,899,948

				2,398,806


Food, Beverage & Tobacco 0.3%
Britvic plc		284,902		922,438


Health Care Equipment & Services 0.0%
Biocompatibles International plc *		26,450		47,841


Household & Personal Products 0.2%
McBride plc		457,325		758,550


Insurance 1.2%
Friends Provident plc		482,739		478,671
Hardy Underwriting Bermuda Ltd.		237,099		877,696
Jardine Lloyd Thompson Group plc		196,977		1,237,230
Old Mutual plc		1,395,250		1,038,718
St. James’s Place plc		214,695		513,394

				4,145,709


Materials 0.9%
British Polythene Industries plc		87,500		152,952
DS Smith plc		287,249		205,871
Elementis plc		1,225,784		482,165
Mondi plc		1,043,140		2,210,150

				3,051,138


Media 0.4%
4imprint plc		108,000		175,620
Aegis Group plc		228,750		271,216
Chime Communications plc		19,646		19,492
Informa plc		260,528		981,533

				1,447,861


Retailing 1.2%
Home Retail Group plc		1,100,000		3,541,702
JD Sports Fashion plc		106,888		474,122
John Menzies plc		186,564		161,967
Woolworths Group plc (a)(b)		1,644,060		—

				4,177,791


Semiconductors & Semiconductor Equipment 0.1%
Dialog Semiconductor plc *		108,672		158,349


Software & Services 1.9%
Alphameric plc *		70,330		19,417
Computacenter plc		486,681		803,252
Dimension Data Holdings plc		1,470,592		856,964
Intec Telecom Systems plc *		1,089,775		538,468
Logica plc		4,085,000		3,724,175
Phoenix IT Group Ltd.		332,300		690,951

				6,633,227


Technology Hardware & Equipment 0.6%
Acal plc		64,850		87,923
Dialight plc		19,573		32,138
Oxford Instruments plc		69,597		109,242
Spectris plc		295,381		1,703,479

50 See financial notes

Laudus Rosenberg International Small Capitalization Fund

Portfolio Holdings continued


	Number		Value
Security	of Shares		($)

TT electronics plc		165,496		47,430
Vislink plc		263,135		86,861

				2,067,073


Telecommunication Services 1.0%
Cable & Wireless		1,751,209		3,502,071


Transportation 2.0%
Arriva plc		559,076		2,971,543
Braemar Shipping Services plc		64,440		204,135
Clarkson plc		14,765		103,045
FirstGroup plc		911,527		3,496,867
National Express Group plc		77,142		167,673

				6,943,263


Utilities 0.3%
Drax Group plc		145,704		1,079,301

				55,642,094

Total Common Stock (Cost $498,557,725)				327,579,410




Preferred Stock 0.8% of net assets


Austria 0.0%
MIBA AG		747		75,076


Canada 0.1%
FirstService Corp.		9,735		144,078


Germany 0.7%
Draegerwerk AG & Co. KGAA		11,938		255,951
Einhell Germany AG		12,414		202,031
Jungheinrich AG		47,379		505,875
Sanacorp Pharmaholding AG		884		15,108
Sto AG		35,109		1,557,682

				2,536,647

Total Preferred Stock (Cost $4,776,295)				2,755,801




Rights 0.0% of net assets


Australia 0.0%
Iba Health Group Ltd. (a) *		54,108		2,258

Total Rights (Cost $—)				2,258




Warrants 0.0% of net assets


Bermuda 0.0%
Champion Technology Holdings Ltd. *		699,944		903
Col Capital Ltd. *		280,000		361

Total Warrants (Cost $—)				1,264




Other Investment Company 1.5% of net assets
State Street Institutional Liquid Reserves Fund - Institutional Class		4,967,012		4,967,012

Total Other Investment Company (Cost $4,967,012)				4,967,012


End of Investments.

At 03/31/09, the tax basis cost of the fund’s investments was $513,873,122 and the unrealized appreciation and depreciation were $10,775,267 and ($189,342,644), respectively, with a net unrealized depreciation of ($178,567,377).

At 03/31/09, the values of certain foreign securities held by the fund aggregating $306,999,441 were adjusted from their closing market values following the guidelines adopted by the fund’s board of trustees.


*		Non-income producing security.
(a)		Fair-valued by Management.
(b)		Illiquid security. At the period end, the value of these amounted to $38,541 or 0% of net assets.

CDI — CHESS Depositary Interest

Reg’d — Registered

REIT — Real Estate Investment Trust

SDR — Swedish Depositary Receipt

See financial notes 51

Laudus Rosenberg International Small Capitalization Fund

Statement of

Assets and Liabilities

As of March 31, 2009.




Assets
Investments, at value (cost $508,301,032)		$335,305,745
Foreign currency, at value (cost $5,301,561)		5,274,454
Receivables:
Investments sold		3,519,337
Dividends		2,395,239
Fund shares sold		441,890
Interest		1,659
Foreign tax reclaims	+	556,506


Total assets		347,494,830


Liabilities
Payables:
Investments bought		2,878,877
Investment adviser fees		30,390
Fund shares redeemed		468,789
Distribution and shareholder services fees		263,292
Trustee’s retirement plan		38,235
Accrued expenses	+	217,244


Total liabilities		3,896,827


Net Assets
Total assets		347,494,830
Total liabilities	−	3,896,827


Net assets		$343,598,003
Net Assets by Source
Capital received from investors		882,490,269
Net investment income not yet distributed		275,406
Net realized capital losses		(366,097,537	)
Net unrealized capital losses		(173,070,135	)

Net Asset Value (NAV) by Shares Class


			Shares
Share Class	Net Assets	¸	Outstanding	=	NAV

Investor Shares	$147,607,585		18,954,264			$7.79
Select Shares	$195,990,418		24,916,457			$7.87

52 See financial notes

Laudus Rosenberg International Small Capitalization Fund

Statement of

Operations

For April 1, 2008 through March 31, 2009.




Investment Income
Dividends (net of foreign withholding taxes of $2,577,277)		$24,661,787
Interest		200,316
Securities on loan	+	794,916


Total Investment Income		25,657,019


Net Realized Gains and Losses
Net realized losses on investments		(284,978,805	)
Net realized losses on foreign currency transactions	+	(2,286,105	)


Net realized losses		(287,264,910	)


Net Unrealized Gains and Losses
Net unrealized losses on investments		(218,028,530	)
Net unrealized losses on foreign currency translations	+	(70,380	)


Net unrealized losses		(218,098,910	)


Expenses
Investment adviser fees		7,158,021
Transfer agent fees		154,051
Distribution and shareholder services fees (Investor Shares)		827,510
Sub-Accounting fees (Investor Shares)		418,251
Custodian fees		407,593
Accounting and administration fees		112,418
Shareholder reports		85,228
Professional fees		68,988
Registration fees		36,459
Interest expense		2,848
Other expenses	+	97,982


Total expenses		9,369,349
Custody credits	−	1,311


Net expenses		9,368,038


Increase (Decrease) in Net Assets from Operations
Total investment income		25,657,019
Net expenses	−	9,368,038


Net investment income		16,288,981
Net realized losses		(287,264,910	)
Net unrealized losses	+	(218,098,910	)


Decrease in net assets from operations		($489,074,839	)

See financial notes 53

Laudus Rosenberg International Small Capitalization Fund

Statements of

Changes in Net Assets

For the current and prior report periods.




Operations


		4/1/08-3/31/09			4/1/07-3/31/08
Net investment income			$16,288,981			$31,943,187
Net realized gains (losses)			(287,264,910	)		54,346,298
Net unrealized losses	+		(218,098,910	)		(298,240,524	)


Decrease in net assets from operations			(489,074,839	)		(211,951,039	)


Distributions to Shareholders¹
Distributions from net investment income
Investor Shares			4,469,511			21,597,431
Select Shares	+		7,704,614			34,839,457


Total distributions from net investment income			12,174,125			56,436,888


Distributions from net realized gains
Investor Shares			—			94,400,404
Select Shares	+		—			131,923,248


Total distributions from net realized gains			—			226,323,652

Total distributions			$12,174,125			$282,760,540

Transactions in Fund Shares¹


		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			VALUE			SHARES			VALUE


Shares Sold
Investor Shares			513,126			$6,697,143			3,984,585			$92,413,634
Select Shares	+		5,524,993			71,369,166			13,114,742			300,629,366


Total shares sold			6,038,119			$78,066,309			17,099,327			$393,043,000


Shares Reinvested
Investor Shares			416,709			$3,817,051			5,729,048			$97,508,406
Select Shares	+		733,865			6,788,252			8,381,438			144,495,987


Total shares reinvested			1,150,574			$10,605,303			14,110,486			$242,004,393


Shares Redeemed
Investor Shares			(13,266,975	)		($162,910,757	)		(17,838,760	)		($349,737,839	)
Select Shares	+		(17,446,448	)		(217,326,237	)		(31,657,552	)		(585,177,294	)


Total shares redeemed			(30,713,423	)		($380,236,994	)		(49,496,312	)		($934,915,133	)

Net transactions in fund shares			(23,524,730	)		($291,565,382	)		(18,286,499	)		($299,867,740	)


Shares Outstanding and Net Assets
		4/1/08-3/31/09						4/1/07-3/31/08
		SHARES			NET ASSETS			SHARES			NET ASSETS
Beginning of period			67,395,451			$1,136,412,349			85,681,950			$1,930,991,668
Total decrease	+		(23,524,730	)		(792,814,346	)		(18,286,499	)		(794,579,319	)


End of period			43,870,721			$343,598,003			67,395,451			$1,136,412,349


Net investment income not yet distributed / (distribution in excess of net investment income)						$275,406						($4,769,775	)


¹	Effective on July 31, 2008, the Institutional Shares were redesignated as Select Shares.

54 See financial notes

Laudus Rosenberg International Equity Funds

Financial Notes

1. Business Structure of the Funds:

Each of the Laudus Rosenberg Funds in this report is a series of Laudus Trust (the “Trust”), an open-end management investment company. The Trust was organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The list below shows all the funds in the Trust including the funds discussed in this report, which are highlighted (individually each such highlighted portfolio, a “Fund” and collectively, the “Funds”):



Laudus Rosenberg International Equity Fund Laudus Rosenberg International Discovery Fund Laudus Rosenberg International Small Capitalization Fund Laudus Rosenberg U.S. Large Capitalization Fund Laudus Rosenberg U.S. Large Capitalization Value Fund Laudus Rosenberg U.S. Discovery Fund Laudus Rosenberg U.S. Small Capitalization Fund Laudus Rosenberg Long/Short Equity Fund		Laudus Mondrian International Equity Fund Laudus Mondrian Global Equity Fund Laudus Mondrian Emerging Markets Fund Laudus Mondrian International Fixed Income Fund

As of May 31, 2007, the Laudus Rosenberg International Small Capitalization Fund closed to all investors, except the Fund will continue to offer shares to certain qualified retirement plans and through reinvestment of dividends and capital gains.

The Institutional Shares were redesignated as Select Shares effective July 31, 2008, for all Laudus Rosenberg Funds.

Each Fund is authorized to issue an unlimited number of Investor Shares and Select Shares of no par value. Each class of shares generally has identical rights and preferences, except that each class is subject to different eligibility conditions, bear different distribution and sub-transfer agent expenses, and separate voting rights on matters pertaining solely to that class of shares.

Each Fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its accounts, each Fund may also keep certain assets in segregated accounts, as required by securities law.

2. Significant Accounting Policies:

(a) Security Valuation

The Funds value the securities in their portfolios every business day. The Funds use the following policies to value various types of securities:


	•	Securities traded on an exchange or over-the-counter: valued at the closing value for the day, or, on days when no closing value has been reported, halfway between the most recent bid and asked quotes. Securities that are primarily traded on foreign exchanges are valued at the closing values of such securities on their respective exchanges with these values then translated into U.S. dollars at the valuation date exchange rate.

	•	Securities for which no quoted value is available or when a significant event has occurred between the time of the security’s last close and the time the Funds calculate net asset value: valued at fair value, as determined in good faith by the Funds’ investment adviser using guidelines adopted by the Funds’ Board of Trustees and the Pricing Committee. Some of the more common reasons that may necessitate that a security be valued at fair value include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security’s primary pricing source is not able or willing to provide a price, or certain foreign securities’ closing market values adjusted for changes in value that may occur between the close of foreign exchange and the time at which Funds’ shares are priced. The Board of Trustees regularly reviews fair value determinations made by the Funds pursuant to the procedures.

	•	Short-term debt securities (60 days or less to maturity): valued at amortized cost, when it approximates market value.

	•	Underlying funds: valued at their respective net asset values as determined by those Funds in accordance with the 1940 Act for a given day.

Laudus Rosenberg International Equity Funds

Financial Notes (continued)

2. Significant Accounting Policies (continued):

(b) Portfolio Investments:

Futures Contract: The Funds may invest in futures contracts. Futures contracts involve certain risks because they can be very sensitive to market movements.

Securities Lending: Under the Securities Lending Program, securities held by the Funds may be loaned by State Street Corporation, as agent, to certain brokers (the “Borrowers”). The Borrowers provide cash or U.S. government securities as collateral against loans in an amount at least equal to 100% of the market value of the loaned securities. There were no securities on loan as of March 31, 2009.

(c) Security Transactions:

Laudus Rosenberg International Equity Funds

Financial Notes (continued)

2. Significant Accounting Policies (continued):

(d) Investment Income:

(e) Expenses:

(f) Distributions to Shareholders:

The Funds make distributions from net investment income and net realized capital gains once a year, if any.

(g) Custody Credit

h) Accounting Estimates:

(i) Federal Income Taxes:

(j) Indemnification:

(k) Accounting Pronouncements

Laudus Rosenberg International Equity Funds

Financial Notes (continued)

2. Significant Accounting Policies (continued):


	•	Level 1 — quoted prices in active markets for identical securities

	•	Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

	•	Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)


	Laudus Rosenberg International				Laudus Rosenberg International				Laudus Rosenberg International
	Equity Fund				Discovery Fund				Small Cap Fund
	Investments in		Other Financial		Investments in		Other Financial		Investments in		Other Financial
	Securities		Instruments*		Securities		Instruments*		Securities		Instruments*

Level 1		$673,541		$—		$28,992,344		$—		$28,166,856		$—
Level 2		38,701,247		—		182,175,439		—		306,999,441		—
Level 3		—		—		900,799		—		139,448		—
		$39,374,788		$—		$212,068,582		$—		$335,305,745		$—


*	The Funds have no Other Financial Instruments at the end of the period.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:


	Laudus Rosenberg			Laudus Rosenberg
	International			International
	Discovery Fund			Small Capitalization Fund

Balance as of 03/31/08		$203			$796,628
Accrued discount/premiums		—			—
Realized gain (loss)		(329,411	)		(1,830,797	)
Change in unrealized appreciation/depreciation)		(118,390	)		302,131
Net purchase (sales)		761,135			689,636
Transfer in and/or out of Level 3		587,262			181,850
Balance as of 03/31/09		$900,799			$139,448

All net realized and unrealized gains (losses) in the table above are reflected in the accompanying statement of operations. Net unrealized gains (losses) relate to those financial instruments held by the Fund at March 31, 2009.

Laudus Rosenberg International Equity Funds

Financial Notes (continued)

3. Risk factors:

Investing in the Funds may involve certain risks including, but not limited to, those described below:

Stocks of large-size companies tend to go in and out of favor based on market and economic conditions. As a result, during a period when these stocks fall behind other types of investments—bonds or stocks of mid- or small-size companies, for instance—the Fund’s performance also will lag those investments.

A Fund may also be subject to additional risk because it invests primarily in the stocks of companies with small and mid-sized market capitalizations, which tend to be less liquid and more volatile than stocks of companies with larger market capitalizations. These companies may also have limited product lines, markets or financial resources or may depend on a few key employees. In addition, small and mid cap stocks tend to go in and out of favor based on market and economic conditions. As a result, during a period when these stocks fall behind other types of investments—bonds or stocks of large-size companies, for instance—the Fund’s performance also will lag those investments.

4. Affiliates and Affiliated Transactions:

The Trust’s Board of Trustees oversees the general conduct of the Trust and the Funds.

For its advisory services to each Fund, the Investment Adviser is entitled to receive an annual fee, payable monthly, based on the Funds’ average daily net assets described as follows.


	Laudus Rosenberg		Laudus Rosenberg
	International		International
Average daily net assets	Equity Fund		Discovery Funds

First $1 billion		0.85%		1.00%
$1 billion to $2 billion		0.80%		0.95%
Over $2 billion		0.775%		0.95%


	Laudus Rosenberg
	International
	Small Capitalization Fund

First $500 million		1.00%
Over $500 million		0.95%

CSIM (not the Funds) pays a portion of the management fees it receives to AXA Rosenberg in return for its services.

Laudus Rosenberg International Equity Funds

Financial Notes (continued)

4. Affiliates and Affiliated Transactions (continued):

account fees, fees on securities transactions such as exchange fees, dividends and interest on securities sold short, service fees, interest (overdraft charges), taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of the Funds’ business as follows:


	Investor Shares		Select Shares

Laudus Rosenberg International Equity Fund		1.40%		1.12%
Laudus Rosenberg International Discovery Fund		1.65%		1.35%
Laudus Rosenberg International Small Capitalization Fund		1.79%		1.49%


	Laudus Rosenberg		Laudus Rosenberg		Laudus Rosenberg
	International		International		International Small
Expire	Equity Fund		Discovery Fund		Capitalization Fund

2010		$0		$196,269		$—
2011		145,842		516,875		—

5. Other Shareholders Services:

Boston Financial Data Services, Inc. (BFDS) provides the transfer agent services to the Funds, and receives transfer agent fees from the Funds as shown in the Statement of Operations.

The Trust has a Distribution and Shareholder Service Plan with respect to its Investor Shares pursuant to Rule 12b-1 under the 1940 Act. The Investor Shares of the Funds are sold on a continuous basis by the Trust’s distributor — ALPS Distributors, Inc. Under the Distribution and Shareholder Services Plan, the Funds pay distribution and shareholder servicing fees in connection with the sale and servicing of the Investor Shares. The annual Distribution and Shareholder Service Fee consists of up to 0.25% of the respective average daily net assets of the Investor Shares. In addition, the Trustees have authorized each Fund to pay up to 0.15% of its average daily net assets attributable to Investor Shares for sub-transfer agent and sub-accounting services in connection with such shares.

6. Board of Trustees:

Trustees may include people who are officers and/or directors of other fund families affiliated to the investment adviser. Federal securities law limits the percentage of the “interested persons” who may serve on a trust’s board, and the Laudus Funds are in compliance with these limitations. The Funds did not pay any of the interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in each Fund’s Statement of Operations.

7. Borrowing from Banks:

The Laudus Rosenberg International Equity Fund, Laudus Rosenberg International Discovery Fund and Laudus Rosenberg International Small Capitalization Fund have access to custodian overdraft facilities and to an uncommitted line of credit up to a maximum of $100,000,000, as established by State Street Corporation. Interest is calculated based on the market rates at the time of borrowing.

Laudus Rosenberg International Equity Funds

Financial Notes (continued)

7. Borrowing from Banks (continued):

There were no borrowings from the line of credit by the Funds during the period. However, the Funds utilized their overdraft facility and incurred interest expense, which is disclosed in the Statement of Operation. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

8. Purchases and Sales of Investment Securities:

For the period ended March 31, 2009, purchases and sales of securities (excluding short-term securities) were as follows:


	Purchases		Sales

Laudus Rosenberg International Equity Fund		$100,139,564		$121,656,039
Laudus Rosenberg International Discovery Fund		560,278,058		417,504,051
Laudus Rosenberg International Small Capitalization Fund		565,299,812		823,485,820

9. Redemption Fee:


	Current Period		Prior Period
	(4/1/08-3/31/09)		(4/1/07-3/31/08)

Laudus Rosenberg International Equity Fund		$2,414		$1,697
Laudus Rosenberg International Discovery Fund		17,228		66,859
Laudus Rosenberg International Small Capitalization Fund		953		32,882

10. Other:

As of the close of business on September 18, 2008, Lehman Brothers Holdings Inc. was in default of the security lending agreement with the Laudus Rosenberg International Small Capitalization Fund (“the Fund”). As a result the Fund took possession of the collateral and repurchased the securities on loan through open market purchases. The collateral held exceeded the replacement value of the securities. In accordance with Accounting for Transfers of Financial Assets and Repurchase Financing Transactions (“FAS 140”) the Fund recognized the following gains or losses that are not recognized for federal income tax purposes:


Laudus Rosenberg International Small Capitalization Fund			($794,628	)

11. Federal Income Taxes:

As of March 31, 2009, the components of distributable earnings on a tax-basis were as follows:


	Laudus Rosenberg			Laudus Rosenberg			Laudus Rosenberg
	International			International			International Small
	Equity Fund			Discovery Fund			Capitalization Fund

Undistributed Ordinary Income		$224,765			$961,888			$1,863,323
Undistributed long-term capital gains		—			—			—
Unrealized appreciation		486,140			7,757,486			10,775,267
Unrealized depreciation		(17,960,502	)		(64,783,359	)		(189,342,644	)
Other unrealized appreciation/(depreciation)		(12,490	)		(82,844	)		(74,848	)
Net unrealized appreciation/(depreciation)		($17,486,852	)		($57,108,717	)		($178,642,225	)

The primary difference between book-basis and tax-basis unrealized appreciation or unrealized depreciation of investment is the tax deferral of losses on wash sales and Passive Foreign Investment Companies (PFIC).

Laudus Rosenberg International Equity Funds

Financial Notes (continued)

11. Federal Income Taxes (continued):

For tax purposes, capital loss carry forwards may be used to offset future realized capital gains. As of March 31, 2009, the Funds had capital loss carry forwards available to offset net capital gains before the expiration dates:

Laudus Rosenberg

International

International Small

Expire

Equity Fund

Discovery Fund

Capitalization Fund

2017

$13,664,040

$61,437,260

$151,052,643


	Laudus Rosenberg		Laudus Rosenberg		Laudus Rosenberg
	International		International		International Small
	Equity Fund		Discovery Fund		Capitalization Fund

Capital losses deferred		$19,176,919		$86,808,240		$211,022,483
Currency losses deferred		—		—		—
Capital losses utilized		—		—		—

The tax-basis components of distributions paid during the current and prior periods were:


	Laudus Rosenberg		Laudus Rosenberg		Laudus Rosenberg
	International		International		International Small
	Equity Fund		Discovery Fund		Capitalization Fund

Current period distributions
Ordinary income		$2,412,454		$5,099,501		$12,174,125
Long-term capital gains		9,394		—		—
Return of capital		—		—		—
Prior period distributions
Ordinary income		$6,985,862		$9,290,498		$121,519,374
Long-term capital gains		5,011,878		1,136,233		161,241,166
Return of capital		$—		—		—


	Laudus Rosenberg			Laudus Rosenberg			Laudus Rosenberg
	International			International			International Small
	Equity Fund			Discovery Fund			Capitalization Fund

Capital Shares		$—			$—			$—
Undistributed net investment income		14,464			532,650			930,325
Net realized capital gains and losses		(14,464	)		(532,650	)		(930,325	)

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of:
Laudus Rosenberg International Equity Fund
Laudus Rosenberg International Discovery Fund
Laudus Rosenberg International Small Capitalization Fund

In our opinion, the accompanying statements of assets and liabilities, including the portfolio holdings, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Laudus Rosenberg International Equity Fund, Laudus Rosenberg International Discovery Fund and Laudus Rosenberg International Small Capitalization Fund (three of the portfolios constituting Laudus Trust, hereafter referred to as the “Funds”) at March 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
San Francisco, California
May 15, 2009

Other Federal Tax Information (unaudited)

The Funds may elect to pass on the benefits of the foreign tax credit to its shareholders for the year ended March 31, 2009, and the respective foreign source income on the Funds were as follows:


	Foreign Tax Credit		Foreign Source Income

Laudus Rosenberg International Equity Fund		$342,777		$3,725,090
Laudus Rosenberg International Discovery Fund		892,588		9,743,132
Laudus Rosenberg International Small Capitalization Fund		1,969,446		27,239,064


Laudus Rosenberg International Equity Fund			$2,755,231
Laudus Rosenberg International Discovery Fund			5,570,645
Laudus Rosenberg International Small Capitalization Fund			13,837,499

For the fiscal year ended March 31, 2009, the Funds hereby designate the following amounts as capital gain dividends:


Laudus Rosenberg International Equity Fund			$9,394
Laudus Rosenberg International Discovery Fund			—
Laudus Rosenberg International Small Capitalization Fund			—

Trustees and Officers


Independent Trustees
Name, Address¹	Principal	Number of
and Year of Birth;	Occupation(s)	Portfolios in
(Term of Office, and	During the	Fund Complex
Length of Time Served²)	Past Five Years	Overseen		Other Directorships Held by Trustee



Mariann Byerwalter³1960 (1/04-present)	Chairman of JDN Corporate Advisory LLC.		83	Board 1–Director, Redwood Trust, Inc. (mortgage finance). Board 2–Director, PMI Group, Inc. (mortgage insurance).


William A. Hasler³1941 (1/04-present)	Retired. Dean Emeritus of the Haas School of Business at the University of California, Berkeley. Until February 2004, Co-Chief Executive Officer, Aphton Corp. (bio-pharmaceuticals).		83	Board 1–Director, Mission West Properties (commercial real estate). Board 2–Director, TOUSA (home building). Board 3–Director, Harris-Stratex Networks (a network equipment corporation). Board 4–Director, Genitope Corp. (bio-pharmaceuticals). Board 5 –Director, Ditech Networks (voice communication technology). Board 6–Rubicon Limited (manufacturing).


Nils H. Hakansson³1937 (3/90-present)	Sylvan C. Coleman Professor of Finance and Accounting, Emeritus, Haas School of Business, University of California, Berkeley (since 2003). Mr. Hakansson was also a Professor of Finance and Accounting, Haas School of Business, University of California, Berkeley (July 1969 to January 2003).		14	None


Interested Trustees
		Number of
	Principal	Portfolios in
	Occupation(s)	Fund Complex
Name, Address¹ and Year of Birth;	During the	Overseen by
(Term of Office, and Length of Time Served²)	Past Five Years	the Trustee		Other Directorships Held by Trustee



Randall W. Merk 1954 Trustee (6/06-present)	Executive Vice President and President, Investment Management Services, Charles Schwab & Co. Inc.; Executive Vice President, Charles Schwab & Co. Inc.(2002-present); President and Chief Executive Officer, Charles Schwab Investment Management, Inc. (2007-present); Director, Charles Schwab Asset Management (Ireland) Limited and Charles Schwab Worldwide Funds PLC. From September 2002 to July 2004, Chief Executive Officer and President, Charles Schwab Investment Management, Inc. and Executive Vice President, Charles Schwab & Co., Inc.		14	None


Officers
Name, Address⁴
and Year of Birth;
(Term of Office⁵,
and Length of Time
Served)	Position with the Trust	Principal Occupation During Past Five Years



Jeffrey Mortimer 1963 (3/08-present, President and CEO) (6/04-present, CIO)	President, Chief Executive Officer, and Chief Investment Officer	Senior Vice President and Chief Investment Officer-Equities, Charles Schwab Investment Management, Inc., and Schwab Funds. Prior to May 2004, Vice President and Sr. Portfolio Manager, Charles Schwab Investment Management, Inc.


George Pereira 1964 (6/06-present)	Treasurer and Chief Financial Officer	Senior Vice President and Chief Financial Officer, Charles Schwab Investment Management, Inc.; Treasurer and Principal Financial Officer, Schwab Funds; Director, Charles Schwab Worldwide Funds, PLC and Charles Schwab Asset Management (Ireland) Ltd. Through June 2007, Chief Financial Officer, Mutual Fund Division, UST Advisers, Inc., and Treasurer, Chief Financial Officer and Chief Accounting Officer, Excelsior Funds, Inc., Excelsior Tax-Exempt Funds, Inc., and Excelsior Trust Inc.; From 12/99 to 11/04: Senior Vice President, Financial Reporting, Charles Schwab & Co., Inc.


Catherine MacGregor 1964 (12/05-present)	Chief Legal Officer, Vice President and Clerk	Vice President, Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc.; Vice President, Schwab Funds; until July 2005, Senior Associate, Paul Hastings Janofsky & Walker LLP.


Bari Havlik 1961 (3/09-present)	Chief Compliance Officer	Senior Vice President, Chief Compliance Officer for Charles Schwab & Co. Inc. and head of Global Compliance for the Charles Schwab Corporation since 2004. Chief Compliance Officer for Charles Schwab Investment Management, Inc since March 2009.


Daniel Kern 1961 (3/05-present)	Vice President	Vice President, Investment Management Services. Until September 2005, Assistant Treasurer, Laudus Trust and Laudus Variable Insurance Trust. Until December 2004, Vice President, Internal Audit, Charles Schwab Corporation.


Officers continued
Name, Address⁴
and Year of Birth;
(Term of Office⁵,
and Length of Time
Served)	Position with the Trust	Principal Occupation During Past Five Years


Michael Haydel 1972 (6/05-present)	Vice President	Vice President, Asset Management Client Services, Charles Schwab & Co., Inc. Until March 2004, Director Charles Schwab & Co., Inc.


¹	The mailing address of each of the Trustees is c/o Laudus Trust, 101 Montgomery Street, San Francisco, CA 94104.

²	Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed.

³	Member of the Audit Committee.

⁴	The mailing address of each of the Officers is c/o Laudus Trust, 101 Montgomery Street, San Francisco, CA 94104.

⁵	There is no stated term of office for the officers of the Trust.

Glossary

GDP, or Gross Domestic Product, is the market value of the goods and services produced by labor and property in the United States.

The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower valuation ratios such as price-to-book and price-to-earnings ratios.

Price to earnings ratio is the price of a stock divided by its historical earnings per share.

Price to book ratio compares the stock’s market value to the value of the total assets less the total liabilities.

Price to cash flow ratio is the price of a stock divided by its reported cash flow per share.

Relative strength is the rate that a stock falls relative to other stocks in a falling market or rises relative to other stocks in a rising market.

Proxy Voting

Quarterly Disclosure of Portfolio Holdings

Notes

For More Information about the Funds:

Investment Adviser

Charles Schwab Investment Management, Inc.

101 Montgomery Street, San Francisco, CA 94104

Shareholder Services

1.866.452.8387 Investment Professionals

1.800.447.3332 Individual Investors

www.laudus.com

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.


	MFR41683-01

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 11(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Expert.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

3(a)(1) THE REGISTRANT’S BOARD OF DIRECTORS HAS DETERMINED THAT THE REGISTRANT HAS AT LEAST ONE AUDIT COMMITTEE FINANCIAL EXPERT SERVING ON ITS AUDIT COMMITTEE.

3(a)(2) THE AUDIT COMMITTEE FINANCIAL EXPERT IS NILS H. HAKANSSON, WHO IS “INDEPENDENT” FOR PURPOSES OF THIS ITEM 3 OF FORM N-CSR.

Item 4: Principal Accountant Fees and Services.

(a) Below are the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements.

Audit Fees

2009: $316,053 2008: $283,520

(b) Below are the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of Registrant’s financial statements and are not reported under paragraph (a) above.

Audit-Related Fees

For services rendered to Registrant:

2009: $51,540 2008: 43,205

Nature of these services: Agreed upon services in regards to service provider conversion.

In each of the last two fiscal years there were no “Audit-Related Fees” required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(c) Below are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning.

Tax Fees

For services rendered to Registrant:

2009: $154,620 2008: $86,410

Nature of these services: preparation and review of tax returns.

In each of the last two fiscal years there were no “Tax Fees” required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Below are the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above.

All Other Fees

For services rendered to Registrant:

2009: NONE 2008: NONE


Nature of these services:	non-audit services related to the requirements of Section 15(c) of the Investment Company Act of 1940, such as evaluation of the Profitability Analysis System.

In each of the last two fiscal years there were no “All Other Fees” required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(e)(1) Registrant’s audit 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 (including services required to be approved by Registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved by Registrant’s audit 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.

2009: $206,160 2008: $175,918

Although not required to be included in the amounts disclosed under this paragraph (g) or any other paragraph of this Item 4, below are the aggregate fees billed in each of the last two fiscal years by Registrant’s principal accountant for tax compliance services rendered to U.S. Trust, an entity under common control with Registrant’s investment adviser that does not provide services to Registrant.

2009: NONE 2008: $1,014,998

(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 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.

Item 5: Audit Committee of Listed Registrants.

Not applicable.

Item 6: Schedule of Investments.

The schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10: Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11: Controls and Procedures.

(a) Based on their evaluation of Registrant’s disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant’s Chief Executive Officer, Jeffrey Mortimer and Registrant’s Principal Financial Officer, George Pereira, have concluded that Registrant’s disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant’s officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b) During the second fiscal quarter of 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 12: Exhibits.

(a)		(1) Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

		(2) Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

		(3) Not applicable.

(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.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant ) The Laudus Trust



	By:	/S/ Jeffrey Mortimer
		Jeffrey Mortimer
		President and Chief Executive Officer

Date: 05/13/2009

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/ Jeffrey Mortimer
		Jeffrey Mortimer
		President and Chief Executive Officer

Date: 05/13/2009



	By:	/S/ George Pereira
		George Pereira
		Principal Financial Officer

Date: 05/13/2009


/S/ Jeffrey Mortimer	Date:	05/13/2009
Jeffrey Mortimer President and Chief Executive Officer

/S/ George Pereira	Date:	05/13/2009
George Pereira Principal Financial Officer

	§		Be fair, empathetic and responsive in serving our shareholders.

	§		Strive relentlessly to innovate what we do and how we do it.

	§		Always earn and be worthy of our shareholders’ trust.

	§		You will act in accordance with applicable laws and regulations and will not tolerate behavior that is otherwise.

	§		You will make public disclosures as required by law and regulation and as deemed appropriate to enable reasonable evaluation of the Laudus Funds.

	§		You will strive to provide an equitable return for our investors.

	§		You will provide products and services designed to help shareholders achieve their financial goals.

	§		You will conduct business fairly, in open competition.

	§		You will not take any action that will violate any applicable law or regulation.

	§		You will adhere to the highest standards of ethical conduct.

	§		You will maintain the confidentiality of all information you obtain in the course of your employment.

	§		You will escalate issues which you reasonably believe may place the Laudus Funds at risk, and report any behavior you reasonably believe is wrong.

	§		You will not abuse or take the Laudus Funds’ assets or use them for your personal gain.

	§		You will not engage in any activities that create a conflict of interest (as defined below) between you and the Laudus Funds.

	§		You will comport yourself publicly in a manner that does not bring discredit on the Laudus Funds.

	§		You will deal fairly with shareholders, colleagues and others.

	§		You will comply with this Code.

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

	§		Providing an auditor with inaccurate or misleading legal analysis;

	§		Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the issuer’s accounting;

	§		Seeking to have a partner removed from the audit engagement because the partner objects to the Laudus Funds’ accounting;

	§		Blackmailing; and

	§		Making physical threats.

	§		If you have a reasonable belief that a violation has occurred, or may occur, you must report the conduct to the Chief Legal Officer.

	§		The Chief Legal Officer will take all appropriate action to investigate any potential violation reported to the Chief Legal Officer and will notify counsel for Laudus Funds independent Trustees (“Trustees”) and counsel for the Laudus Funds of the substance of the potential violation.

	§		If after investigation, the Chief Legal Officer reasonably believes that no violation has occurred, the Chief Legal Officer is not required to take any further action.

	§		Any matter that the Chief Legal Officer believes is a violation will be reported to the Trustees.

	§		If the Trustees concur that a violation has occurred, the Trustees will consider appropriate action, which may include review of, and appropriate modification to, applicable policies and procedures; notification to appropriate personnel of CSIM or its board; notification to appropriate personnel of the Charles Schwab Corporation or its board; or a recommendation to dismiss the Officer.

	§		Read and be familiar with conduct rules outlined in this Code and periodically review them.

	§		Affirm in writing to the Trustees that the Officer has received, read and understands the Code.

	§		Annually affirm to the Trustees that the Officer has complied with the requirements of the Code.

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

	§		Report in a timely manner to the Chief Legal Officer any conduct that may constitute a violation of the Code, Laudus 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.

	§		Review the Code annually and recommend any changes.

	§		Review the Officer reports of compliance with the Code.