SUPPLEMENT TO THE OCTOBER 1, 2005
                      LAUDUS ROSENBERG U.S. DISCOVERY FUND
                                   PROSPECTUS

THE INFORMATION IN THIS SUPPLEMENT IS EFFECTIVE AS OF FEBRUARY 10, 2006.

TO PAGE 9, THE FOLLOWING IS ADDED TO LAUDUS U.S. DISCOVERY FUND'S "PRINCIPAL
INVESTMENT STRATEGIES" TO MAKE IT THE LAST PARAGRAPH OF THIS SECTION.

Please note that the Fund will be closed to new investors on or about the date
on which assets of the Fund total $1 billion or effective on or about April 30,
2006 (the "Closing Date"), whichever comes first. The adviser reserves the right
to close the Fund in advance of the April 30th date without further notice if
Fund assets reach $1 billion. For updated information on the Fund's closing
date, please visit the Fund's website at www.laudusfunds.com.

BEGINNING ON PAGE 39, THE THIRD PARAGRAPH OF THE "PURCHASING SHARES" SECTION IS
REVISED TO READ AS FOLLOWS:

The Laudus Rosenberg U.S. Small Capitalization Fund was closed to new investors
effective October 15, 2003. The Laudus Rosenberg International Small
Capitalization Fund was closed to new investors effective December 31, 2005. The
Laudus Rosenberg U.S. Discovery Fund will be closed to new investors on or about
the date on which assets of the Fund total $1 billion or effective on or about
April 30, 2006, whichever comes first. The adviser reserves the right to close
the Fund in advance of the April 30th date without further notice if Fund assets
reach $1 billion. Existing shareholders may continue to purchase additional
shares in existing or new accounts and receive dividends and/or distributions in
the form of additional shares of the Funds. Existing shareholders of the Laudus
Rosenberg U.S. Small Capitalization, Laudus Rosenberg International Small
Capitalization or Laudus Rosenberg U.S. Discovery Fund may include retirement
plans that held shares of either Fund at the time of that Fund's closing, as
well as the participants of those retirement plans even if such participants
have joined the retirement plan since the time of the Fund's closing. Existing
shareholders also may include retirement plans sponsored by a sponsor of a
retirement plan currently invested in the closed Fund, even if the retirement
plan was not an investor at the time of that Fund's closing. In addition,
investment advisers and wrap accounts may be considered existing shareholders if
they held shares, on behalf of their clients, of the Laudus Rosenberg U.S. Small
Capitalization, Laudus Rosenberg International Small Capitalization or Laudus
Rosenberg U.S. Discovery Fund at the time of each respective Fund's closing. The
clients of investment advisers and wrap accounts may also be considered existing
shareholders if they held shares of the Laudus Rosenberg U.S. Small
Capitalization, Laudus Rosenberg International Small Capitalization or Laudus
Rosenberg U.S. Discovery Fund at the time of that Fund's closing. If you hold
shares through an intermediary, please consult that intermediary to determine if
they can accommodate such subsequent investments.

                 PLEASE RETAIN THIS SUPPLEMENT FOR YOUR RECORDS.

TEM34221-01 (02/06) (C)2006 All Rights Reserved