SUPPLEMENT TO THE JULY 31, 2006
       LAUDUS ROSENBERG INTERNATIONAL SMALL CAPITALIZATION FUND PROSPECTUS

THE PROSPECTUS IS AMENDED AS OF APRIL 17, 2007.

TO THE COVER PAGE, BELOW "LAUDUS ROSENBERG INTERNATIONAL SMALL CAPITALIZATION
FUND', THE FOLLOWING IS ADDED:

(Closed effective May 31, 2007)

AT PAGE 20, BELOW "LAUDUS ROSENBERG INTERNATIONAL SMALL CAPITALIZATION FUND",
THE PARENTHETICAL IS DELETED AND THE FOLLOWING IS ADDED:

This fund is closed to all investors effective May 31, 2007 except the fund will
continue to offer shares for purchase to certain qualified retirement plans that
included (or offered) the fund as an investment option prior to May 31, 2007 and
through reinvestment of dividends and capital gains.

BEGINNING ON PAGE 44, THE FOURTH AND FIFTH PARAGRAPHS OF THE "PURCHASING SHARES"
SECTION ARE 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 all investors, effective May 31, 2007, except
the fund will continue to offer shares for purchase to certain qualified
retirement plans that included (or offered) the fund as an investment option
prior to May 31, 2007. The Laudus Rosenberg U.S. Discovery Fund closed to new
investors on April 30, 2006. Existing shareholders of the Laudus Rosenberg U.S.
Small Capitalization Fund and Laudus Rosenberg U.S. Discovery Fund ("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 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 the 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, 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 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.

Shareholders of other Funds will not be permitted to exchange any shares for
shares of the Laudus Rosenberg International Small Capitalization Fund.
Shareholders of other Funds will not be permitted to exchange any shares for
shares of the Laudus Rosenberg U.S. Small Capitalization or Laudus Rosenberg
U.S. Discovery Funds unless such shareholders are also existing shareholders of
the Laudus Rosenberg U.S. Small Capitalization or Laudus Rosenberg U.S.
Discovery Funds. The Trust reserves the right at any time to modify the
restrictions set forth above, including the suspension of all sales of all
shares of the Laudus Rosenberg U.S. Small Capitalization, Laudus Rosenberg
International Small Capitalization and Laudus Rosenberg U.S. Discovery Funds or
the lifting of restrictions on different classes of investors and/or
transactions.

AT PAGE 48, THE SECOND PARAGRAPH OF THE "EXCHANGING AND CONVERTING SHARES"
SECTION IS REVISED TO READ AS FOLLOWS:

Shareholders of other Funds will not be permitted to exchange any shares for
shares of the Laudus Rosenberg International Small Capitalization Fund.
Shareholders of the Funds will not be permitted to exchange any of their shares
for shares of the Laudus Rosenberg U.S. Discovery Fund or the Laudus Rosenberg
U.S. Small Capitalization Fund unless such shareholders are also existing
shareholders of the Laudus Rosenberg U.S. Discovery Fund or the Laudus Rosenberg
U.S. Small Capitalization Fund.

                 PLEASE RETAIN THIS SUPPLEMENT FOR YOUR RECORDS.
REG 37633 (04/07) (C) 2007 All Rights Reserved