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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number   811-05547  

Laudus Trust

(Exact name of registrant as specified in charter)

3435 Stelzer Road, Columbus, Ohio 43219-8006

(Address of principal executive offices) (Zip code)

BISYS Fund Services, 3435 Stelzer Road, Columbus, Ohio 43219-8006

(Name and address of agent for service)

Registrant’s telephone number, including area code:        (614) 470-8000  

Date of fiscal year end:        March 31, 2005  

Date of reporting period:     December 31, 2004  

     Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

     A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

     File the schedules as of the close of the reporting period as set forth in§§ 210.12-12 - 12-14 of Regulation S-X [17 CFR 210.12-12 - 12-14]. The schedules need not be audited.

Laudus Trust

Laudus Rosenberg U.S. Large Capitalization Fund

Statement of Portfolio Investments as of 12/31/04 (Unaudited)

This document contains the Statement of Portfolio Investments as of 12/31/04. For more information about the securities, please refer to the Fund’s semiannual or annual shareholder report.

Shares			Value
		Common Stock — 100.0%
		Agriculture, Food & Beverage — 3.0%
	5,700	Archer-Daniels-Midland Co.	$	127,167
	25,287	PepsiCo, Inc.		1,319,981
				1,447,148
		Autos — 0.6%
	2,900	Autoliv, Inc.		140,070
	2,050	PACCAR, Inc.		164,984
				305,054
		Banks & Credit Institutions — 12.9%
	1,400	Alliance Data Systems Corp. *		66,472
	35,000	Bank of America Corp.		1,644,650
	1,600	Bank of Hawaii Corp.		81,184
	1,800	Colonial BancGroup, Inc.		38,214
	2,800	Comerica, Inc.		170,856
	3,000	Doral Financial Corp.		147,750
	34,700	General Electric Co.		1,266,550
	2,900	Independence Community Bank Corp.		123,482
	14,200	National City Corp.		533,210
	8,900	PNC Financial Services Group		511,216
	2,188	South Financial Group, Inc.		71,176
	6,600	SunTrust Banks, Inc.		487,608
	1,800	UnionBanCal Corp.		116,064
	15,300	Wachovia Corp.		804,780
	2,700	Wells Fargo & Co.		167,805
				6,231,017
		Basic Minerals & Metals — 1.5%
	400	Harsco Corp.		22,296
	4,800	Nucor Corp.		251,232
	3,100	Phelps Dodge Corp.		306,652
	3,300	United States Steel Corp.		169,125
				749,305
		Beer, Liquor & Tobacco — 2.0%
	11,900	Altria Group, Inc.		727,090
	5,400	UST, Inc.		259,794
				986,884
		Biotechnology — 0.2%
	1,600	Invitrogen Corp. *		107,408
		Cellular & Wireless — 0.9%
	5,700	Nextel Partners, Inc., Class A *		111,378
	2,000	NII Holdings, Inc. *		94,900
	1,900	Telephone & Data Systems, Inc.		146,205
	2,700	Western Wireless Corp., Class A *		79,110
				431,593
		Chemicals & Rubber — 1.5%
	2,200	Cabot Corp.		85,096
	3,400	Dow Chemical Co.		168,334
	2,500	Methanex Corp.		45,650
	2,800	PPG Industries, Inc.		190,848
	3,300	RPM International, Inc.		64,878
	4,000	Sherwin-Williams Co.		178,520
				733,326
		Commercial Aircraft & Components — 0.7%
	2,000	Boeing Co.		103,540
	600	Honeywell International, Inc.		21,246
	5,300	Rockwell Collins, Inc.		209,032
				333,818
		Communications Utilities — 0.6%
	7,600	Verizon Communications, Inc.		307,876
		Construction & Homebuilding — 1.5%
	1,900	D.R. Horton, Inc.		76,589
	1,100	Hovnanian Enterprises, Inc., Class A *		54,472
	1,200	KB HOME		125,280
	900	M.D.C. Holdings, Inc.		77,796
	3,100	Pulte Homes, Inc.		197,780
	1,600	Ryland Group, Inc.		92,064
	1,700	Toll Brothers, Inc. *		116,637
				740,618
		Construction Materials — 0.3%
	2,900	Vulcan Materials Co.		158,369
		Consumer Durables — 1.6%
	2,900	Brunswick Corp.		143,550
	4,100	Harley-Davidson, Inc.		249,075
	2,000	Harman International Industries, Inc.		254,000
	1,600	Polaris Industries, Inc.		108,832
				755,457
		Drugs & Pharmaceuticals — 3.3%
	1,400	Dade Behring Holdings, Inc. *		78,400
	800	Merck & Co., Inc.		25,712
	55,500	Pfizer, Inc.		1,492,395
				1,596,507
		Electric Utilities — 2.4%
	3,100	Alliant Energy Corp.		88,660
	5,500	Constellation Energy Group		240,405
	400	Entergy Corp.		27,036
	2,500	Pinnacle West Capital Corp.		111,025
	7,300	TXU Corp.		471,288
	2,800	Westar Energy, Inc.		64,036
	9,800	Xcel Energy, Inc.		178,360
				1,180,810
		Financial Investments — 0.2%
	2,800	American Capital Strategies Ltd.		93,380

1

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Large Capitalization Fund

Shares			Value
		Common Stock continued
		Forest Products & Paper — 0.4%
	300	Bemis Co., Inc.	$	8,727
	3,400	Georgia-Pacific Corp.		127,432
	1,300	Louisiana-Pacific Corp.		34,762
	400	Temple-Inland, Inc.		27,360
				198,281
		Furniture & Household Items — 0.7%
	3,900	Fortune Brands, Inc.		301,002
	1,400	Gillette Co.		62,692
				363,694
		Gas & Other Public Utilities — 0.7%
	8,700	NiSource, Inc.		198,186
	2,700	Questar Corp.		137,592
				335,778
		Government Aircraft & Defense — 1.1%
	900	General Dynamics Corp.		94,140
	11,300	Raytheon Co.		438,779
	300	Textron, Inc.		22,140
				555,059
		Health Care & Hospital — 4.8%
	4,700	Aetna, Inc.		586,325
	5,300	Humana, Inc. *		157,357
	3,000	PacifiCare Health Systems, Inc. *		169,560
	400	Triad Hospitals, Inc. *		14,884
	13,400	UnitedHealth Group, Inc.		1,179,602
	1,800	WellPoint, Inc. *		207,000
				2,314,728
		Information & Services — 2.4%
	2,000	Dun & Bradstreet Corp. *		119,300
	1,400	Moody’s Corp.		121,590
	1,600	Pharmaceutical Product Development, Inc. *		66,064
	15,800	Prudential Financial, Inc.		868,368
				1,175,322
		Instruments — 6.2%
	1,900	Bausch & Lomb, Inc.		122,474
	2,100	Beckman Coulter, Inc.		140,679
	400	Becton, Dickinson & Co.		22,720
	900	C.R. Bard, Inc.		57,582
	800	Cytyc Corp. *		22,056
	2,200	Edwards Lifesciences Corp. *		90,772
	26,700	Johnson & Johnson		1,693,314
	5,800	Johnson Controls, Inc.		367,952
	4,000	PerkinElmer, Inc.		89,960
	800	Respironics, Inc. *		43,488
	5,300	Thermo Electron Corp. *		160,007
	3,600	Waters Corp. *		168,444
				2,979,448
		Insurance — 3.8%
	7,400	ACE Ltd.		316,350
	1,100	American International Group, Inc.		72,237
	5,000	Chubb Corp.		384,500
	1,500	Everest Re Group Ltd.		134,340
	4,410	Fidelity National Financial, Inc.		201,405
	2,300	Hartford Financial Services Group, Inc.		159,413
	1,800	HCC Insurance Holdings, Inc.		59,616
	1,200	MetLife, Inc.		48,612
	5,850	Old Republic International Corp.		148,005
	2,700	Radian Group, Inc.		143,748
	1,100	StanCorp Financial Group, Inc.		90,750
	2,200	W. R. Berkley Corp.		103,774
				1,862,750
		Integrated Oil Cos. — 7.7%
	26,700	ChevronTexaco Corp.		1,402,017
	14,200	ConocoPhillips		1,232,986
	17,900	Exxon Mobil Corp.		917,554
	2,600	Occidental Petroleum Corp.		151,736
				3,704,293
		IT Hardware — 3.2%
	1,600	Amphenol Corp., Class A *		58,784
	10,800	Avaya, Inc. *		185,760
	1,600	Avocent Corp. *		64,832
	1,800	Cisco Systems, Inc. *		34,740
	5,400	Crown Castle International Corp. *		89,856
	2,300	Harris Corp.		142,117
	3,191	Intel Corp.		74,637
	7,500	Marvell Technology Group Ltd. *		266,025
	1,700	Plantronics, Inc.		70,499
	11,400	QUALCOMM, Inc.		483,360
	1,100	Research In Motion Ltd. *		90,662
	200	The DIRECTV Group, Inc. *		3,348
				1,564,620
		Land & Water Transportation — 1.6%
	11,200	Burlington Northern Santa Fe Corp.		529,872
	600	CNF, Inc.		30,060
	2,100	Ryder Systems, Inc.		100,317
	2,400	Teekay Shipping Corp.		101,064
				761,313
		Mainframe & Minicomputers — 2.8%
	32,300	Dell, Inc. *		1,361,122
		Metal Products & Machinery — 2.5%
	6,300	American Standard Cos., Inc. *		260,316
	1,500	Ball Corp.		65,970
	2,600	Black & Decker Corp.		229,658
	5,300	Caterpillar, Inc.		516,803
	1,300	Cummins, Inc.		108,927
	200	Deere & Co.		14,880
	300	Rockwell Automation, Inc.		14,865
	200	Teleflex, Inc.		10,388
				1,221,807
		Miscellaneous Finance — 5.0%
	2,800	A.G. Edwards, Inc.		120,988
	3,200	Ambac Financial Group, Inc.		262,816
	700	Chicago Mercantile Exchange		160,090
	31,500	Citigroup, Inc.		1,517,670
	1,200	Franklin Resources, Inc.		83,580
	7,000	JPMorgan Chase & Co.		273,070
	300	Raymond James Financial, Inc.		9,294
				2,427,508

2

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Large Capitalization Fund

Shares			Value
		Common Stock continued
		Oil & Coal Resources — 1.2%
	6,500	Chesapeake Energy Corp.	$	107,250
	800	Kerr-McGee Corp.		46,232
	800	Noble Energy, Inc.		49,328
	200	Peabody Energy Corp.		16,182
	1,900	PetroKazakhstan, Inc., Class A		70,490
	1,100	Ultra Petroleum Corp. *		52,943
	7,200	XTO Energy, Inc.		254,736
				597,161
		Oil Distribution — 0.7%
	2,300	Ashland, Inc.		134,274
	2,600	Sunoco, Inc.		212,446
				346,720
		Oil Drilling & Services — 0.5%
	4,200	Grant Prideco, Inc. *		84,210
	2,600	National-Oilwell, Inc. *		91,754
	1,700	Tidewater, Inc.		60,537
	200	Varco International, Inc. *		5,830
				242,331
		Photooptical, Micros & Office Machinery — 1.1%
	100	ATI Technologies, Inc. *		1,939
	8,500	Eastman Kodak Co.		274,125
	2,900	NCR Corp. *		200,767
	2,500	Storage Technology Corp. *		79,025
				555,856
		Publishing, Broadcasting & Cinema — 3.0%
	13,100	Clear Channel Communications, Inc.		438,719
	37,100	Time Warner, Inc. *		721,224
	8,300	Viacom, Inc., Class A		307,764
				1,467,707
		Real Estate Investment Trusts — 0.8%
	500	Friedman, Billings, Ramsey Group, Inc., Class A		9,695
	5,800	HRPT Properties Trust		74,414
	3,700	iStar Financial, Inc.		167,462
	2,000	Reckson Associates Realty Corp.		65,620
	200	SL Green Realty Corp.		12,110
	3,500	Trizec Properties, Inc.		66,220
				395,521
		Restaurants, Hotels & Theaters — 2.0%
	16,300	McDonald’s Corp.		522,578
	1,600	Station Casinos, Inc.		87,488
	8,000	YUM! Brands, Inc.		377,440
				987,506
		Retail — 7.1%
	1,900	American Eagle Outfitters, Inc.		89,490
	1,400	CVS Corp.		63,098
	5,500	eBay, Inc. *		639,540
	5,900	Federated Department Stores, Inc.		340,961
	33,100	Home Depot, Inc.		1,414,694
	2,200	Limited Brands, Inc.		50,644
	2,200	Neiman Marcus Group, Inc., Class A		157,388
	9,300	Office Depot, Inc. *		161,448
	4,500	SUPERVALU, Inc.		155,340
	200	Target Corp.		10,386
	2,200	TJX Cos., Inc.		55,286
	6,700	Toys “R” Us, Inc. *		137,149
	300	UGI Corp.		12,273
	1,600	Urban Outfitters, Inc. *		71,040
	800	Wal-Mart Stores, Inc.		42,256
				3,400,993
		Soaps & Cosmetics — 1.5%
	2,900	Avon Products, Inc.		112,230
	4,900	Clorox Co.		288,757
	3,000	Ecolab, Inc.		105,390
	3,400	Estee Lauder Cos., Inc., Class A		155,618
	1,000	Procter & Gamble Co.		55,080
				717,075
		Software — 3.7%
	2,400	Acxiom Corp.		63,120
	7,400	Autodesk, Inc.		280,830
	3,800	Cognizant Technology Solutions Corp., Class A *		160,854
	5,600	Computer Sciences Corp. *		315,672
	2,300	First American Corp.		80,822
	1,200	International Business Machines Corp.		118,296
	1,600	McAfee, Inc. *		46,288
	19,000	Microsoft Corp.		507,490
	7,200	VeriSign, Inc. *		241,344
				1,814,716
		Textiles & Apparel — 1.6%
	5,810	Coach, Inc. *		327,684
	3,500	Liz Claiborne, Inc.		147,735
	3,100	NIKE, Inc., Class B		281,139
	100	Polo Ralph Lauren Corp.		4,260
				760,818
		Wholesale — 0.7%
	3,600	Arrow Electronics, Inc. *		87,480
	2,200	Hughes Supply, Inc.		71,170
	200	Ingram Micro, Inc., Class A *		4,160
	2,600	W.W. Grainger, Inc.		173,212
				336,022
		Total Investments (Cost $41,072,318) (a) — 100.0%	$	48,606,719

Percentages noted above are based on net assets as of December 31, 2004.

*	Non-income producing securities.
(a)	Represents cost for financial reporting purposes, is substantially the same as federal income tax purposes, and differs from value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	8,249,755
Unrealized depreciation		(715,354	)
Net unrealized appreciation	$	7,534,401

3

Laudus Trust

Laudus Rosenberg U.S. Large Capitalization Growth Fund

Statement of Portfolio Investments as of 12/31/04 (Unaudited)

This document contains the Statement of Portfolio Investments as of 12/31/04. For more information about the securities, please refer to the Fund’s semiannual or annual shareholder report.

Shares			Value
		Common Stock — 99.1%
		Agriculture, Food & Beverage — 3.1%
	1,700	Coca-Cola Co.	$	70,771
	500	Pepsi Bottling Group, Inc.		13,520
	300	PepsiAmericas, Inc.		6,372
	2,300	PepsiCo, Inc.		120,060
	200	Tyson Foods, Inc., Class A		3,680
				214,403
		Airlines — 0.7%
	500	FedEx Corp.		49,245
		Autos — 0.2%
	200	Oshkosh Truck Corp.		13,676
		Banks & Credit Institutions — 6.7%
	300	Alliance Data Systems Corp. *		14,244
	1,000	American Express Co.		56,370
	400	Bank of America Corp.		18,796
	400	Bank of New York Co., Inc.		13,368
	500	Capital One Financial Corp.		42,105
	400	Doral Financial Corp.		19,700
	1,500	Fannie Mae		106,815
	400	Fifth Third Bancorp		18,912
	200	First Marblehead Corp. *		11,250
	300	Freddie Mac		22,110
	300	Fremont General Corp.		7,554
	1,100	General Electric Co.		40,150
	800	MBNA Corp.		22,552
	400	SLM Corp.		21,356
	500	U.S. Bancorp		15,660
	306	W Holding Co., Inc.		7,020
	300	Wells Fargo & Co.		18,645
	200	Westcorp		9,186
				465,793
		Basic Minerals & Metals — 1.2%
	500	Alcoa, Inc.		15,710
	400	Nucor Corp.		20,936
	300	Phelps Dodge Corp.		29,676
	200	Southern Peru Copper Corp.		9,442
	300	Worthington Industries, Inc.		5,874
				81,638
		Beer, Liquor & Tobacco — 1.0%
	600	Altria Group, Inc.		36,660
	700	Anheuser-Busch Cos., Inc.		35,511
				72,171
		Biotechnology — 1.8%
	1,200	Amgen, Inc. *		76,980
	400	Genentech, Inc. *		21,776
	400	Gilead Sciences, Inc. *		13,996
	200	Invitrogen Corp. *		13,426
				126,178
		Cellular & Wireless — 1.2%
	900	Nextel Communications, Inc., Class A *		27,000
	600	Nextel Partners, Inc., Class A *		11,724
	300	NII Holdings, Inc. *		14,235
	200	Telephone & Data Systems, Inc.		15,390
	400	Western Wireless Corp., Class A *		11,720
				80,069
		Chemicals & Rubber — 0.3%
	300	Dow Chemical Co.		14,853
	200	Sherwin-Williams Co.		8,926
				23,779
		Commercial Aircraft & Components — 1.3%
	1,300	Boeing Co.		67,301
	500	Rockwell Collins, Inc.		19,720
				87,021
		Communications Utilities — 1.0%
	1,900	Yahoo!, Inc. *		71,592
		Construction & Homebuilding — 2.4%
	300	Centex Corp.		17,874
	400	D.R. Horton, Inc.		16,124
	400	Halliburton Co.		15,696
	200	Hovnanian Enterprises, Inc., Class A *		9,904
	200	KB HOME		20,880
	200	M.D.C. Holdings, Inc.		17,288
	500	Pulte Homes, Inc.		31,900
	400	Ryland Group, Inc.		23,016
	200	Toll Brothers, Inc. *		13,722
				166,404
		Construction Materials — 0.4%
	8	Eagle Materials, Inc.		691
	29	Eagle Materials, Inc., Class B		2,445
	200	Florida Rock Industries, Inc.		11,906
	200	Vulcan Materials Co.		10,922
				25,964
		Consumer Durables — 1.9%
	400	Brunswick Corp.		19,800
	800	Harley-Davidson, Inc.		48,600
	300	Harman International Industries, Inc.		38,100
	400	Polaris Industries, Inc.		27,208
				133,708

4

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Large Capitalization Growth Fund

Shares			Value
		Common Stock continued
		Drugs & Pharmaceuticals — 7.6%
	1,400	Abbott Laboratories	$	65,310
	300	Biogen Idec, Inc. *		19,983
	600	Bristol-Myers Squibb Co.		15,372
	300	Dade Behring Holdings, Inc. *		16,800
	900	Eli Lilly & Co.		51,075
	300	Forest Laboratories, Inc. *		13,458
	800	Merck & Co., Inc.		25,712
	9,700	Pfizer, Inc.		260,833
	1,300	Schering-Plough Corp.		27,144
	700	Wyeth		29,813
				525,500
		Electric Utilities — 0.7%
	700	Constellation Energy Group, Inc.		30,597
	600	PG&E Corp. *		19,968
				50,565
		Financial Investments — 0.1%
	300	American Capital Strategies Ltd.		10,005
		Forest Products & Paper — 1.4%
	700	3M Co.		57,449
	200	Kimberly-Clark Corp.		13,162
	900	Louisiana-Pacific Corp.		24,066
	6	Neenah Paper, Inc. *		196
				94,873
		Furniture & Household Items — 1.0%
	200	Ethan Allen Interiors, Inc.		8,004
	1,000	Gillette Co.		44,780
	200	Kinetic Concepts, Inc. *		15,260
				68,044
		Gas & Other Public Utilities — 0.2%
	200	NiSource, Inc.		4,556
	400	Waste Management, Inc.		11,976
				16,532
		Health Care & Hospital — 4.2%
	300	Aetna, Inc.		37,425
	300	Coventry Health Care, Inc. *		15,924
	900	Humana, Inc. *		26,721
	200	Manor Care, Inc.		7,086
	300	PacifiCare Health Systems, Inc. *		16,956
	300	Quest Diagnostics, Inc.		28,665
	200	Triad Hospitals, Inc. *		7,442
	1,290	UnitedHealth Group, Inc.		113,559
	300	WellPoint, Inc. *		34,500
				288,278
		Information & Services — 1.9%
	300	Covance, Inc. *		11,625
	300	Dun & Bradstreet Corp. *		17,895
	300	Laureate Education, Inc. *		13,227
	400	Moody’s Corp.		34,740
	300	Pharmaceutical Product Development, Inc. *		12,387
	300	Prudential Financial, Inc.		16,488
	200	Regis Corp.		9,230
	300	The Brink’s Co.		11,856
	200	West Corp. *		6,622
				134,070
		Instruments — 8.4%
	300	Bausch & Lomb, Inc.		19,338
	500	Baxter International, Inc.		17,270
	300	Beckman Coulter, Inc.		20,097
	300	Becton, Dickinson & Co.		17,040
	600	Boston Scientific Corp. *		21,330
	300	C.R. Bard, Inc.		19,194
	500	Cytyc Corp. *		13,785
	300	Edwards Lifesciences Corp. *		12,378
	300	Guidant Corp.		21,630
	4,100	Johnson & Johnson		260,021
	300	Johnson Controls, Inc.		19,032
	1,100	Medtronic, Inc.		54,637
	300	Respironics, Inc. *		16,308
	400	St. Jude Medical, Inc. *		16,772
	300	Stryker Corp.		14,475
	400	Thermo Electron Corp. *		12,076
	400	Waters Corp. *		18,716
	200	Zimmer Holdings, Inc. *		16,024
				590,123
		Insurance — 3.2%
	600	ACE Ltd.		25,650
	400	AFLAC, Inc.		15,936
	1,400	American International Group, Inc.		91,938
	1,300	Aon Corp.		31,018
	300	Fidelity National Financial, Inc.		13,701
	200	HCC Insurance Holdings, Inc.		6,624
	300	Radian Group, Inc.		15,972
	200	W. R. Berkley Corp.		9,434
	200	WellChoice, Inc. *		10,680
				220,953
		Integrated Oil Cos. — 0.4%
	300	ConocoPhillips		26,049
		IT Hardware — 8.1%
	300	Analog Devices, Inc.		11,076
	1,400	Applied Materials, Inc. *		23,940
	1,000	Avaya, Inc. *		17,200
	6,300	Cisco Systems, Inc. *		121,590
	1,000	Corning, Inc. *		11,770
	600	Crown Castle International Corp. *		9,984
	220	Freescale Semiconductor, Inc. *		4,039
	300	Harris Corp.		18,537
	6,100	Intel Corp.		142,679
	500	Juniper Networks, Inc. *		13,595
	300	Maxim Integrated Products, Inc.		12,717
	2,000	Motorola, Inc.		34,400

5

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Large Capitalization Growth Fund

Shares			Value
		Common Stock, IT Hardware continued
	2,400	QUALCOMM, Inc.	$	101,760
	1,500	Texas Instruments, Inc.		36,930
				560,217
		Land & Water Transportation — 1.2%
	200	CNF, Inc.		10,020
	300	J.B. Hunt Transport Services, Inc.		13,455
	300	Ryder Systems, Inc.		14,331
	500	United Parcel Service, Inc., Class B		42,730
				80,536
		Mainframe & Minicomputers — 2.7%
	600	Apple Computer, Inc. *		38,640
	3,500	Dell, Inc. *		147,490
				186,130
		Metal Products & Machinery — 2.9%
	900	American Standard Cos., Inc. *		37,188
	300	Ball Corp.		13,194
	300	Black & Decker Corp.		26,499
	300	Caterpillar, Inc.		29,253
	200	Deere & Co.		14,880
	300	Energizer Holdings, Inc. *		14,907
	200	Illinois Tool Works, Inc.		18,536
	200	Timken Co.		5,204
	600	Tyco International Ltd.		21,444
	200	United Technologies Corp.		20,670
				201,775
		Miscellaneous Finance — 1.8%
	200	A.G. Edwards, Inc.		8,642
	200	Ambac Financial Group, Inc.		16,426
	200	Chicago Mercantile Exchange		45,740
	1,300	JPMorgan Chase & Co.		50,713
				121,521
		Oil & Coal Resources — 1.7%
	400	Anadarko Petroleum Corp.		25,924
	200	Apache Corp.		10,114
	300	Burlington Resources, Inc.		13,050
	800	Chesapeake Energy Corp.		13,200
	200	CONSOL Energy, Inc.		8,210
	300	Newfield Exploration Co. *		17,715
	200	Pioneer Natural Resources Co.		7,020
	700	XTO Energy, Inc.		24,766
				119,999
		Oil Drilling & Services — 0.8%
	300	Baker Hughes, Inc.		12,801
	600	Grant Prideco, Inc. *		12,030
	300	National-Oilwell, Inc. *		10,587
	200	Smith International, Inc. *		10,882
	300	Tidewater, Inc.		10,683
				56,983
		Photooptical, Micros & Office Machinery — 1.0%
	1,682	EMC Corp. *		25,011
	500	NCR Corp. *		34,615
	200	Storage Technology Corp. *		6,322
				65,948
		Publishing, Broadcasting & Cinema — 1.3%
	400	American Greetings Corp., Class A		10,140
	1,000	Liberty Media Corp., Class A *		10,980
	200	McGraw-Hill Cos., Inc.		18,308
	600	The Walt Disney Co.		16,680
	1,100	Time Warner, Inc. *		21,384
	300	Viacom, Inc., Class B		10,917
				88,409
		Real Estate Investment Trusts — 0.1%
	200	Friedman, Billings, Ramsey Group, Inc., Class A		3,878
		Restaurants, Hotels & Theaters — 1.9%
	300	CBRL Group, Inc.		12,555
	400	Darden Restaurants, Inc.		11,096
	800	McDonald’s Corp.		25,648
	400	Starbucks Corp. *		24,944
	300	Station Casinos, Inc.		16,404
	800	YUM! Brands, Inc.		37,744
				128,391
		Retail — 10.1%
	300	American Eagle Outfitters, Inc.		14,130
	300	Best Buy Co., Inc.		17,826
	200	Borders Group, Inc.		5,080
	200	Claire’s Stores, Inc.		4,250
	300	CVS Corp.		13,521
	900	eBay, Inc. *		104,652
	200	Fastenal Co.		12,312
	200	Foot Locker, Inc.		5,386
	300	Gap, Inc.		6,336
	3,000	Home Depot, Inc.		128,219
	300	Kohl’s Corp. *		14,751
	400	Limited Brands, Inc.		9,208
	700	Lowe’s Cos., Inc.		40,313
	300	Nordstrom, Inc.		14,019
	1,300	Office Depot, Inc. *		22,568
	100	RadioShack Corp.		3,288
	500	Staples, Inc.		16,855
	400	SUPERVALU, Inc.		13,808
	1,000	Target Corp.		51,930
	1,300	TJX Cos., Inc.		32,669
	300	Urban Outfitters, Inc. *		13,320
	2,400	Wal-Mart Stores, Inc.		126,768
	900	Walgreen Co.		34,533
				705,742

6

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Large Capitalization Growth Fund

Shares or Principal			Value
		Common Stock continued
		Soaps & Cosmetics — 3.0%
	400	Avon Products, Inc.	$	15,480
	300	Clorox Co.		17,679
	400	Colgate-Palmolive Co.		20,464
	500	Estee Lauder Cos., Inc., Class A		22,885
	2,400	Procter & Gamble Co.		132,192
				208,700
		Software — 7.9%
	700	Adobe Systems, Inc.		43,918
	800	Autodesk, Inc.		30,360
	500	Automatic Data Processing, Inc.		22,175
	335	Cognizant Technology Solutions Corp., Class A *		14,181
	400	Computer Associates International, Inc.		12,424
	300	Electronic Arts, Inc. *		18,504
	800	First Data Corp.		34,032
	1,000	International Business Machines Corp.		98,580
	500	McAfee, Inc. *		14,465
	7,200	Microsoft Corp.		192,312
	2,900	Oracle Corp. *		39,788
	500	Symantec Corp. *		12,880
	500	VeriSign, Inc.		16,760
				550,379
		Textiles & Apparel — 1.3%
	500	Coach, Inc. *		28,200
	400	NIKE, Inc., Class B		36,276
	200	Polo Ralph Lauren Corp.		8,520
	100	Reebok International Ltd.		4,400
	200	Timberland Co., Class A *		12,534
				89,930
		Wholesale — 1.0%
	200	Arrow Electronics, Inc. *		4,860
	400	Cardinal Health, Inc.		23,260
	400	Hughes Supply, Inc.		12,940
	300	MSC Industrial Direct Co., Inc. Class A		10,794
	500	Sysco Corp.		19,085
				70,939
		Total Common Stock (Cost $6,125,051)		6,876,110
		Repurchase Agreement — 0.8%
$	53,041	Bear Stearns dated 12/31/04, due 1/3/05 at 1.50% with a maturity value of $53,048 (Fully collateralized by a U.S. Treasury Note)		53,041
		Total Repurchase Agreement (Cost $53,041)		53,041
		Total Investments (Cost $6,178,092) (a) — 99.9%	$	6,929,151

Percentages noted above are based on net assets as of December 31, 2004.

*	Non-income producing security.
(a)	Represents cost for financial reporting purposes, is substantially the same as federal income tax purposes, and differs from value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	947,629
Unrealized depreciation		(196,570	)
Net unrealized appreciation	$	751,059

7

Laudus Trust

Laudus Rosenberg U.S. Discovery Fund

Statement of Portfolio Investments as of 12/31/04 (Unaudited)

This document contains the Statement of Portfolio Investments as of 12/31/04. For more information about the securities, please refer to the Fund’s semiannual or annual shareholder report.

Shares			Value
		Common Stock — 99.2%
		Agriculture, Food & Beverage — 1.4%
	2,422	Alico, Inc. *	$	141,735
	3,221	Andersons, Inc.		82,136
	13,166	Cal-Maine Foods, Inc.		159,177
	15,900	Chiquita Brands International, Inc.		350,754
	3,400	Diedrich Coffee, Inc. *		20,087
	450	Flowers Foods, Inc.		14,211
	900	Glacier Water Services, Inc. *		24,291
	133	J & J Snack Foods Corp.		6,521
	11,300	Lance, Inc.		215,039
	7,200	National Beverage Corp.		59,904
	1,500	Omega Protein Corp. *		12,900
	809	Penford Corp.		12,726
	58,200	PepsiAmericas, Inc.		1,236,168
	15,900	Ralcorp Holdings, Inc.		666,687
	250	Seaboard Corp.		249,500
	1,000	Seneca Foods Corp., Class B *		18,251
	100	Zapata Corp. *		5,990
				3,276,077
		Airlines — 0.5%
	400	Air Methods Corp. *		3,440
	3,800	AirNet Systems, Inc. *		13,262
	25,900	Alaska Air Group, Inc. *		867,391
	14,338	MAIR Holdings, Inc. *		131,910
	3,800	Offshore Logistics, Inc. *		123,386
				1,139,389
		Autos — 1.0%
	12,000	Autoliv, Inc.		579,600
	4,500	Dura Automotive Systems, Inc., Class A *		48,735
	2,800	Modine Manufacturing Co.		94,556
	16,100	Oshkosh Truck Corp.		1,100,918
	2,000	R&B, Inc. *		49,980
	5,600	Sypris Solutions, Inc.		85,736
	18,100	TRW Automotive Holdings Corp. *		374,670
				2,334,195
		Banks & Credit Institutions — 9.1%
	13,094	Accredited Home Lenders Holding Co. *		650,510
	10,600	Advanta Corp., Class A		239,772
	40,100	Alliance Data Systems Corp. *		1,903,947
	7,506	AmeriServ Financial, Inc. *		38,956
	1,200	Anchor BanCorp Wisconsin, Inc.		34,980
	1,400	Auburn National Bancorporation, Inc.		29,855
	9,200	Banco Latinoamericano de Exportaciones, SA		183,448
	1,600	Bank of Hawaii Corp.		81,184
	5,200	BankUnited Financial Corp., Class A *		166,140
	4,400	Banner Corp.		137,236
	1,060	Berkshire Bancorp, Inc.		21,730
	3,600	Berkshire Hills Bancorp, Inc.		133,740
	6,300	Beverly Hills Bancorp, Inc.		63,630
	1,700	BNCCORP, Inc. *		28,220
	300	Britton & Koontz Capital Corp.		5,499
	2,800	Capital Crossing Bank *		85,932
	8,000	Capitol Bancorp Ltd.		281,760
	400	Carver Bancorp, Inc.		8,000
	450	CCF Holding Co.		8,933
	15	Central Virginia Bankshares, Inc.		430
	1,600	Centrue Financial Corp.		45,136
	100	Citizens First Bancorp, Inc.		2,418
	500	Classic Bancshares, Inc.		22,320
	12,000	Colonial BancGroup, Inc.		254,760
	33,500	Commercial Federal Corp.		995,284
	220	Community Bank Shares of Indiana, Inc.		4,708
	100	Community Bankshares, Inc.		1,830
	800	Community Financial Corp.		17,580
	2,800	Community West Bancshares		37,380
	1,732	Consumer Portfolio Services, Inc. *		8,435
	5	Cooperative Bankshares, Inc.		137
	800	Cornerstone Bancorp, Inc.		27,492
	400	Corus Bankshares, Inc.		19,204
	1,800	Cowlitz Bancorp *		20,052
	42,200	Doral Financial Corp.		2,078,349
	2,300	EFC Bancorp, Inc.		59,777
	440	Elmira Savings Bank, FSB		13,640
	100	Financial Institutions, Inc.		2,325
	800	First Bancorp of Indiana, Inc.		15,760
	700	First Bancshares, Inc.		14,350
	1,000	First BancTrust Corp.		11,850
	4,634	First Charter Corp.		121,272
	2,500	First Citizens BancShares, Inc., Class A		370,625
	1,200	First Defiance Financial Corp.		34,164
	1,800	First Federal Bancshares of Arkansas, Inc.		39,942
	2,500	First Federal Bankshares, Inc.		56,925
	600	First Franklin Corp.		11,819
	300	First Keystone Financial, Inc.		7,080
	3,000	First M&F Corp.		101,550
	17,100	First Marblehead Corp. *		961,874
	300	First Mariner Bancorp *		5,268
	1,000	First Midwest Financial, Inc.		23,200

8

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Discovery Fund

Shares			Value
		Common Stock, Banks & Credit Institutions continued
	7,235	First Place Financial Corp.	$	161,992
	1,000	First West Virginia Bancorp, Inc.		24,000
	100	FirstFed Bancorp, Inc.		753
	500	FirstFed Financial Corp. *		25,935
	100	Flag Financial Corp.		1,513
	30,600	Flagstar Bancorp, Inc.		691,560
	700	FMS Financial Corp.		14,788
	400	Glen Burnie Bancorp		9,680
	600	GS Financial Corp.		10,800
	1,800	Guaranty Federal Bancshares, Inc.		43,301
	100	Habersham Bancorp		2,170
	300	Harleysville Savings Financial Corp.		9,030
	2,150	HF Financial Corp.		39,238
	17,600	Hibernia Corp., Class A		519,376
	1,300	HMN Financial, Inc.		42,309
	2,100	Horizon Bancorp		56,070
	56,115	Independence Community Bank Corp.		2,389,376
	1,600	Intervest Bancshares Corp. *		31,582
	12,700	Irwin Financial Corp.		360,553
	3,647	ITLA Capital Corp. *		214,407
	200	Long Island Financial Corp.		7,800
	1,613	LSB Corp.		29,873
	315	LSB Financial Corp.		8,267
	3,169	MAF Bancorp, Inc.		142,035
	3,600	Matrix Bancorp, Inc. *		45,036
	4,800	Medallion Financial Corp.		46,560
	1,800	MidWestOne Financial Group, Inc.		37,728
	1,800	National Mercantile Bancorp *		23,722
	9,800	New Century Financial Corp.		626,318
	500	New Hampshire Thrift Bancshares, Inc.		16,663
	600	Northeast Indiana Bancorp, Inc.		12,330
	800	Northeast Pennsylvania Financial Corp.		18,096
	900	Northrim BanCorp, Inc.		21,150
	800	Northway Financial, Inc.		26,960
	26,100	Ocwen Financial Corp. *		249,516
	1,400	Onyx Acceptance Corp.		39,144
	3,000	Pacific Mercantile Bancorp *		52,440
	500	Park Bancorp, Inc.		15,351
	653	Parkvale Financial Corp.		18,800
	400	Peoples Bancorp of North Carolina		7,708
	400	Peoples BancTrust Co., Inc.		6,658
	3,640	PFF Bancorp, Inc.		168,641
	1,000	Pinnacle Bancshares, Inc.		15,595
	2,000	Pocahontas Bancorp, Inc.		31,118
	2,100	Princeton National Bancorp, Inc.		60,795
	1,000	Provident Bancorp, Inc.		13,190
	31,400	Provident Bankshares Corp.		1,142,017
	2,300	PSB Bancorp, Inc.		32,361
	6,600	R & G Financial Corp., Class B		256,608
	10,670	Republic Bancorp, Inc.		163,038
	200	Republic Bancorp, Inc., Class A		5,140
	3,290	Republic First Bancorp, Inc. *		50,337
	600	River Valley Bancorp		13,500
	100	Simmons First National Corp., Class A		2,895
	49,000	South Financial Group, Inc.		1,593,969
	5,421	Sterling Bancshares, Inc.		77,358
	973	Sterling Financial Corp. *		38,200
	1,150	Team Financial, Inc.		14,640
	1,100	Teche Holding Co.		42,075
	1,900	Timberland Bancorp, Inc.		43,415
	5,585	UMB Financial Corp.		316,446
	300	Union Community Bancorp		5,664
	200	United Bancshares, Inc.		3,421
	1,800	United Community Financial Corp.		20,160
	584	United Financial Corp.		14,165
	325	Unity Bancorp, Inc.		4,160
	36,720	W Holding Co., Inc.		842,357
	2,730	Wainwright Bank & Trust Co.		33,716
	2,445	Washington Banking Co.		44,377
	3,150	Washington Federal, Inc.		83,601
	4,700	Washington Savings Bank, F.S.B		74,965
	20,800	Westcorp		955,343
	5,569	WFS Financial, Inc. *		282,794
	2,502	WSFS Financial Corp.		150,921
	1,800	WVS Financial Corp.		30,825
	400	Yardville National Bancorp		13,704
				22,232,507
		Basic Minerals & Metals — 3.0%
	18,300	Brush Engineered Materials, Inc. *		338,550
	2,200	Cleveland-Cliffs, Inc.		228,492
	2,300	Commercial Metals Co.		116,288
	3,744	Gibraltar Industries, Inc.		88,433
	1,100	Harsco Corp.		61,314
	4,500	L.B. Foster Co., Class A *		43,223
	20,200	Lone Star Technologies, Inc. *		675,892
	31,900	Maverick Tube Corp. *		966,570
	3,200	Northwest Pipe Co. *		79,840
	19,300	NS Group, Inc. *		536,540
	17,000	Nucor Corp.		889,780
	5,552	Olympic Steel, Inc. *		147,184
	28,200	Oregon Steel Mills, Inc. *		572,178
	1,100	Quanex Corp.		75,427
	8,100	Reliance Steel & Aluminum Co.		315,576
	6,700	Roanoke Electric Steel Corp.		138,496
	9,800	Ryerson Tull, Inc.		154,350
	7,900	Southern Peru Copper Corp.		372,959
	32,100	Steel Dynamics, Inc.		1,215,947
	8,800	Steel Technologies, Inc.		242,088

9

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Discovery Fund

Shares			Value
		Common Stock, Basic Minerals & Metals continued
	5,900	Webco Industries, Inc. *	$	63,543
	1,200	Worthington Industries, Inc.		23,496
				7,346,166
		Beer, Liquor & Tobacco — 0.2%
	7,300	Adolph Coors Co., Class B		552,391
	5,400	MGP Ingredients, Inc.		46,656
	300	Todhunter International, Inc. *		3,954
				603,001
		Biotechnology — 0.8%
	14,990	Harvard Bioscience, Inc. *		69,404
	27,188	Invitrogen Corp. *		1,825,130
				1,894,534
		Cellular & Wireless — 1.9%
	400	Nextel Partners, Inc., Class A *		7,816
	9,600	NII Holdings, Inc. *		455,520
	26,000	Telephone & Data Systems, Inc.		2,000,700
	10,800	U.S. Cellular Corp. *		483,408
	53,800	Western Wireless Corp., Class A *		1,576,340
				4,523,784
		Chemicals & Rubber — 1.9%
	19,000	A. Schulman, Inc.		406,790
	2,700	American Pacific Corp. *		22,977
	14,900	Arch Chemicals, Inc.		428,822
	1,300	Bairnco Corp.		14,495
	6,700	Eastman Chemical Co.		386,791
	3,600	FMC Corp. *		173,880
	11,800	Georgia Gulf Corp.		587,640
	47,000	Great Lakes Chemical Corp.		1,339,030
	6,500	Hercules, Inc. *		96,525
	100	Hexcel Corp. *		1,450
	2,100	LESCO, Inc. *		27,069
	4,200	LSB Industries, Inc. *		33,348
	18,900	Lubrizol Corp.		696,654
	9,000	RPM International, Inc.		176,940
	200	Scotts Co., Class A *		14,704
	3,700	Stepan Co.		90,132
	400	Synalloy Corp. *		3,960
				4,501,207
		Commercial Aircraft & Components — 0.3%
	4,100	Curtiss-Wright Corp.		235,381
	200	Ducommun, Inc. *		4,170
	6,100	Sequa Corp., Class A *		373,015
				612,566
		Communications Utilities — 0.7%
	1,900	Atlantic Tele-Network, Inc.		61,750
	16,952	Audible, Inc. *		441,600
	3,000	CT Communications, Inc.		36,900
	10,200	D&E Communications, Inc.		122,910
	92,100	EarthLink, Inc. *		1,060,992
	1,500	Hector Communications Corp.		32,775
				1,756,927
		Construction & Homebuilding — 3.0%
	2,200	Beazer Homes USA, Inc.		321,662
	8,200	Brookfield Homes Corp.		277,980
	66,700	Champion Enterprises, Inc. *		788,394
	4,700	Comfort Systems USA, Inc. *		36,096
	32,600	Granite Construction, Inc.		867,160
	16,500	Hovnanian Enterprises, Inc., Class A *		817,080
	9,200	Insituform Technologies, Inc., Class A *		208,564
	5,000	Integrated Electrical Services, Inc. *		24,200
	1,700	KB HOME		177,480
	19,400	M.D.C. Holdings, Inc.		1,676,936
	1,400	M/ I Homes, Inc.		77,154
	600	Meritage Corp. *		67,620
	600	Orleans Homebuilders, Inc. *		11,910
	200	Pulte Homes, Inc.		12,760
	15,800	Ryland Group, Inc.		909,132
	2,600	Sterling Construction Co., Inc. *		13,494
	1,200	Technical Olympic USA, Inc.		30,456
	5,000	Toll Brothers, Inc. *		343,050
	14,500	Willbros Group, Inc. *		334,225
	3,800	William Lyon Homes, Inc. *		266,912
				7,262,265
		Construction Materials — 0.7%
	3,600	Ameron International Corp.		136,440
	200	Compass Minerals International, Inc.		4,846
	376	Devcon International Corp. *		5,811
	100	Eagle Materials, Inc.		8,635
	200	ElkCorp		6,844
	2,550	Florida Rock Industries, Inc.		151,802
	2,300	Lafarge North America, Inc.		118,036
	7,500	Martin Marietta Materials, Inc.		402,450
	22,000	MDU Resources Group, Inc.		586,960
	3,100	Oil-Dri Corp. of America		56,451
	13,900	U.S. Concrete, Inc. *		106,613
	2,500	United States Lime & Minerals, Inc. *		28,375
				1,613,263
		Consumer Durables — 0.9%
	1,700	Arctic Cat, Inc.		45,084
	1,304	Boston Acoustics, Inc.		18,060
	23,000	Brunswick Corp.		1,138,500
	8,400	Coachmen Industries, Inc.		145,824
	3,800	Harman International Industries, Inc.		482,600
	600	Marine Products Corp.		15,666
	2,400	Polaris Industries, Inc.		163,248

10

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Discovery Fund

Shares			Value
		Common Stock, Consumer Durables continued
	10,061	Spartan Motors, Inc.	$	120,028
	6,900	Universal Electronics, Inc. *		121,440
				2,250,450
		Drugs & Pharmaceuticals — 1.5%
	25,600	Alpharma, Inc., Class A		433,920
	38,200	Dade Behring Holdings, Inc. *		2,139,200
	5,200	E-Z-EM, Inc.		75,920
	23,700	First Horizon Pharmaceutical Corp. *		542,493
	3,104	Genencor International, Inc. *		50,906
	400	Lifecore Biomedical, Inc. *		4,504
	200	Mannatech, Inc.		3,808
	7,200	Nature’s Sunshine Products, Inc.		146,592
	800	Polydex Pharmaceuticals Ltd. *		4,816
	3,500	Serologicals Corp. *		77,420
	1,500	United-Guardian, Inc.		12,525
	21,000	Weider Nutrition International, Inc. *		91,350
				3,583,454
		Electric Utilities — 3.2%
	83,400	Alliant Energy Corp.		2,385,240
	38,100	Duquesne Light Holdings, Inc.		718,185
	45,400	El Paso Electric Co. *		859,876
	3,000	Green Mountain Power Corp.		86,490
	3,600	Hawaiian Electric Industries, Inc.		104,940
	12,800	Northeast Utilities		241,280
	11,632	Pinnacle West Capital Corp.		516,577
	23,700	PNM Resources, Inc.		599,373
	9,400	UIL Holdings Corp.		482,220
	77,900	Westar Energy, Inc.		1,781,573
				7,775,754
		Financial Investments — 1.1%
	3,375	Aaron Rents, Inc.		84,375
	24,900	American Capital Strategies Ltd.		830,415
	1,700	California First National Bancorp		21,531
	162	Cherokee, Inc.		5,715
	2,600	Choice Hotels International, Inc.		150,800
	12,700	Electro Rent Corp.		180,721
	4,700	ePlus, Inc. *		55,507
	2,866	G-III Apparel Group Ltd. *		19,775
	14,360	MCG Capital Corp.		245,987
	25,310	Price Communications Corp. *		470,513
	16,800	Universal Compression Holdings, Inc. *		586,488
	3,600	Willis Lease Finance Corp. *		28,080
				2,679,907
		Forest Products & Paper — 1.0%
	9,500	Chesapeake Corp.		258,020
	2,700	CSS Industries, Inc.		85,752
	1,600	DSG International Ltd. *		7,760
	42,600	Louisiana-Pacific Corp.		1,139,124
	3,600	Nashua Corp. *		40,896
	10,200	Packaging Corp. of America		240,210
	3,400	Packaging Dynamics Corp.		48,960
	2,500	Rock-Tenn Co., Class A		37,900
	2,900	Temple-Inland, Inc.		198,360
	6,700	Universal Forest Products, Inc.		290,780
	4,500	Wausau-Mosinee Paper Corp.		80,370
				2,428,132
		Furniture & Household Items — 2.0%
	8,200	A.T. Cross Co., Class A *		40,590
	6,400	Acuity Brands, Inc.		203,520
	3,000	Aldila, Inc.		46,470
	1,500	American Biltrite, Inc. *		17,100
	600	American Locker Group, Inc. *		8,849
	1,800	Atlantis Plastics, Inc., Class A *		32,040
	100	AZZ, Inc. *		1,625
	7,150	Bassett Furniture Industries, Inc.		140,319
	11,900	Central Garden & Pet Co. *		496,706
	500	Chase Corp.		7,950
	1,100	Chromcraft Revington, Inc. *		13,530
	2,000	Communications Systems, Inc.		24,020
	400	Congoleum Corp., Class A *		2,212
	2,600	Cybex International, Inc. *		10,634
	2,600	Flexsteel Industries, Inc.		45,887
	8,100	GameTech International, Inc.		39,690
	200	Genlyte Group, Inc. *		17,136
	19,060	Griffon Corp. *		514,620
	7,200	Jacuzzi Brands, Inc. *		62,640
	16,000	JAKKS Pacific, Inc. *		353,760
	1,000	Johnson Outdoors, Inc., Class A *		20,100
	200	Juno Lighting, Inc.		8,400
	40,700	K2, Inc. *		646,316
	5,100	Kimball International, Inc., Class B		75,531
	18,500	Kinetic Concepts, Inc. *		1,411,551
	1,400	Knape & Vogt Manufacturing Co.		18,375
	7,000	Lamson & Sessions Co. *		63,700
	7,400	Movado Group, Inc.		138,010
	3,400	National Presto Industries, Inc.		154,700
	2,100	Patrick Industries, Inc. *		21,294
	4,000	Preformed Line Products Co.		115,920
	92	RC2 Corp. *		2,999
	4,000	Steelcase, Inc., Class A		55,360
	900	Tredegar Corp.		18,189
	2,783	Vermont Teddy Bear Co., Inc. *		17,867
	3,200	West Pharmaceutical Services, Inc.		80,096
				4,927,706
		Gas & Other Public Utilities — 0.8%
	5,514	American Ecology Corp.		66,168
	13,300	Atmos Energy Corp.		363,755
	9,600	California Water Service Group		361,440
	709	Duratek, Inc. *		17,661
	14,600	Laclede Group, Inc.		454,790
	1,200	ONEOK, Inc.		34,104
	5,200	Questar Corp.		264,992
	400	RGC Resources, Inc.		10,356

11

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Discovery Fund

Shares			Value
		Common Stock, Gas & Other Public Utilities continued
	1,200	SJW Corp.	$	43,680
	5,500	South Jersey Industries, Inc.		289,080
	7,770	Waste Industries USA, Inc.		96,348
				2,002,374
		Government Aircraft & Defense — 0.4%
	3,600	Allied Defense Group, Inc. *		80,100
	7,900	Armor Holdings, Inc. *		371,457
	11,000	EDO Corp.		349,250
	2,300	Lowrance Electronics, Inc.		72,448
	625	Orbit International Corp. *		7,044
	2,600	Todd Shipyards Corp.		47,060
				927,359
		Health Care & Hospital — 3.7%
	9,300	Allied Healthcare International, Inc. *		51,150
	2,000	American Shared Hospital Services		11,880
	200	HealthTronics, Inc. *		2,126
	73,100	Humana, Inc. *		2,170,339
	25,600	Kindred Healthcare, Inc. *		766,720
	11,265	LCA-Vision, Inc.		263,488
	8,600	MedCath Corp. *		211,904
	1,300	National Dentex Corp. *		39,586
	2,191	National Home Health Care Corp.		28,702
	300	Option Care, Inc.		5,157
	46,100	PacifiCare Health Systems, Inc. *		2,605,573
	3,000	Pediatric Services of America, Inc. *		38,280
	16,000	RehabCare Group, Inc. *		447,840
	60,900	Triad Hospitals, Inc. *		2,266,089
				8,908,834
		Information & Services — 4.8%
	900	Ablest, Inc. *		6,651
	100	Almost Family, Inc. *		1,445
	5,800	Ambassadors Groups, Inc.		206,538
	3,243	Ambassadors International, Inc.		51,012
	3,400	American Dental Partners, Inc. *		64,464
	12,500	American Retirement Corp. *		147,375
	4,900	Angelica Corp.		132,545
	8,700	Carriage Services, Inc. *		42,978
	250	Cass Information Systems, Inc.		8,738
	39,812	Century Business Services, Inc. *		173,580
	900	CheckFree Corp. *		34,272
	9,300	Cornell Cos., Inc. *		141,174
	19,371	Discovery Partners International *		92,012
	1,500	Dun & Bradstreet Corp. *		89,475
	3,300	Ecology & Environment, Inc.		25,773
	300	Exponent, Inc. *		8,247
	2,200	Forrester Research, Inc. *		39,468
	4,500	Greg Manning Auctions, Inc. *		55,710
	17,000	Heidrick & Struggles International, Inc. *		582,590
	100	Horizon Health Corp. *		2,788
	5,800	Jones Lang LaSalle, Inc. *		216,978
	12,400	Kelly Services, Inc., Class A		374,232
	7,400	Kendle International, Inc. *		65,120
	23,800	Korn/ Ferry International *		493,850
	1,500	Labor Ready, Inc. *		25,380
	15,700	Laureate Education, Inc. *		692,213
	7,400	Layne Christensen Co. *		134,310
	7,800	Mac-Gray Corp. *		63,102
	13,100	MAXIMUS, Inc. *		407,672
	16,700	Metal Management, Inc.		448,729
	5,700	Michael Baker Corp. *		111,720
	3,700	Monro Muffler Brake, Inc. *		93,610
	86,200	MPS Group, Inc. *		1,056,812
	2,760	National Technical Systems, Inc. *		13,828
	6,900	Navigant International, Inc. *		83,973
	21,514	NCO Group, Inc. *		556,137
	4,100	Nobel Learning Communities, Inc. *		30,873
	3,500	Opinion Research Corp. *		23,415
	14,000	PAREXEL International Corp. *		284,200
	9,268	Pharmaceutical Product Development, Inc. *		382,676
	7,098	RCM Technologies, Inc. *		35,710
	17,811	Resources Connection, Inc. *		967,315
	9,750	Schnitzer Steel Industries, Inc., Class A		330,818
	1,500	Security National Financial Corp., Class A *		4,965
	3,221	SOURCECORP, Inc. *		61,553
	2,600	Spherion Corp. *		21,840
	6,800	Steiner Leisure Ltd. *		203,184
	60,207	Stewart Enterprises, Inc., Class A *		420,847
	26,800	TeleTech Holdings, Inc. *		259,692
	13,200	The Brink’s Co.		521,664
	29,900	URS Corp. *		959,790
	4,500	Vertrue, Inc. *		169,965
	3,800	Volt Information Sciences, Inc. *		111,682
	6,500	West Corp. *		215,215
				11,749,905
		Instruments — 4.7%
	5,400	Allied Healthcare Products, Inc. *		35,370
	700	American Science & Engineering, Inc. *		28,847
	900	Arrow International, Inc.		27,891
	8,100	ArthroCare Corp. *		259,686
	400	Atrion Corp.		18,098
	800	Badger Meter, Inc.		23,960
	30,300	Bausch & Lomb, Inc.		1,953,138
	1,300	Beckman Coulter, Inc.		87,087
	2,542	Bio-Logic Systems Corp. *		23,132
	27,000	Checkpoint Systems, Inc. *		487,350
	800	Clinical Data, Inc.		10,592
	400	CNS, Inc.		5,020
	5,600	Compex Technologies, Inc. *		26,152
	18,548	CONMED Corp. *		527,134

12

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Discovery Fund

Shares			Value
		Common Stock, Instruments continued
	5,327	CyberOptics, Inc. *	$	79,212
	10,883	Datascope Corp.		431,946
	50,400	Edwards Lifesciences Corp. *		2,079,505
	400	Enpath Medical, Inc. *		4,320
	14,500	Esterline Technologies Corp. *		473,425
	3,500	Frequency Electronics, Inc.		51,975
	11,800	Haemonetics Corp. *		427,278
	10,997	Integra LifeSciences Holdings *		406,119
	23,900	Invacare Corp.		1,105,614
	1,300	Iridex Corp. *		5,512
	1,300	K-Tron International, Inc. *		34,587
	1,100	Kewaunee Scientific Corp.		10,010
	900	LeCroy Corp. *		21,006
	1,166	Mesa Laboratories, Inc.		14,872
	7,500	Mine Safety Appliances Co.		380,250
	4,902	Misonix, Inc. *		31,912
	1,092	Molecular Devices Corp. *		21,949
	15,400	MTS Systems Corp.		520,674
	1,800	New Brunswick Scientific Co., Inc. *		11,160
	100	NMT Medical, Inc. *		495
	2,000	O.I. Corp. *		19,760
	7,100	Oakley, Inc.		90,525
	9,100	Ocular Sciences, Inc. *		445,991
	4,600	OYO Geospace Corp. *		86,158
	5,400	Perceptron, Inc. *		39,420
	1,700	PerkinElmer, Inc.		38,233
	4,815	Respironics, Inc. *		261,743
	600	Schmitt Industries, Inc. *		4,225
	20,700	Sola International, Inc. *		570,078
	1,600	Span-America Medical Systems, Inc.		19,968
	2,000	Vicon Industries, Inc. *		9,400
	4,000	Vital Signs, Inc.		155,680
				11,366,459
		Insurance — 3.9%
	1,800	Alleghany Corp. *		513,450
	5,400	American Financial Group, Inc.		169,074
	8,200	American National Insurance Co.		854,112
	3,800	American Safety Insurance Holdings Ltd. *		62,092
	11,700	AmerUs Group Co.		530,010
	1,800	Bancinsurance Corp. *		13,050
	2,000	CNA Financial Corp. *		53,420
	8,800	Commerce Group, Inc.		537,152
	13,600	Delphi Financial Group, Inc., Class A		627,640
	100	Donegal Group, Inc.		2,225
	200	EMC Insurance Group, Inc.		4,328
	1,400	FBL Financial Group, Inc., Class A		39,970
	1,400	FPIC Insurance Group, Inc. *		49,532
	1,800	Great American Financial Resources, Inc.		31,266
	25,700	HCC Insurance Holdings, Inc.		851,184
	18,200	Horace Mann Educators Corp.		347,256
	17,100	Max Re Capital Ltd.		364,743
	26,101	Meadowbrook Insurance Group, Inc. *		130,244
	400	Merchants Group, Inc.		9,600
	200	Mercury General Corp.		11,984
	3,585	Midland Co.		112,103
	24,200	National Financial Partners Corp.		938,960
	649	National Western Life Insurance Co., Class A *		108,130
	200	Ohio Casualty Corp. *		4,642
	13,300	Presidential Life Corp.		225,568
	2,500	RTW, Inc. *		23,700
	8,700	Scottish Re Group Ltd.		225,330
	12,300	Selective Insurance Group, Inc.		544,152
	14,400	StanCorp Financial Group, Inc.		1,188,000
	5,700	UICI		193,230
	3,380	Unico American Corp. *		31,772
	6,800	United Fire & Casualty Co.		229,228
	8,100	W. R. Berkley Corp.		382,077
				9,409,224
		IT Hardware — 4.2%
	4,500	American Technical Ceramics Corp. *		44,910
	42,946	Avocent Corp. *		1,740,172
	2,500	Blonder Tongue Laboratories, Inc. *		10,775
	4,191	Cobra Electronics Corp. *		33,989
	8,900	Cree, Inc. *		356,712
	120,600	Crown Castle International Corp. *		2,006,784
	17,863	Digi International, Inc. *		307,065
	500	Diodes, Inc. *		11,315
	5,723	EMS Technologies, Inc. *		95,116
	500	Espey Manufacturing & Electronics Corp.		13,100
	200	Globecomm Systems, Inc. *		1,272
	39,800	Harris Corp.		2,459,243
	4,100	inTEST Corp. *		18,040
	1,600	Merrimac Industries, Inc. *		14,424
	15,530	Microsemi Corp. *		269,601
	21,900	Orbital Sciences Corp. *		259,077
	8,300	Peak International Ltd. *		33,980
	1,200	Photronics, Inc. *		19,800
	38,300	Plantronics, Inc.		1,588,301
	9,000	Radyne ComStream, Inc. *		67,230
	900	Simclar, Inc. *		3,654
	900	SMTEK International, Inc. *		12,690
	100	Sparton Corp. *		901
	9,700	Stoneridge, Inc. *		146,761
	2,500	Sunair Electronics, Inc. *		41,275
	35,386	Symmetricom, Inc. *		343,598
	8,083	ViaSat, Inc. *		196,174
	1,900	Virage Logic Corp. *		35,283
	1,700	Vishay Intertechnology, Inc. *		25,534
	1,800	Woodhead Industries, Inc.		28,854
				10,185,630

13

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Discovery Fund

Shares			Value
		Common Stock, continued
		Land & Water Transportation — 2.5%
	3,976	Alexander & Baldwin, Inc.	$	168,662
	8,100	Celadon Group, Inc. *		180,225
	1,000	CNF, Inc.		50,100
	4,200	Covenant Transport, Inc., Class A *		87,444
	2,190	EGL, Inc. *		65,459
	21,000	General Maritime Corp.		838,950
	3,700	Hub Group, Inc., Class A *		193,214
	2,830	Knightsbridge Tankers Ltd.		94,607
	1,350	Marten Transport Ltd. *		30,686
	4,700	Nordic American Tanker Shipping Ltd.		183,535
	17,225	Overnite Corp.		641,459
	11,800	Overseas Shipholding Group, Inc.		651,360
	20,800	Ryder Systems, Inc.		993,616
	6,797	SCS Transportation, Inc. *		158,846
	8,800	Sea Containers Ltd., Class A		173,272
	1,813	Ship Finance International Ltd.		37,210
	31,200	Teekay Shipping Corp.		1,313,831
	200	Transport Corp. of America, Inc. *		1,680
	3,259	U.S. Xpress Enterprises, Inc., Class A *		95,489
	300	USA Truck, Inc. *		5,100
				5,964,745
		Metal Products & Machinery — 4.9%
	2,300	Acme United Corp.		36,110
	3,100	Alamo Group, Inc.		84,196
	2,800	Allied Motion Technologies, Inc. *		20,216
	1,800	Astec Industries, Inc. *		30,978
	1,500	Blount International, Inc. *		26,130
	2,700	Bonso Electronics International, Inc.		14,280
	6,500	Cummins, Inc.		544,635
	1,800	Eastern Co.		36,000
	19,400	EnPro Industries, Inc. *		573,658
	8,600	ESCO Technologies, Inc. *		659,190
	2,606	Evans & Sutherland Computer Corp. *		18,164
	400	Federal Screw Works		13,260
	5,500	Gehl Co. *		128,425
	9,300	Gerber Scientific, Inc. *		70,773
	2,600	Greenbrier Cos., Inc.		88,010
	2,593	Hardinge, Inc.		35,006
	6,700	Hawk Corp., Class A *		57,888
	2,200	International Aluminum Corp.		74,470
	9,200	International Steel Group, Inc. *		373,152
	31,200	Kennametal, Inc.		1,552,823
	2,000	Key Technology, Inc. *		19,300
	46,000	Lennox International, Inc.		936,100
	1,300	MagneTek, Inc. *		8,970
	1,200	P & F Industries, Inc. *		18,275
	300	Peerless Manufacturing Co. *		4,425
	1,000	Penn Engineering & Manufacturing Corp., Class A		15,000
	5,000	Powell Industries, Inc. *		92,450
	2,085	Q.E.P. Co., Inc. *		31,129
	17,900	Regal-Beloit Corp.		511,940
	8,300	Robbins & Myers, Inc.		197,789
	3,100	RTI International Metals, Inc. *		63,674
	3,700	SL Industries, Inc. *		52,355
	9,400	Standard Motor Products, Inc.		148,520
	6,100	Standex International Corp.		173,789
	1,700	Tecumseh Products Co., Class B		77,376
	13,400	Teleflex, Inc.		695,996
	1,300	Thomas Industries, Inc.		51,896
	58,200	Timken Co.		1,514,364
	14,300	Toro Co.		1,163,305
	1,400	Twin Disc, Inc.		35,770
	200	Velcro Industries N.V.		2,652
	4,900	Water Pik Technologies, Inc. *		86,877
	9,600	Woodward Governor Co.		687,456
	23,400	York International Corp.		808,236
				11,835,008
		Miscellaneous Finance — 1.0%
	22,900	A.G. Edwards, Inc.		989,509
	17,700	Affiliated Managers Group, Inc. *		1,198,998
	2,833	Maxcor Financial Group, Inc.		25,100
	6,200	Raymond James Financial, Inc.		192,076
	4,400	Stifel Financial Corp. *		92,180
	1,100	SWS Group, Inc.		24,112
				2,521,975
		Oil & Coal Resources — 3.0%
	700	Barnwell Industries, Inc.		51,807
	14,200	Berry Petroleum Co., Class A		677,340
	300	Callon Petroleum Co. *		4,338
	1,700	Castle Energy Corp.		21,231
	48,700	Chesapeake Energy Corp.		803,550
	5,800	Comstock Resources, Inc. *		127,890
	19,000	CONSOL Energy, Inc.		779,950
	12,800	Energy Partners Ltd. *		259,456
	7,100	Forest Oil Corp. *		225,212
	2,200	Houston Exploration Co. *		123,882
	4,700	Hugoton Royalty Trust		123,140
	563	Isramco, Inc. *		2,961
	7,700	KCS Energy, Inc. *		113,806
	14,100	Meridian Resource Corp. *		85,305
	5,200	Patina Oil & Gas Corp.		195,000
	15,900	Peabody Energy Corp.		1,286,469
	600	Penn Virginia Corp.		24,342
	4,455	Resource America, Inc., Class A		144,788
	10,800	Southwestern Energy Co. *		547,452
	32,900	Ultra Petroleum Corp. *		1,583,477
				7,181,396
		Oil Distribution — 1.4%
	500	Adams Resources & Energy, Inc.		8,820
	20,100	Ashland, Inc.		1,173,438
	21,900	Frontier Oil Corp.		583,854
	7,200	Premcor, Inc.		303,624
	6,400	Sunoco, Inc.		522,944

14

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Discovery Fund

Shares			Value
		Common Stock, Oil Distribution continued
	25,300	Tesoro Petroleum Corp. *	$	806,058
	1,200	TransMontaigne, Inc. *		7,356
				3,406,094
		Oil Drilling & Services — 1.9%
	3,400	Dawson Geophysical Co. *		74,290
	17,700	Grant Prideco, Inc. *		354,885
	4,800	Lufkin Industries, Inc.		191,558
	3,100	NATCO Group, Inc., Class A *		27,280
	5,900	National-Oilwell, Inc. *		208,211
	17,200	Newpark Resources, Inc. *		88,580
	1,400	Oceaneering International, Inc. *		52,248
	9,600	Oil States International, Inc. *		185,184
	9,000	TETRA Technologies, Inc. *		254,700
	54,100	Tidewater, Inc.		1,926,501
	11,800	Todco, Class A *		217,356
	26,800	Varco International, Inc. *		781,220
	4,700	Veritas DGC, Inc. *		105,327
	2,400	W-H Energy Services, Inc. *		53,664
				4,521,004
		Photooptical, Micros & Office Machinery — 1.3%
	3,900	Interphase Corp. *		32,838
	3,500	NCR Corp. *		242,305
	4,900	PAR Technology Corp. *		55,468
	4,300	Printronix, Inc. *		77,013
	11,682	SafeNet, Inc. *		429,197
	73,200	Storage Technology Corp. *		2,313,852
				3,150,673
		Publishing, Broadcasting & Cinema — 1.6%
	62,000	American Greetings Corp., Class A		1,571,700
	3,100	Cadmus Communications Corp.		39,680
	8,800	Consolidated Graphics, Inc. *		403,920
	21,200	Media General, Inc., Class A		1,373,972
	1,600	Outlook Group Corp.		12,656
	2,700	Point.360 *		9,777
	5,900	Pulitzer, Inc.		382,615
	200	Thomas Nelson, Inc.		4,520
	2,400	Tufco Technologies, Inc. *		21,036
	3,600	World Wrestling Entertainment, Inc.		43,668
				3,863,544
		Real Estate Development — 0.3%
	800	AMREP Corp.		18,400
	3,400	Avatar Holdings, Inc. *		163,540
	11,600	Bluegreen Corp. *		230,028
	1,300	ILX Resorts, Inc.		13,247
	500	J.W. Mays, Inc. *		7,143
	600	Patriot Transportation Holding, Inc. *		26,993
	664	Tarragon Corp. *		11,852
	7,300	United Capital Corp. *		165,345
				636,548
		Real Estate Investment Trusts — 5.0%
	25,100	American Home Mortgage Investment Corp.		859,675
	8,400	Bedford Property Investors, Inc.		238,644
	200	Boykin Lodging Co. *		1,832
	42,800	Brandywine Realty Trust		1,257,892
	17,564	Capital Automotive REIT		623,961
	2,700	Capital Trust, Inc., Class A		82,917
	1,300	CBL & Associates Properties, Inc.		99,255
	3,100	Commercial NET Lease Realty		63,860
	16,900	CRT Properties, Inc.		403,234
	17,900	Entertainment Properties Trust		797,445
	36,600	Friedman, Billings, Ramsey Group, Inc., Class A		709,674
	3,100	Hanover Capital Mortgage Holdings, Inc.		33,480
	151,300	HRPT Properties Trust		1,941,179
	100	Investors Real Estate Trust		1,049
	7,400	LTC Properties, Inc.		147,334
	24,700	Maguire Properties, Inc.		678,262
	7,700	Mission West Properties, Inc.		81,928
	3,500	National Health Realty, Inc.		70,035
	5,200	Newcastle Investment Corp.		165,256
	1,700	Parkway Properties, Inc.		86,275
	1,400	Pennsylvania Real Estate Investment Trust		59,920
	2,500	Presidential Realty Corp., Class B		24,500
	41,200	Reckson Associates Realty Corp.		1,351,772
	11,500	SL Green Realty Corp.		696,325
	84,100	Trizec Properties, Inc.		1,591,172
	200	Urstadt Biddle Properties		3,230
	23,800	Winston Hotels, Inc.		281,078
				12,351,184
		Restaurants, Hotels & Theaters — 3.4%
	1,400	Ark Restaurants Corp.		54,880
	12,900	Aztar Corp. *		450,468
	100	Benihana, Inc. *		1,620
	46,380	CBRL Group, Inc.		1,941,003
	500	Champps Entertainment, Inc. *		4,310
	122	Checkers Drive-In Restaurants, Inc. *		1,635
	1,200	CKE Restaurants, Inc. *		17,412
	21,500	Darden Restaurants, Inc.		596,410
	7,900	Dave & Buster’s, Inc. *		159,580
	200	Dover Motorsports, Inc.		1,146
	5,700	Famous Dave’s of America, Inc. *		72,453
	1,800	Frisch’s Restaurants, Inc.		42,894
	4,900	Interstate Hotels & Resorts, Inc. *		26,264
	4,600	J. Alexander’s Corp. *		34,040
	11,900	Jack in the Box, Inc. *		438,753
	17,100	Landry’s Restaurants, Inc.		496,926
	12,400	Lone Star Steakhouse & Saloon, Inc.		347,200
	7,000	Luby’s, Inc. *		52,500

15

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Discovery Fund

Shares			Value
		Common Stock, Restaurants, Hotels & Theaters continued
	13,400	Marcus Corp.	$	336,876
	300	Max & Erma’s Restaurants, Inc. *		3,885
	1,700	Monarch Casino & Resort, Inc. *		68,935
	5,000	Movie Gallery, Inc.		95,350
	2,900	Nathan’s Famous, Inc. *		22,359
	6,000	Orient- Express Hotels Ltd., Class A		123,420
	5,518	Rubio’s Restaurants, Inc. *		66,933
	26,600	Ryan’s Restaurant Group, Inc. *		410,172
	2,500	Sands Regent *		32,490
	1,900	Star Buffet, Inc.		11,210
	36,300	Station Casinos, Inc.		1,984,884
	13,200	Vail Resorts, Inc. *		295,944
	1,400	WestCoast Hospitality Corp. *		8,540
				8,200,492
		Retail — 6.3%
	40,000	Aeropostale, Inc. *		1,177,200
	35,267	American Eagle Outfitters, Inc.		1,661,076
	1,700	AnnTaylor Stores Corp. *		36,601
	996	Arden Group, Inc., Class A		100,073
	5,700	Blair Corp.		203,262
	6,100	Books-A-Million, Inc.		58,682
	52,500	Borders Group, Inc.		1,333,500
	7,700	Burlington Coat Factory Warehouse Corp.		174,790
	200	Cash America International, Inc.		5,946
	6,200	Cato Corp., Class A		178,684
	78,300	Charming Shoppes, Inc. *		733,671
	2,900	Cost-U-Less, Inc. *		20,300
	9,400	Dress Barn, Inc. *		165,440
	2,300	Excelligence Learning Corp. *		10,120
	7,500	EZCORP, Inc., Class A *		115,575
	3,700	Finlay Enterprises, Inc. *		73,223
	100	Foodarama Supermarkets, Inc. *		3,975
	14,400	Foot Locker, Inc.		387,792
	6,300	GameStop Corp., Class A *		140,868
	4,163	GameStop Corp., Class B		93,293
	5,646	Goody’s Family Clothing, Inc.		51,604
	1,200	Gottschalks, Inc. *		10,668
	15,300	Guess?, Inc. *		192,015
	5,600	Hastings Entertainment, Inc. *		46,368
	19,900	Insight Enterprises, Inc. *		408,348
	8,700	Jo-Ann Stores, Inc. *		239,598
	2,300	Lithia Motors, Inc., Class A		61,686
	21,000	Longs Drug Stores Corp.		578,970
	1,830	PC Mall, Inc. *		40,955
	16,000	Retail Ventures, Inc. *		113,600
	4,076	Rock of Ages Corp.		29,755
	2,400	Ruddick Corp.		52,056
	800	Rush Enterprises, Inc., Class B *		13,848
	300	S&K Famous Brands, Inc. *		4,893
	7,700	Shoe Carnival, Inc. *		100,100
	15,700	ShopKo Stores, Inc. *		293,276
	1,500	Smart & Final, Inc. *		21,585
	1,300	Sport Chalet, Inc. *		18,148
	18,184	Stage Store, Inc.		755,000
	16,400	Stein Mart, Inc. *		279,784
	25,700	SUPERVALU, Inc.		887,164
	1,600	Syms Corp. *		19,440
	2,600	Systemax, Inc. *		19,084
	5,400	The Bon-Ton Stores, Inc.		85,050
	10,100	The Men’s Wearhouse, Inc. *		322,796
	56,400	Toys “R” Us, Inc. *		1,154,508
	7,600	Trans World Entertainment Corp. *		94,772
	39,768	Urban Outfitters, Inc. *		1,765,699
	1,400	Village Super Market, Inc., Class A		53,102
	8,000	Weis Markets, Inc.		308,560
	25,800	Zale Corp. *		770,646
				15,467,149
		Soaps & Cosmetics — 0.0%
	100	CPAC, Inc.		540
	3,900	Parlux Fragrances, Inc. *		87,672
				88,212
		Software — 5.0%
	65,181	Activision, Inc. *		1,315,353
	11,700	Advent Software, Inc. *		239,616
	14,950	American Software, Inc., Class A		90,149
	14,200	Autodesk, Inc.		538,890
	1,300	Black Box Corp.		62,426
	30,900	Borland Software Corp. *		360,912
	22,591	Cerner Corp. *		1,201,163
	18,400	CIBER, Inc. *		177,376
	64,800	Cognizant Technology Solutions Corp., Class A *		2,742,983
	1,600	Computer Task Group, Inc. *		8,960
	500	CSP, Inc. *		5,195
	1,000	Dendrite International, Inc. *		19,400
	9,800	Edgewater Technology, Inc. *		48,020
	14,600	eFunds Corp. *		350,546
	2,000	First American Corp.		70,280
	859	HMS Holdings Corp. *		7,722
	21	Hyperion Solutions Corp. *		979
	21,400	IDX Systems Corp. *		737,444
	5,767	infoUSA, Inc. *		64,533
	155	Innotrac Corp. *		1,319
	30,650	Internet Security Systems, Inc. *		712,613
	1,100	Manatron, Inc. *		9,251
	3,600	McAfee, Inc. *		104,148
	2,400	Moldflow Corp. *		38,160
	5,361	NetManage, Inc. *		34,578
	1,250	NWH, Inc.		17,461
	300	Omtool Ltd. *		2,535
	106,629	Parametric Technology Corp. *		628,045
	7,700	Pegasus Solutions, Inc. *		97,020
	67,500	Perot Systems Corp., Class A *		1,082,025
	3,400	Phoenix Technologies Ltd. *		28,084
	1,800	PLATO Learning, Inc. *		13,410
	25,100	RSA Security, Inc. *		503,506
	1,000	S1 Corp. *		9,060

16

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Discovery Fund

Shares or Principal			Value
		Common Stock, Software continued
	7,700	SeaChange International, Inc. *	$	134,288
	9,300	Source Interlink Cos., Inc. *		123,504
	4,444	State Auto Financial Corp.		114,877
	13,583	Sykes Enterprises, Inc. *		94,402
	5,600	TechTeam Global, Inc. *		56,952
	2,333	TSR, Inc.		19,807
	6,000	Tyler Technologies, Inc. *		50,160
	1,100	Ulticom, Inc *		17,633
	20,199	Witness Systems, Inc. *		352,675
				12,287,460
		Textiles & Apparel — 2.7%
	9,800	Ashworth, Inc. *		106,722
	2,500	Coach, Inc. *		141,000
	3,100	Culp, Inc. *		21,018
	7,366	Cutter & Buck, Inc.		107,323
	400	Decorator Industries, Inc.		3,220
	16,100	DHB Industries, Inc. *		306,544
	3,505	Haggar Corp.		82,294
	900	Hallwood Group, Inc. *		95,850
	900	Hampshire Group Ltd. *		28,352
	11,800	Hartmarx Corp. *		91,686
	1,174	K-Swiss, Inc., Class A		34,187
	1,300	Kenneth Cole Productions, Inc.		40,118
	400	McRae Industries, Inc., Class A		4,376
	19,000	Phillips-Van Heusen Corp.		513,000
	36,700	Polo Ralph Lauren Corp.		1,563,419
	3,800	Reebok International Ltd.		167,200
	25,400	Russell Corp.		494,792
	2,572	Saucony, Inc., Class A		71,630
	20,800	Stride Rite Corp.		232,336
	1,700	Superior Uniform Group, Inc.		25,415
	2,100	Tandy Brands Accessories, Inc.		31,122
	18,700	Timberland Co., Class A *		1,171,929
	72,100	Tommy Hilfiger Corp. *		813,288
	15,400	Wolverine World Wide, Inc.		483,868
				6,630,689
		Wholesale — 2.2%
	1,300	Agilysys, Inc.		22,282
	25,700	Airgas, Inc.		681,307
	3,000	All American Semiconductor, Inc. *		17,760
	5,550	Applied Industrial Technologies, Inc.		152,070
	3,943	Aristotle Corp. *		27,684
	35,700	Arrow Electronics, Inc. *		867,510
	16,900	Aviall, Inc. *		388,193
	10,600	Avnet, Inc. *		193,344
	1,800	Coast Distribution System, Inc.		13,230
	1,600	Delta Apparel, Inc.		38,800
	10,600	Department 56, Inc. *		176,490
	1,950	DXP Enterprises, Inc. *		9,380
	8,200	Enesco Group, Inc. *		66,256
	3,000	First Aviation Services, Inc. *		12,840
	4,900	GTSI Corp. *		51,499
	12,100	Handleman Co.		259,908
	12,500	Hughes Supply, Inc.		404,375
	10,100	Huttig Building Products, Inc. *		105,545
	9,000	IKON Office Solutions, Inc.		104,040
	1,800	Imagistics International, Inc. *		60,588
	4,400	Industrial Distribution Group, Inc. *		36,520
	6,703	Insurance Auto Auctions, Inc. *		150,281
	3,500	Lawson Products, Inc.		176,505
	100	Lazare Kaplan International, Inc. *		951
	200	LKQ Corp. *		4,014
	3,360	Manchester Technologies, Inc. *		33,566
	2,300	MSC Industrial Direct Co., Inc. Class A		82,754
	2,400	NACCO Industries, Inc. Class A		252,960
	16,314	Navarre Corp. *		287,126
	200	Noland Co.		9,200
	200	Park-Ohio Holdings Corp. *		5,180
	9,200	Pomeroy IT Solutions, Inc. *		139,932
	2,800	Richardson Electronics Ltd.		29,708
	1,100	Spartan Stores, Inc. *		7,315
	2,200	TESSCO Technologies, Inc. *		30,778
	5,400	Valley National Gases, Inc.		97,200
	12,300	Ventiv Health, Inc. *		249,936
	100	Watsco, Inc., Class B		3,510
				5,250,537
		Total Common Stock (Cost $200,008,695)		240,647,779
		Repurchase Agreement — 2.2%
$	5,331,000	State Street Bank dated 12/31/04, due 1/3/05 at 1.25% with a maturity value of $5,331,555 (Fully collateralized by a Fannie Mae security)		5,331,000
		Total Repurchase Agreement (Cost $5,331,000)		5,331,000
		Total Investments (Cost $205,339,695) (a) — 101.4%	$	245,978,779

Percentages noted above are based on net assets as of December 31, 2004.

*	Non-income producing security.
(a)	Represents cost for financial reporting purposes, is substantially the same as federal income tax purposes, and differs from value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	42,182,619
Unrealized depreciation		(1,543,535	)
Net unrealized appreciation	$	40,639,084

17

Laudus Trust

Laudus Rosenberg U.S. Small Capitalization Fund

Statement of Portfolio Investments as of 12/31/04 (Unaudited)

This document contains the Statement of Portfolio Investments as of 12/31/04. For more information about the securities, please refer to the Fund’s semiannual or annual shareholder report.

Shares			Value
		Common Stock — 98.4%
		Agriculture, Food & Beverage — 2.5%
	31,555	Andersons, Inc.	$	804,653
	67,547	Cal-Maine Foods, Inc. (a)		816,643
	224,000	Chiquita Brands International, Inc.		4,941,440
	17,588	Diedrich Coffee, Inc. *		103,910
	196,950	Flowers Foods, Inc.		6,219,681
	2,900	Glacier Water Services, Inc. *		78,271
	8,254	J & J Snack Foods Corp.		404,694
	156,800	Lance, Inc.		2,983,904
	69,800	National Beverage Corp.		580,736
	18,900	Omega Protein Corp. *		162,540
	5,504	Penford Corp.		86,578
	307,500	Ralcorp Holdings, Inc.		12,893,475
	4,580	Seaboard Corp.		4,570,840
	400	Seneca Foods Corp., Class B *		7,300
	16,100	Zapata Corp. *		964,390
				35,619,055
		Airlines — 0.2%
	13,144	Air Methods Corp. *		113,038
	95,200	AirNet Systems, Inc. *		332,248
	41,500	Alaska Air Group, Inc. *		1,389,835
	101,230	MAIR Holdings, Inc. * (a)		931,316
	8,200	Offshore Logistics, Inc. *		266,254
				3,032,691
		Autos — 0.2%
	1,300	Collins Industries, Inc.		7,865
	23,863	Dura Automotive Systems, Inc., Class A *		258,436
	48,950	R&B, Inc. *		1,223,261
	22,464	Supreme Industries, Inc., Class A		143,994
	79,389	Sypris Solutions, Inc.		1,215,446
				2,849,002
		Banks & Credit Institutions — 9.9%
	300	1st Independence Financial Group, Inc.		5,694
	47,049	1st Source Corp.		1,200,220
	203,839	Accredited Home Lenders Holding Co. *		10,126,721
	177,331	Advanta Corp., Class A		4,011,227
	5,400	American Community Bancshares, Inc. (a)		89,802
	44,572	AmeriServ Financial, Inc. *		231,329
	8,986	Anchor BanCorp Wisconsin, Inc.		261,942
	100	Auburn National Bancorporation, Inc.		2,133
	755	Bancorp Rhode Island, Inc.		29,823
	308,498	BankUnited Financial Corp., Class A *		9,856,510
	77,828	Banner Corp.		2,427,455
	20,100	Berkshire Bancorp, Inc.		412,050
	48,600	Berkshire Hills Bancorp, Inc.		1,805,490
	17,820	BNCCORP, Inc. *		295,812
	301	BOE Financial Services of Virginia, Inc.		8,880
	5,073	Britton & Koontz Capital Corp.		92,988
	2	BWC Financial Corp.		50
	3,800	Camden National Corp.		149,758
	34,994	Capital Crossing Bank *		1,073,966
	22,600	Carver Bancorp, Inc.		452,000
	8,016	Cascade Financial Corp.		150,701
	300	Central Bancorp, Inc.		8,552
	10,100	Centrue Financial Corp.		284,921
	19,342	CFS Bancorp, Inc.		276,010
	500	Classic Bancshares, Inc.		22,320
	4,375	Colony Bankcorp, Inc.		147,219
	379,600	Commercial Federal Corp.		11,277,915
	330	Community Bank Shares of Indiana, Inc.		7,062
	100	Community Bankshares, Inc.		1,830
	1,900	Community Capital Corp.		45,790
	92	Community Central Bank Corp.		1,217
	2,175	Community Financial Corp.		47,796
	10,800	Community West Bancshares		144,180
	26,355	Consumer Portfolio Services, Inc. *		128,349
	193	Cooperative Bankshares, Inc.		5,270
	8,600	Corus Bankshares, Inc.		412,886
	36,907	Cowlitz Bancorp *		411,144
	5,073	Crescent Banking Co.		133,927
	4,236	Dearborn Bancorp, Inc. *		123,522
	19,580	Desert Community Bank		506,300
	2,089	ECB Bancorp, Inc.		62,398
	4,000	EFC Bancorp, Inc.		103,960
	9,909	Elmira Savings Bank, FSB		307,179
	11,810	FFLC Bancorp, Inc. (a)		414,543
	6,100	FFW Corp.		131,028
	9,557	Fidelity Southern Corp.		181,583
	638	Financial Institutions, Inc.		14,834
	2,546	First Bancorp of Indiana, Inc.		50,156
	11,200	First Bancshares, Inc.		229,600
	12,550	First BancTrust Corp.		148,718
	90,790	First Charter Corp.		2,375,974

18

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Small Capitalization Fund

Shares			Value
		Common Stock, Banks & Credit Institutions continued
	64,226	First Citizens BancShares, Inc., Class A	$	9,521,505
	13,684	First Federal Bancshares of Arkansas, Inc.		303,648
	5,899	First Federal Bankshares, Inc.		134,320
	1,753	First Indiana Corp.		39,460
	100	First Marblehead Corp. *		5,625
	5,093	First Mariner Bancorp *		89,433
	2,400	First Midwest Financial, Inc.		55,680
	36,521	First Place Financial Corp.		817,705
	4,000	First Regional Bancorp * (a)		216,280
	7,440	FirstFed Bancorp, Inc.		55,986
	49,200	FirstFed Financial Corp. *		2,552,004
	80	FMS Financial Corp.		1,690
	300	Glen Burnie Bancorp		7,260
	1,800	Great Pee Dee Bancorp, Inc.		27,054
	1,900	Greater Atlantic Financial Corp. * (a)		11,875
	8,200	GS Financial Corp.		147,600
	1,158	Guaranty Federal Bancshares, Inc.		27,857
	25,078	Habersham Bancorp		544,193
	23,406	HF Financial Corp.		427,160
	9,400	Hingham Institution for Savings		413,130
	16,930	HMN Financial, Inc.		550,987
	6,123	Horizon Bancorp		163,484
	812	Iberiabank Corp.		53,884
	44,891	Intervest Bancshares Corp. *		886,103
	173,400	Irwin Financial Corp.		4,922,826
	2,509	ITLA Capital Corp. *		147,504
	2,100	Lincoln Bancorp		40,507
	4,873	Long Island Financial Corp.		190,047
	3,697	LSB Financial Corp.		97,029
	9,198	MAF Bancorp, Inc.		412,254
	12,169	Massbank Corp.		455,729
	12,993	Matrix Bancorp, Inc. *		162,542
	300	Mayflower Co-operative Bank		5,355
	4,149	Medallion Financial Corp.		40,245
	700	Metris Cos., Inc. *		8,925
	100	MetroCorp Bancshares, Inc.		2,226
	3,300	MFB Corp.		98,307
	13,719	MidWestOne Financial Group, Inc.		287,550
	100	MutualFirst Financial, Inc.		2,435
	8,817	National Mercantile Bancorp *		116,199
	119,671	NetBank, Inc.		1,245,775
	5,015	New Hampshire Thrift Bancshares, Inc.		167,125
	13,650	North Valley Bancorp		265,220
	11,368	Northeast Indiana Bancorp, Inc.		233,612
	1,714	Northeast Pennsylvania Financial Corp.		38,771
	14,700	Northway Financial, Inc.		495,390
	288,600	Ocwen Financial Corp. * (a)		2,759,016
	20,433	Onyx Acceptance Corp.		571,307
	47,052	Pacific Mercantile Bancorp *		822,469
	12,608	Park Bancorp, Inc.		387,078
	1,900	Parkvale Financial Corp.		54,701
	15,619	Patriot National Bancorp, Inc.		287,390
	6,366	PennFed Financial Services, Inc.		102,365
	900	Peoples Bancorp		19,440
	1,286	Peoples Bancorp of North Carolina		24,781
	7,300	Peoples BancTrust Co., Inc.		121,509
	3,000	Peoples Community Bancorp		70,899
	1,197	Peoples Financial Corp.		21,620
	67,900	PFF Bancorp, Inc.		3,145,807
	1,300	Pinnacle Bancshares, Inc.		20,274
	19,597	Pocahontas Bancorp, Inc.		304,910
	500	Pointe Financial Corp.		20,375
	2,200	Premier Financial Bancorp, Inc. *		27,170
	327	Princeton National Bancorp, Inc.		9,467
	23,500	Provident Bancorp, Inc.		309,965
	29,671	Provident Bankshares Corp.		1,079,134
	3,825	Provident Financial Holdings, Inc.		110,351
	46,925	PSB Bancorp, Inc.		660,235
	8,250	QCR Holdings, Inc.		178,406
	308,100	R & G Financial Corp., Class B		11,978,927
	105,810	Republic Bancorp, Inc.		1,616,777
	34,936	Republic Bancorp, Inc., Class A		897,855
	4,519	Republic First Bancorp, Inc. *		69,141
	393	South Street Financial Corp.		3,969
	14,600	Southern Missouri Bancorp, Inc.		269,954
	16,131	Southside Bancshares, Inc.		368,593
	104,278	Sterling Financial Corp. *		4,093,954
	16,178	Team Financial, Inc.		205,946
	3,900	Teche Holding Co.		149,175
	10,066	TF Financial Corp. (a)		322,112
	20,500	Timberland Bancorp, Inc.		468,425
	145,500	UMB Financial Corp.		8,244,030
	10,349	United Bancshares, Inc.		177,020
	3,687	United Financial Corp.		89,428
	17,335	Unity Bancorp, Inc.		221,888
	47,442	Wainwright Bank & Trust Co.		585,909
	305,100	Walter Industries, Inc. (a)		10,291,022
	6,298	Washington Banking Co.		114,309
	10,600	Washington Savings Bank, F.S.B.		169,070
	9,348	Wells Financial Corp.		303,810
	188,300	Westcorp		8,648,619
	4,300	Woronoco Bancorp, Inc.		157,724

19

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Small Capitalization Fund

Shares			Value
		Common Stock, Banks & Credit Institutions continued
	10,114	WSFS Financial Corp.	$	610,076
	52	WVS Financial Corp.		891
				138,347,523
		Basic Minerals & Metals — 3.8%
	98,500	Cleveland-Cliffs, Inc.		10,230,210
	10,633	Insteel Industries, Inc. * (a)		192,043
	62,500	L.B. Foster Co., Class A *		600,313
	379,800	Maverick Tube Corp. *		11,507,940
	43,927	Northwest Pipe Co. *		1,095,979
	160,000	NS Group, Inc. *		4,448,000
	110,983	Olympic Steel, Inc. * (a)		2,942,159
	10,000	Oregon Steel Mills, Inc. *		202,900
	40,100	Quanex Corp.		2,749,657
	14,300	Reliance Steel & Aluminum Co.		557,128
	5,100	Roanoke Electric Steel Corp.		105,422
	282,576	Ryerson Tull, Inc. (a)		4,450,572
	325,649	Steel Dynamics, Inc.		12,335,584
	38,528	Steel Technologies, Inc.		1,059,905
	17,200	Webco Industries, Inc. *		185,244
				52,663,056
		Beer, Liquor & Tobacco — 0.0%
	24,605	MGP Ingredients, Inc. (a)		212,587
	6,500	Todhunter International, Inc. *		85,670
				298,257
		Biotechnology — 0.0%
	54,671	Harvard Bioscience, Inc. *		253,127
		Chemicals & Rubber — 2.4%
	354,582	A. Schulman, Inc.		7,591,601
	77,136	American Pacific Corp. *		656,427
	232,700	Arch Chemicals, Inc.		6,697,106
	16,400	Bairnco Corp.		182,860
	13,400	Georgia Gulf Corp.		667,320
	371,200	Great Lakes Chemical Corp.		10,575,488
	258,900	Hercules, Inc. *		3,844,665
	26,379	LESCO, Inc. *		340,025
	73,400	LSB Industries, Inc. *		582,796
	5,700	NewMarket Corp. *		113,430
	19,200	Stepan Co.		467,712
	1,000	Synalloy Corp. *		9,900
	278,400	Terra Industries, Inc. * (a)		2,472,192
				34,201,522
		Commercial Aircraft & Components — 0.1%
	10,400	Curtiss-Wright Corp.		597,064
	2,700	Ducommun, Inc. *		56,295
	2,402	Ladish Co., Inc. *		27,599
	700	Sequa Corp., Class A *		42,805
	6,200	SIFCO Industries, Inc. *		35,588
				759,351
		Communications Utilities — 1.2%
	27,300	Atlantic Tele-Network, Inc.		887,250
	95,183	Audible, Inc. *		2,479,517
	600	CT Communications, Inc.		7,380
	30,763	D&E Communications, Inc.		370,694
	1,070,990	EarthLink, Inc. *		12,337,805
	9	General Communication, Inc., Class A *		99
	19,500	Hector Communications Corp.		426,075
	2,600	Newtek Business Services, Inc. *		11,388
	23,427	Zoom Technologies, Inc. *		78,949
				16,599,157
		Construction & Homebuilding — 1.9%
	17,231	Beazer Homes USA, Inc. (a)		2,519,345
	116,400	Brookfield Homes Corp.		3,945,960
	31,100	Comfort Systems USA, Inc. *		238,848
	328,800	Granite Construction, Inc.		8,746,079
	43,122	Insituform Technologies, Inc., Class A *		977,576
	24,800	Orleans Homebuilders, Inc. *		492,280
	49,800	Sterling Construction Co., Inc. *		258,462
	38,691	Technical Olympic USA, Inc.		981,978
	219,400	Willbros Group, Inc. *		5,057,170
	53,200	William Lyon Homes, Inc. *		3,736,768
				26,954,466
		Construction Materials — 0.6%
	55,300	Ameron International Corp.		2,095,870
	43,753	Ceradyne, Inc. * (a)		2,503,109
	90,200	Compass Minerals International, Inc.		2,185,546
	7,000	Continental Materials Corp. * (a)		189,875
	3,200	Devcon International Corp. *		49,456
	1,100	Oil-Dri Corp. of America		20,031
	218,790	U.S. Concrete, Inc. *		1,678,119
	4,802	United States Lime & Minerals, Inc. *		54,503
				8,776,509
		Consumer Durables — 0.3%
	6,322	Arctic Cat, Inc.		167,659
	33,513	Boston Acoustics, Inc.		464,155
	98,400	Coachmen Industries, Inc.		1,708,224
	103,545	Spartan Motors, Inc.		1,235,292
	58,781	Universal Electronics, Inc. *		1,034,546
				4,609,876
		Drugs & Pharmaceuticals — 1.6%
	421,700	Alpharma, Inc., Class A		7,147,815
	1,100	BioSource International, Inc. *		7,590
	95,100	E-Z-EM, Inc.		1,388,460
	309,088	First Horizon Pharmaceutical Corp. *		7,075,024

20

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Small Capitalization Fund

Shares			Value
		Common Stock, Drugs & Pharmaceuticals continued
	27,445	Genencor International, Inc. *	$	450,098
	26,400	Immucor, Inc. *		620,664
	113,515	Nature’s Sunshine Products, Inc.		2,311,165
	7,744	Polydex Pharmaceuticals Ltd. *		46,619
	116,807	Serologicals Corp. *		2,583,771
	257,400	Weider Nutrition International, Inc. *		1,119,690
				22,750,896
		Electric Utilities — 1.7%
	300	Avista Corp.		5,301
	64,500	Central Vermont Public Service Corp.		1,500,270
	309,100	Duquesne Light Holdings, Inc.		5,826,535
	138,700	El Paso Electric Co. *		2,626,978
	400	Florida Public Utilities Co.		7,660
	4,000	Green Mountain Power Corp.		115,320
	300	Maine & Maritimes Corp.		7,905
	76,050	PNM Resources, Inc.		1,923,305
	137,800	UIL Holdings Corp.		7,069,140
	205,800	Westar Energy, Inc.		4,706,646
				23,789,060
		Financial Investments — 1.1%
	213,475	Aaron Rents, Inc.		5,336,875
	200	Bestway, Inc. * (a)		2,440
	36,031	California First National Bancorp		456,333
	700	Cherokee, Inc.		24,696
	65,256	Electro Rent Corp.		928,593
	25,869	ePlus, Inc. *		305,513
	50,938	G-III Apparel Group Ltd. *		351,472
	37,686	MCG Capital Corp.		645,561
	303,605	Price Communications Corp. *		5,644,017
	100	Shenandoah Telecommunications Co.		2,995
	1,000	ShoLodge, Inc. *		4,352
	39,800	Universal Compression Holdings, Inc. *		1,389,418
	65,325	Willis Lease Finance Corp. *		509,535
				15,601,800
		Forest Products & Paper — 1.1%
	7,500	Chesapeake Corp.		203,700
	58,100	CSS Industries, Inc.		1,845,256
	2,300	DSG International Ltd. *		11,155
	151,904	Louisiana-Pacific Corp.		4,061,913
	800	Nashua Corp. *		9,088
	2,100	Schweitzer-Mauduit International, Inc.		71,295
	202,130	Universal Forest Products, Inc.		8,772,442
				14,974,849
		Furniture & Household Items — 3.5%
	58,400	A.T. Cross Co., Class A *		289,080
	178,400	Acuity Brands, Inc.		5,673,120
	28,668	Aldila, Inc. (a)		444,067
	24,600	American Biltrite, Inc. *		280,440
	16,100	American Locker Group, Inc. *		237,459
	4,300	Atlantis Plastics, Inc., Class A *		76,540
	103,314	Bassett Furniture Industries, Inc.		2,027,537
	164,299	Central Garden & Pet Co. *		6,857,841
	8,700	Chase Corp.		138,330
	11,500	Chromcraft Revington, Inc. *		141,450
	300	Communications Systems, Inc.		3,603
	44,900	Cybex International, Inc. *		183,641
	31,464	Flexsteel Industries, Inc.		555,308
	26,570	GameTech International, Inc.		130,193
	65,200	Genlyte Group, Inc. *		5,586,336
	185,160	Griffon Corp. *		4,999,320
	43,540	JAKKS Pacific, Inc. *		962,669
	5,532	Johnson Outdoors, Inc., Class A *		111,193
	5,404	Juno Lighting, Inc.		226,968
	450,047	K2, Inc. *		7,146,747
	196,518	Kimball International, Inc., Class B		2,910,432
	1,490	Knape & Vogt Manufacturing Co.		19,556
	34	Mity Enterprises, Inc. *		511
	166,800	Movado Group, Inc.		3,110,820
	6,000	National Presto Industries, Inc.		273,000
	23,100	Patrick Industries, Inc. *		234,234
	965	Preformed Line Products Co.		27,966
	2,500	Summa Industries		24,800
	3,793	Vermont Teddy Bear Co., Inc. *		24,351
	241,600	West Pharmaceutical Services, Inc.		6,047,248
				48,744,760
		Gas & Other Public Utilities — 1.0%
	23,555	American Ecology Corp.		282,660
	1,502	Artesian Resources Corp., Class A		42,236
	15,100	California Water Service Group		568,515
	1,400	Casella Waste Systems, Inc., Class A *		20,496
	1,300	Chesapeake Utilities Corp.		34,710
	125,940	Duratek, Inc. *		3,137,165
	2,500	RGC Resources, Inc.		64,725
	6,000	SJW Corp.		218,400

21

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Small Capitalization Fund

Shares			Value
		Common Stock, Gas & Other Public Utilities continued
	172,300	South Jersey Industries, Inc.	$	9,056,088
	11,882	Waste Industries USA, Inc.		147,337
				13,572,332
		Government Aircraft & Defense — 1.2%
	9,700	Allied Defense Group, Inc. *		215,825
	274,400	Armor Holdings, Inc. *		12,902,287
	41,000	EDO Corp.		1,301,750
	35,683	Lowrance Electronics, Inc.		1,123,979
	7,750	Orbit International Corp. *		87,343
	46,980	Todd Shipyards Corp.		850,338
				16,481,522
		Health Care & Hospital — 1.5%
	73,230	Allied Healthcare International, Inc. *		402,765
	36,058	Amedisys, Inc. *		1,167,919
	46,600	American Shared Hospital Services		276,804
	297,043	Kindred Healthcare, Inc. *		8,896,438
	75,952	MedCath Corp. *		1,871,457
	500	MEDTOX Scientific, Inc. *		4,500
	37,600	National Dentex Corp. *		1,144,958
	63,292	National Home Health Care Corp.		829,125
	64,837	Option Care, Inc.		1,114,548
	800	Pediatric Services of America, Inc. *		10,208
	128,400	RehabCare Group, Inc. *		3,593,916
	66,219	Res-Care, Inc. *		1,007,853
	500	Sierra Health Services, Inc. *		27,555
	200	SunLink Health Systems, Inc. *		1,110
				20,349,156
		Information & Services — 7.0%
	800	Ablest, Inc. *		5,912
	14,141	Almost Family, Inc. *		204,337
	44,652	Ambassadors International, Inc.		702,376
	38,000	American Dental Partners, Inc. *		720,480
	113,800	American Retirement Corp. *		1,341,702
	43,400	Angelica Corp.		1,173,970
	142,300	Carriage Services, Inc. * (a)		702,962
	90,122	Century Business Services, Inc. *		392,932
	44,200	Cornell Cos., Inc. *		670,956
	222,214	Discovery Partners International *		1,055,517
	11,300	Ecology & Environment, Inc.		88,253
	52,600	Exponent, Inc. *		1,445,974
	137,881	Forrester Research, Inc. *		2,473,585
	101,152	Healthcare Services Group, Inc.		2,108,008
	186,502	Heidrick & Struggles International, Inc. *		6,391,424
	32,919	Horizon Health Corp. *		917,782
	223,146	Kelly Services, Inc., Class A		6,734,546
	143,100	Kendle International, Inc. *		1,259,280
	5,500	Kforce, Inc. *		61,050
	1,200	Korn/ Ferry International *		24,900
	60,520	Layne Christensen Co. *		1,098,438
	4,800	Mac-Gray Corp. *		38,832
	1,000	MAXIMUS, Inc. *		31,120
	229,200	Metal Management, Inc.		6,158,604
	57,630	Michael Baker Corp. *		1,129,548
	11,550	Monro Muffler Brake, Inc. *		292,215
	1,081,800	MPS Group, Inc. *		13,262,867
	4,606	National Technical Systems, Inc. *		23,076
	136,719	Navigant International, Inc. * (a)		1,663,870
	301,439	NCO Group, Inc. *		7,792,198
	4,450	Nobel Learning Communities, Inc. *		33,509
	69,616	Opinion Research Corp. *		465,731
	294,572	PAREXEL International Corp. *		5,979,812
	90,000	Pre-Paid Legal Services, Inc. (a)		3,379,500
	88,584	RCM Technologies, Inc. *		445,666
	106,450	Schnitzer Steel Industries, Inc., Class A		3,611,849
	34,854	Security National Financial Corp., Class A *		115,367
	5,600	Spherion Corp. *		47,040
	171,258	Steiner Leisure Ltd. *		5,117,189
	938,605	Stewart Enterprises, Inc., Class A *		6,560,849
	150,263	TeleTech Holdings, Inc. *		1,456,048
	264,200	The Brink’s Co.		10,441,184
	9,624	Vertrue, Inc. (a)		363,498
	8,700	Volt Information Sciences, Inc. *		255,693
				98,239,649
		Instruments — 6.6%
	78,652	Allied Healthcare Products, Inc. *		515,171
	1,074	AngioDynamics, Inc. *		23,789
	12,305	Atrion Corp.		556,740
	4,400	Badger Meter, Inc.		131,780
	37,489	Bio-Logic Systems Corp. *		341,150
	460,242	Checkpoint Systems, Inc. *		8,307,368
	1,599	CNS, Inc.		20,067
	70,000	Compex Technologies, Inc. *		326,900
	334,211	CONMED Corp. *		9,498,277
	145,114	Datascope Corp. (a)		5,759,575
	8,346	Enpath Medical, Inc. *		90,137
	129,720	Esterline Technologies Corp. *		4,235,358
	10,100	Frequency Electronics, Inc.		149,985

22

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Small Capitalization Fund

Shares			Value
		Common Stock, Instruments continued
	239,700	Haemonetics Corp. *	$	8,679,537
	254,700	Invacare Corp.		11,782,421
	25,210	K-Tron International, Inc. *		670,712
	26,326	Kewaunee Scientific Corp.		239,567
	23,112	LeCroy Corp. *		539,434
	1,700	Mesa Laboratories, Inc.		21,684
	205,200	Mine Safety Appliances Co.		10,403,640
	64,226	Misonix, Inc. *		418,111
	2,952	Molecular Devices Corp. *		59,335
	28,185	MTS Systems Corp.		952,935
	46,988	New Brunswick Scientific Co., Inc. *		291,326
	29,264	O.I. Corp. *		289,128
	243,003	Ocular Sciences, Inc. *		11,909,576
	26,434	OYO Geospace Corp. *		495,109
	17,098	Perceptron, Inc. *		124,815
	20,966	Schmitt Industries, Inc. * (a)		147,622
	387,900	Sola International, Inc. *		10,682,766
	27,300	Span-America Medical Systems, Inc.		340,704
	110,355	Trimble Navigation Ltd. *		3,646,129
	44,100	Vicon Industries, Inc. *		207,270
				91,858,118
		Insurance — 4.0%
	2,186	American National Insurance Co.		227,694
	76,900	American Safety Insurance Holdings Ltd. *		1,256,546
	91,500	AmerUs Group Co.		4,144,950
	58,951	Argonaut Group, Inc. *		1,245,635
	2,500	Bancinsurance Corp. *		18,125
	175,500	Commerce Group, Inc.		10,712,520
	1,600	Crawford & Co., Class B		12,000
	238,750	Delphi Financial Group, Inc., Class A		11,018,313
	29	EMC Insurance Group, Inc.		628
	44,700	FBL Financial Group, Inc., Class A		1,276,185
	83,400	FPIC Insurance Group, Inc. * (a)		2,950,692
	82,300	Great American Financial Resources, Inc.		1,429,551
	46,600	Horace Mann Educators Corp.		889,128
	27,738	Independence Holding Co.		511,766
	220,158	Max Re Capital Ltd.		4,695,970
	2,700	Merchants Group, Inc.		64,800
	46,686	Midland Co.		1,459,871
	3,400	National Financial Partners Corp.		131,920
	14,446	National Security Group, Inc.		327,202
	17,281	National Western Life Insurance Co., Class A *		2,879,187
	3,400	NYMAGIC, Inc.		86,020
	57,171	Ohio Casualty Corp. *		1,326,939
	32,989	Presidential Life Corp.		559,493
	37,030	RTW, Inc. *		351,044
	16,900	SCPIE Holdings, Inc. (a)		167,310
	95,013	Selective Insurance Group, Inc.		4,203,375
	90,500	UICI		3,067,950
	6,276	Unico American Corp. *		58,994
	7,600	United American Healthcare Corp. *		47,948
	25,350	United Fire & Casualty Co.		854,549
				55,976,305
		IT Hardware — 2.8%
	2,998	Allen Organ Co., Class B		206,487
	5,000	American Technical Ceramics Corp. *		49,900
	32,200	Amtech Systems, Inc. *		135,272
	3,100	Blonder Tongue Laboratories, Inc. *		13,361
	4,260	Catalyst Semiconductor, Inc. *		23,430
	63,985	Cobra Electronics Corp. *		518,918
	247,704	Digi International, Inc. *		4,258,032
	81,710	Diodes, Inc. *		1,849,097
	131,819	EMS Technologies, Inc. *		2,190,832
	11,000	Espey Manufacturing & Electronics Corp.		288,200
	3,923	Globecomm Systems, Inc. * (a)		24,950
	71,069	inTEST Corp. *		312,704
	34,300	Merrimac Industries, Inc. *		309,215
	600,413	Microsemi Corp. *		10,423,170
	364,198	Orbital Sciences Corp. *		4,308,462
	141,901	Peak International Ltd. *		580,943
	137,371	Photronics, Inc. *		2,266,622
	155,685	Radyne ComStream, Inc. *		1,162,967
	26,330	SMTEK International, Inc. *		371,253
	985	Sparton Corp. *		8,875
	694	Spectrum Control, Inc. *		5,038
	10,600	Stoneridge, Inc. *		160,378
	2,500	Sunair Electronics, Inc. *		41,275
	497,366	Symmetricom, Inc. *		4,829,424
	15,663	Telular Corp. * (a)		133,292
	114,639	TTM Technologies, Inc. *		1,352,740
	128,666	ViaSat, Inc. *		3,122,724
	34,018	Virage Logic Corp. *		631,714
	13,100	Woodhead Industries, Inc.		209,993
				39,789,268
		Land & Water Transportation — 3.5%
	48,577	Alexander & Baldwin, Inc.		2,060,636
	4,300	B & H Ocean Carriers Ltd. * (a)		54,180
	102,938	Celadon Group, Inc. *		2,290,371
	3,000	Dynamex, Inc. *		55,590
	327,477	EGL, Inc. *		9,788,288
	346,600	General Maritime Corp.		13,846,671
	3,900	Hub Group, Inc., Class A *		203,658
	4,400	Maritrans, Inc.		79,948
	7,537	Marten Transport Ltd. *		171,316

23

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Small Capitalization Fund

Shares			Value
		Common Stock, Land & Water Transportation continued
	3,500	Nordic American Tanker Shipping Ltd. (a)	$	136,675
	195,800	Overseas Shipholding Group, Inc.		10,808,160
	5,585	SCS Transportation, Inc. *		130,521
	39,900	Sea Containers Ltd., Class A		785,631
	17,453	Ship Finance International Ltd. (a)		358,142
	16,000	Total Logistics, Inc. *		431,344
	755	Transport Corp. of America, Inc. *		6,342
	68,757	U.S. Xpress Enterprises, Inc., Class A *		2,014,580
	77,669	USA Truck, Inc. *		1,320,373
	68,820	Yellow Roadway Corp. *		3,833,962
				48,376,388
		Metal Products & Machinery — 5.5%
	100	Alamo Group, Inc.		2,716
	54,816	Allied Motion Technologies, Inc. *		395,772
	15,084	Astec Industries, Inc. *		259,596
	3,300	Blount International, Inc. *		57,486
	37,306	Bonso Electronics International, Inc.		197,311
	6,600	Chicago Rivet & Machine Co.		179,487
	900	Eastern Co.		18,000
	187,600	EnPro Industries, Inc. *		5,547,332
	34,900	ESCO Technologies, Inc. *		2,675,085
	70,038	Evans & Sutherland Computer Corp. *		488,165
	6,249	Federal Screw Works		207,154
	14,149	Flanders Corp. *		135,830
	44,700	Gehl Co. *		1,043,745
	40,300	General Bearing Corp. *		201,540
	187,500	Gerber Scientific, Inc. *		1,426,875
	500	Greenbrier Cos., Inc.		16,925
	84,992	Hardinge, Inc.		1,147,392
	14,000	Hawk Corp., Class A *		120,960
	37,000	International Aluminum Corp.		1,252,450
	236,900	Kennametal, Inc.		11,790,513
	15,882	Key Technology, Inc. *		153,261
	509,700	Lennox International, Inc.		10,372,395
	73	Middleby Corp.		3,703
	9,100	P & F Industries, Inc. *		138,584
	1,800	Peerless Manufacturing Co. *		26,550
	93	Powell Industries, Inc. *		1,720
	9,388	Q.E.P. Co., Inc. *		140,163
	62,700	Rayovac Corp. *		1,916,112
	183,000	Regal-Beloit Corp.		5,233,800
	13,898	Rofin-Sinar Technologies, Inc. *		589,970
	33,200	SL Industries, Inc. *		469,780
	93,000	Standard Motor Products, Inc.		1,469,400
	80,200	Standex International Corp.		2,284,898
	900	TB Wood’s Corp.		5,634
	98,200	Tecumseh Products Co., Class B		4,469,573
	154,000	Thomas Industries, Inc.		6,147,680
	118,480	Toro Co.		9,638,348
	31,500	Twin Disc, Inc.		804,825
	3,500	Water Pik Technologies, Inc. *		62,055
	57,890	Woodward Governor Co.		4,145,503
	47,200	York International Corp.		1,630,288
				76,868,576
		Miscellaneous Finance — 0.9%
	151,100	Affiliated Managers Group, Inc. *		10,235,514
	49,768	Maxcor Financial Group, Inc.		440,944
	45,300	Stifel Financial Corp. *		949,035
	12,400	SWS Group, Inc.		271,808
				11,897,301
		Oil & Coal Resources — 2.9%
	3,400	Barnwell Industries, Inc.		251,634
	39,100	Berry Petroleum Co., Class A		1,865,070
	150,500	Cabot Oil & Gas Corp.		6,659,626
	14,900	Callon Petroleum Co. *		215,454
	94,281	Carrizo Oil & Gas, Inc. *		1,065,375
	58,913	Castle Energy Corp.		735,764
	4,600	Contango Oil & Gas Co. *		33,304
	16,500	Dominion Resources Black Warrior Trust (a)		595,650
	3,400	Eastern American Natural Gas Trust		85,850
	107,100	Edge Petroleum Corp. *		1,561,518
	229,500	Energy Partners Ltd. *		4,651,965
	1,000	Houston Exploration Co. *		56,310
	29,600	Hugoton Royalty Trust (a)		775,520
	10,725	Isramco, Inc. *		56,414
	261,900	KCS Energy, Inc. *		3,870,882
	94,900	Magnum Hunter Resources, Inc. *		1,224,210
	333,000	Meridian Resource Corp. *		2,014,650
	133,000	Penn Virginia Corp.		5,395,810
	6,600	Prime Energy, Inc. *		133,650
	17,200	Range Resources Corp.		351,912
	155,400	Resource America, Inc., Class A (a)		5,050,500
	1,400	Southwestern Energy Co. *		70,966
	114,800	Swift Energy Co. *		3,322,312
	54	Toreador Resources Corp. * (a)		1,198
				40,045,544
		Oil Distribution — 0.4%
	1,400	Adams Resources & Energy, Inc.		24,696
	179,000	Frontier Oil Corp.		4,772,140
	28,700	TransMontaigne, Inc. *		175,931
				4,972,767

24

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Small Capitalization Fund

Shares			Value
		Common Stock continued
		Oil Drilling & Services — 1.7%
	46,569	Dawson Geophysical Co. *	$	1,017,533
	34,273	Lufkin Industries, Inc.		1,367,767
	20,000	McDermott International, Inc. *		367,200
	153,900	NATCO Group, Inc., Class A *		1,354,320
	127,700	Newpark Resources, Inc. *		657,655
	30,500	Oceaneering International, Inc. *		1,138,260
	103,800	Oil States International, Inc. *		2,002,302
	222,000	TETRA Technologies, Inc. *		6,282,600
	137,800	Todco, Class A *		2,538,276
	334,800	Veritas DGC, Inc. *		7,502,868
	7,200	W-H Energy Services, Inc. *		160,992
				24,389,773
		Photooptical, Micros & Office Machinery — 0.9%
	61	Dataram Corp. *		388
	15,122	Delphax Technologies, Inc. *		59,732
	300	Hauppauge Digital, Inc. *		1,839
	2,384	Interphase Corp. *		20,073
	98,500	PAR Technology Corp. *		1,115,020
	67,977	Printronix, Inc. *		1,217,468
	2,998	RadiSys Corp. *		58,611
	258,343	SafeNet, Inc. *		9,491,522
				11,964,653
		Publishing, Broadcasting & Cinema — 1.4%
	112,300	American Greetings Corp., Class A		2,846,805
	9,300	Catalina Marketing Corp.		275,559
	135,400	Consolidated Graphics, Inc. *		6,214,860
	32,903	Emak Worldwide, Inc. *		329,030
	150,300	Media General, Inc., Class A		9,740,943
	24,800	Outlook Group Corp.		196,168
	14,000	Tufco Technologies, Inc. *		122,710
	37,300	World Wrestling Entertainment, Inc.		452,449
				20,178,524
		Real Estate Development — 0.6%
	34,825	AMREP Corp.		800,975
	29,009	Avatar Holdings, Inc. * (a)		1,395,333
	252,300	Bluegreen Corp. *		5,003,109
	8,400	ILX Resorts, Inc. (a)		85,596
	17,100	J.W. Mays, Inc. *		244,274
	4,236	Patriot Transportation Holding, Inc. *		190,573
	272	Stratus Properties, Inc. *		4,311
	20,553	Tarragon Corp. * (a)		366,871
	5,400	United Capital Corp. *		122,310
				8,213,352
		Real Estate Investment Trusts — 4.3%
	262,000	American Home Mortgage Investment Corp.		8,973,500
	21,700	Amli Residential Properties Trust		694,400
	63,300	Bedford Property Investors, Inc.		1,798,353
	9,500	Boykin Lodging Co. *		87,020
	334,800	Brandywine Realty Trust		9,839,772
	34,900	Commercial NET Lease Realty		718,940
	303,700	CRT Properties, Inc.		7,246,282
	600	Entertainment Properties Trust		26,730
	38,400	Hanover Capital Mortgage Holdings, Inc.		414,720
	137,600	LTC Properties, Inc.		2,739,616
	287,200	Maguire Properties, Inc.		7,886,512
	52,100	Mission West Properties, Inc.		554,344
	10,200	National Health Realty, Inc.		204,102
	100	Newcastle Investment Corp.		3,178
	16,900	One Liberty Properties, Inc.		350,168
	94,600	Parkway Properties, Inc.		4,800,950
	117,900	Pennsylvania Real Estate Investment Trust		5,046,120
	1,000	Presidential Realty Corp., Class B		9,800
	100,125	Reckson Associates Realty Corp.		3,285,101
	93,601	Trizec Properties, Inc.		1,770,931
	263,300	Winston Hotels, Inc.		3,109,573
				59,560,112
		Restaurants, Hotels & Theaters — 2.9%
	38,200	Ark Restaurants Corp.		1,497,440
	244,480	Aztar Corp. *		8,537,241
	3,915	Champps Entertainment, Inc. *		33,747
	70,868	Checkers Drive-In Restaurants, Inc. *		949,631
	6,200	CKE Restaurants, Inc. *		89,962
	139,800	Dave & Buster’s, Inc. *		2,823,960
	7,400	Dover Motorsports, Inc.		42,402
	146,650	Famous Dave’s of America, Inc. *		1,864,068
	26,500	Frisch’s Restaurants, Inc.		631,495
	116,900	Interstate Hotels & Resorts, Inc. *		626,584
	20,200	J. Alexander’s Corp. *		149,480
	261,100	Landry’s Restaurants, Inc.		7,587,566
	210,759	Lone Star Steakhouse & Saloon, Inc.		5,901,252
	16,900	Marcus Corp.		424,866
	5,332	Max & Erma’s Restaurants, Inc. *		69,049
	5,900	Monarch Casino & Resort, Inc. *		239,245
	154,993	Movie Gallery, Inc.		2,955,717
	32,739	Nathan’s Famous, Inc. *		252,418
	24,004	Rubio’s Restaurants, Inc. *		291,169

25

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Small Capitalization Fund

Shares			Value
		Common Stock, Restaurants, Hotels & Theaters continued
	139,150	Ryan’s Restaurant Group, Inc. *	$	2,145,693
	33,082	Sands Regent * (a)		429,934
	9,000	Sonesta International Hotels Corp., Class A *		58,995
	6,000	Star Buffet, Inc.		35,400
	147,400	Vail Resorts, Inc. *		3,304,708
	3,900	WestCoast Hospitality Corp. *		23,790
				40,965,812
		Retail — 5.7%
	89,200	Aeropostale, Inc. *		2,625,156
	65,700	Blair Corp.		2,342,862
	32,410	Books-A-Million, Inc.		311,784
	193,300	Burlington Coat Factory Warehouse Corp.		4,387,910
	42,800	Cash America International, Inc.		1,272,444
	885,605	Charming Shoppes, Inc. *		8,298,119
	38,049	Cost-U-Less, Inc. *		266,343
	23,403	Dress Barn, Inc. *		411,893
	3,351	Excelligence Learning Corp. *		14,744
	107,491	EZCORP, Inc., Class A * (a)		1,656,436
	14,971	Finlay Enterprises, Inc. *		296,276
	200	Foodarama Supermarkets, Inc. *		7,950
	18,340	Goody’s Family Clothing, Inc.		167,628
	16,700	Gottschalks, Inc. *		148,463
	46,905	Hastings Entertainment, Inc. *		388,373
	58,400	Haverty Furniture Cos., Inc.		1,080,400
	480,688	Insight Enterprises, Inc. *		9,863,718
	158,800	Jo-Ann Stores, Inc. *		4,373,352
	147,700	Longs Drug Stores Corp.		4,072,089
	10,408	PC Mall, Inc. * (a)		232,931
	164,200	Retail Ventures, Inc. *		1,165,820
	47,400	REX Stores Corp. *		720,006
	63,629	Rock of Ages Corp.		464,492
	174,900	Ruddick Corp.		3,793,581
	6,000	Rush Enterprises, Inc., Class A *		97,380
	12,100	Rush Enterprises, Inc., Class B *		209,451
	4,000	S&K Famous Brands, Inc. *		65,240
	241,700	ShopKo Stores, Inc. *		4,514,956
	84,500	Smart & Final, Inc. *		1,215,955
	35,900	Sport Chalet, Inc. *		501,164
	146,719	Stage Store, Inc.		6,091,773
	119,924	Stein Mart, Inc. *		2,045,903
	7,200	Syms Corp. *		87,480
	7,100	Systemax, Inc. *		52,114
	63,768	The Bon-Ton Stores, Inc.		1,004,346
	169,800	Trans World Entertainment Corp. *		2,117,406
	20,592	Village Super Market, Inc., Class A		781,055
	33,900	Weis Markets, Inc.		1,307,523
	388,200	Zale Corp. *		11,595,534
				80,050,050
		Soaps & Cosmetics — 0.2%
	39,200	Cascade International, Inc. * (a), (b)		0
	34,710	CPAC, Inc.		187,434
	2,707	Del Laboratories, Inc. *		94,068
	84,383	Parlux Fragrances, Inc. * (a)		1,896,930
				2,178,432
		Software — 6.5%
	231,260	American Software, Inc., Class A		1,394,498
	1,532	Ansoft Corp. *		30,946
	15,598	ANSYS, Inc. *		500,072
	36,559	Applix, Inc. *		186,451
	141,007	Black Box Corp.		6,771,156
	791,686	Borland Software Corp. *		9,246,891
	18,979	Cerner Corp. *		1,009,113
	652,600	CIBER, Inc. *		6,291,064
	20,300	Computer Task Group, Inc. *		113,680
	34,039	Covansys Corp. *		520,797
	15,906	CSP, Inc. *		165,247
	578	Dendrite International, Inc. *		11,213
	109,294	Edgewater Technology, Inc. *		535,541
	343,178	eFunds Corp. *		8,239,704
	3,189	Epicor Software Corp. *		44,933
	12,903	EuroWeb International Corp. * (a)		50,322
	20,295	First Consulting Group, Inc. *		124,002
	62,139	Hyperion Solutions Corp. *		2,896,920
	221,366	IDX Systems Corp. *		7,628,272
	31,613	infoUSA, Inc. *		353,749
	205	Innotrac Corp. *		1,745
	118	Integral Systems, Inc.		2,295
	101,891	Internet Security Systems, Inc. *		2,368,966
	80,100	Jupitermedia Corp. *		1,904,778
	4,223	Keynote Systems, Inc. *		58,784
	45,939	Manatron, Inc. *		386,347
	1,792	Marchex, Inc., Class B * (a)		37,632
	7,697	Micros Systems, Inc. *		600,828
	25,700	Moldflow Corp. *		408,630
	97,797	NetManage, Inc. *		630,791
	4,571	NetScout Systems, Inc. *		31,906
	38,129	Norstan, Inc. *		211,235
	26,832	NWH, Inc.		374,816
	424	Omtool Ltd. *		3,583
	1,766,412	Parametric Technology Corp. *		10,404,166
	157,655	Pegasus Solutions, Inc. *		1,986,453
	519,100	Perot Systems Corp., Class A *		8,321,172
	12,135	Phoenix Technologies Ltd. *		100,235
	262,568	PLATO Learning, Inc. *		1,956,132
	19,900	ProQuest Co. *		591,030

26

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Small Capitalization Fund

Shares or Principal			Value
		Common Stock, Software continued
	47,080	Radica Games Ltd.	$	374,757
	101,406	RSA Security, Inc. *		2,034,204
	21,242	S1 Corp. *		192,453
	187,334	SeaChange International, Inc. * (a)		3,267,105
	1,800	Segue Software, Inc. *		11,250
	120	Sento Corp. *		588
	9,330	SI International, Inc. *		286,991
	63,727	Source Interlink Cos., Inc. *		846,295
	7,983	State Auto Financial Corp.		206,361
	300	Superior Consultant Holdings Corp. *		2,532
	280,245	Sykes Enterprises, Inc. *		1,947,703
	22,650	TechTeam Global, Inc. *		230,351
	1,600	Tier Technologies, Inc., Class B *		14,800
	200	Tripos, Inc. *		1,066
	43,900	TSR, Inc.		372,711
	19,200	Tyler Technologies, Inc. *		160,512
	14,650	Ulticom, Inc *		234,840
	241,616	Witness Systems, Inc. *		4,218,615
				90,899,229
		Textiles & Apparel — 2.2%
	30,366	Ashworth, Inc. *		330,686
	1,100	Culp, Inc. *		7,458
	12,900	Cutter & Buck, Inc.		187,953
	74,600	Deckers Outdoor Corp. * (a)		3,505,454
	147,400	DHB Industries, Inc. * (a)		2,806,496
	61,198	Haggar Corp.		1,436,868
	13,200	Hallwood Group, Inc. *		1,405,800
	33,376	Hampshire Group Ltd. *		1,051,411
	600	Hartmarx Corp. *		4,662
	200	Jaclyn, Inc. *		1,544
	21,400	McRae Industries, Inc., Class A		234,116
	329,500	Phillips-Van Heusen Corp.		8,896,500
	107,100	Russell Corp.		2,086,308
	14,720	Saucony, Inc., Class A		409,952
	2,600	Superior Uniform Group, Inc.		38,870
	800,700	Tommy Hilfiger Corp. *		9,031,895
				31,435,973
		Wholesale — 2.6%
	27,342	All American Semiconductor, Inc. *		161,865
	6,000	Anixter International		215,940
	11,400	Applied Industrial Technologies, Inc.		312,360
	14,591	Aristotle Corp. *		102,443
	408,600	Aviall, Inc. *		9,385,543
	2,000	Coast Distribution System, Inc.		14,700
	22,800	Delta Apparel, Inc.		552,900
	149,850	Department 56, Inc. *		2,495,003
	2,693	DXP Enterprises, Inc. *		12,953
	29,900	Enesco Group, Inc. * (a)		241,592
	8,200	First Aviation Services, Inc. *		35,096
	76,085	GTSI Corp. *		799,653
	239,105	Handleman Co.		5,135,975
	97,800	Industrial Distribution Group, Inc. *		811,740
	112,044	Insurance Auto Auctions, Inc. *		2,512,026
	2,500	Lazare Kaplan International, Inc. *		23,775
	74,664	Manchester Technologies, Inc. *		745,893
	40,400	NACCO Industries, Inc. Class A		4,258,160
	218,810	Navarre Corp. * (a)		3,851,056
	6,798	Noland Co. (a)		312,708
	45	NuCo2, Inc. * (a)		999
	10,200	Park-Ohio Holdings Corp. *		264,180
	88,579	Pomeroy IT Solutions, Inc. *		1,347,287
	29,174	Richardson Electronics Ltd.		309,536
	13,484	Spartan Stores, Inc. *		89,669
	20,091	TESSCO Technologies, Inc. *		281,073
	13,600	Valley National Gases, Inc.		244,800
	90,416	Ventiv Health, Inc. *		1,837,253
	3,300	Watsco, Inc., Class B		115,830
				36,472,008
		Total Common Stock (Cost $998,716,972)		1,375,559,801
		Repurchase Agreement — 1.7%
$	23,430,000	State Street Bank dated 12/31/04, due 1/3/05 at 1.25% with a maturity value of $23,432,441 (Fully collateralized by a Fannie Mae Security)		23,430,000
		Total Repurchase Agreement (Cost $23,430,000)		23,430,000

27

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Small Capitalization Fund

Principal			Value
		Securities Held as Collateral for Securities Lending — 6.5%
$	90,320,973	Pool of various Securities for Laudus Rosenberg U.S. Small Capitalization Fund (c)	$	90,320,973
		Total Securities Held as Collateral for Securities Lending (Cost $90,320,973)		90,320,973
		Total Investments (Cost $1,112,467,945) (d) — 106.6%	$	1,489,310,774

Percentages noted above are based on net assets as of December 31, 2004.

*	Non-income producing security.
(a)	All or a portion of this security was on loan as of December 31, 2004.

(b)   Bankrupt security/delisted; fair-valued by Management.

(c)   As of December 31, 2004, the cash collateral received from securities on loan was invested in the following securities:

Investment Vehicle	Shares		Value
AIM Liquid Assets Portfolio		37,763,385	$	37,763,385
AIM Prime Assets Portfolio		6,400,781		6,400,781
AIM Treasury Portfolio		40,045,546		40,045,546
Janus Money Market Fund		1,111,260		1,111,260
Reserve Primary Fund — Class 8		5,000,000		5,000,000
Scudder Money Market Series Fund		1		1
Total Invested Balance			$	90,320,973

(d)   Represents cost for financial reporting purposes, is substantially the same as federal income tax purposes, and differs from value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	388,915,522
Unrealized depreciation		(12,072,693	)
Net unrealized appreciation	$	376,842,829

28

Laudus Trust

Laudus Rosenberg International Equity Fund

Statement of Portfolio Investments as of 12/31/04 (Unaudited)

This document contains the Statement of Portfolio Investments as of 12/31/04. For more information about the securities, please refer to the Fund’s semiannual or annual shareholder report.

Shares			Value
		Common Stock — 92.0%
		Australia — 4.4%
		Agriculture, Food & Beverage — 0.2%
	4,118	Coca-Cola Amatil Ltd.	$	26,244
	1,988	Great Southern Plantations Ltd.		6,561
	2,682	Timbercorp Ltd.		4,268
				37,073
		Airlines — 0.1%
	8,854	Qantas Airways Ltd.		25,750
		Banks & Credit Institutions — 1.8%
	7,112	Australia & New Zealand Banking Group Ltd.		114,791
	4,887	Commonwealth Bank of Australia		122,974
	3,141	National Australia Bank Ltd.		70,961
	6,990	Westpac Banking Corp.		106,795
				415,521
		Basic Minerals & Metals — 0.7%
	7,353	BHP Billiton Ltd.		88,421
	4,777	BlueScope Steel Ltd.		30,895
	981	Downer EDI Ltd.		3,637
	2,339	Iluka Resources Ltd.		11,533
	1,387	Jubilee Mines NL		4,838
	7,122	Smorgon Steel Group Ltd.		6,755
	3,407	Ticor Ltd.		4,006
	2,686	WMC Resources Ltd.		15,202
				165,287
		Construction & Homebuilding — 0.0%
	260	Sunland Group Ltd.		371
		Construction Materials — 0.0%
	1,453	Adelaide Brighton Ltd.		1,936
		Electric Utilities — 0.1%
	2,999	Australian Gas Light Co., Ltd.		32,208
		Financial Investments — 0.0%
	1,145	Coates Hire Ltd.		3,940
		Forest Products & Paper — 0.1%
	5,680	Amcor Ltd.		32,726
		Information & Services — 0.0%
	2,296	AWB Ltd.		8,189
		Instruments — 0.0%
	1,667	Ansell Ltd.		11,669
		Insurance — 0.4%
	7,411	Insurance Australia Group Ltd.		37,354
	4,495	Promina Group Ltd.		19,028
	2,603	SunCorp.-Metway Ltd.		35,464
				91,846
		IT Hardware — 0.0%
	2,730	Telstra Corp., Ltd.		10,508
		Oil & Coal Resources — 0.2%
	7,420	Oil Search Ltd.		10,528
	4,185	Santos Ltd.		27,819
	1,470	Washington H. Soul Pattinson & Co., Ltd.		11,535
				49,882
		Oil Distribution — 0.1%
	1,518	Caltex Australia Ltd.		12,923
		Publishing, Broadcasting & Cinema — 0.1%
	3,958	Austereo Group Ltd.		5,213
	1,109	John Fairfax Holdings Ltd.		3,956
	189	Southern Cross Broadcasting Australia) Ltd.		2,283
	3,581	Village Roadshow Ltd. *		6,175
				17,627
		Restaurants, Hotels & Theaters — 0.0%
	1,473	Amalgamated Holdings Ltd.		4,965
		Retail — 0.3%
	9,581	Coles Myer Ltd.		74,054
	956	Colorado Group Ltd.		4,571
				78,625
		Soaps & Cosmetics — 0.0%
	11	Campbell Brothers Ltd.		93
		Wholesale — 0.3%
	187	Alesco Corp., Ltd.		1,187
	4,418	Boral Ltd.		23,793
	635	Crane Group Ltd.		4,843
	3,375	Lion Nathan Ltd.		22,753
	666	Sims Group Ltd.		9,293
	366	Wesfarmers Ltd.		11,419
				73,288
				1,074,427
		Austria — 0.6%
		Basic Minerals & Metals — 0.2%
	480	voestalpine AG		37,287
		Oil Distribution — 0.4%
	360	OMV AG		108,479
				145,766
		Belgium — 1.0%
		Banks & Credit Institutions — 0.6%
	1,095	Algemene Maatschappij voor
		Nijverheidskredit NV (Almanij)		112,224
	1,200	Fortis		33,193
				145,417

29

Statement of Portfolio Investments continued

Laudus Rosenberg International Equity Fund

Shares			Value
		Common Stock, Belgium continued
		Gas & Other Public Utilities — 0.4%
	21	Distrigaz	$	87,060
				232,477
		Denmark — 0.6%
		Agriculture, Food & Beverage — 0.1%
	533	Danisco A/ S		32,530
		Basic Minerals & Metals — 0.2%
	1,800	NKT Holding A/ S		52,462
		Information & Services — 0.3%
	1,200	ISS A/ S		66,989
				151,981
		Finland — 1.6%
		Airlines — 0.0%
	1,001	Finnair Oyj		7,565
		Basic Minerals & Metals — 0.3%
	3,200	Outokumpu Oyj		57,197
	2,034	Rautaruukki Oyj		24,164
				81,361
		Cellular & Wireless — 0.2%
	3,000	Elisa Corp. *		48,362
		Chemicals & Rubber — 0.2%
	3,000	Kemira Oyj		41,430
		Electric Utilities — 0.5%
	7,000	Fortum Oyj		129,590
		Forest Products & Paper — 0.1%
	2,069	M-real Oyj, Class B		13,218
		Land & Water Transportation — 0.2%
	2,700	Finnlines Oyj		46,976
		Wholesale — 0.1%
	665	Orion Oyj, Class A		10,892
	271	Orion Oyj, Class B		4,387
				15,279
				383,781
		France — 8.0%
		Airlines — 0.2%
	2,700	Air France-KLM		51,453
		Autos — 0.7%
	2,700	PSA Peugeot Citroen		171,388
		Banks & Credit Institutions — 2.6%
	3,800	BNP Paribas		275,302
	3,200	Societe Generale		323,829
				599,131
		Basic Minerals & Metals — 0.0%
	280	Nexans SA		11,010
		Chemicals — 0.6%
	2,100	Compagnie Generale des Etablissements Michelin, Class B		134,700
		Construction Materials — 0.6%
	2,450	Compagnie de Saint-Gobain		147,593
		Financial Investments — 0.2%
	270	Societe Fonciere Financiere et de Participations (FFP)		58,720
		Furniture & Household Items — 0.1%
	600	Plastic Omnium SA		32,540
		Government Aircraft & Defense — 0.3%
	1,500	Thales SA		72,013
		Instruments — 0.2%
	600	Bacou-Dalloz		48,117
		Insurance — 0.2%
	595	CNP Assurances		42,621
		Integrated Oil Cos. — 1.7%
	1,920	Total SA		419,389
		Land & Water Transportation — 0.0%
	15	Geodis		1,580
		Metal Products & Machinery — 0.1%
	850	Valeo SA		35,585
		Retail — 0.1%
	530	Rallye SA		27,447
		Textiles & Apparel — 0.4%
	1,500	Christian Dior SA		102,046
				1,955,333
		Germany — 6.7%
		Autos — 0.8%
	4,200	DaimlerChrysler AG		201,237
		Cellular & Wireless — 1.8%
	18,900	Deutsche Telekom AG *		427,479
		Chemicals & Rubber — 2.5%
	5,000	BASF AG		359,657
	8,000	Bayer AG		270,763
				630,420
		Drugs & Pharmaceuticals — 0.7%
	2,400	Degussa AG		100,639
	900	Merck KGaA		61,533
				162,172
		Instruments — 0.3%
	600	Fresenius AG		61,166
		Metal Products & Machinery — 0.1%
	842	Salzgitter AG		16,343
		Miscellaneous Finance — 0.5%
	1,400	Deutsche Bank AG		124,263
				1,623,080
		Greece — 0.1%
		Banks & Credit Institutions — 0.1%
	120	Bank of Greece		15,724

30

Statement of Portfolio Investments continued

Laudus Rosenberg International Equity Fund

Shares			Value
		Common Stock continued
		Hong Kong — 1.8%
		Autos — 0.0%
	5,000	Johnson Electric Holdings Ltd.	$	4,857
		Banks & Credit Institutions — 0.2%
	3,200	Bank of East Asia Ltd.		9,942
	24,000	BOC Hong Kong (Holdings) Ltd.		45,853
	6,000	International Bank of Asia Ltd.		2,393
				58,188
		Cellular & Wireless — 0.0%
	3,000	SmarTone Telecommunications Holdings Ltd.		3,358
		Electric Utilities — 0.1%
	7,000	HongKong Electric Holdings Ltd.		31,971
		IT Hardware — 0.0%
	1,000	ASM Pacific Technology Ltd.		3,602
		Land & Water Transportation — 0.3%
	4,000	Hutchison Whampoa Ltd.		37,439
	6,000	Orient Overseas International Ltd.		22,733
				60,172
		Miscellaneous Finance — 0.1%
	3,000	Guoco Group Ltd.		29,333
		Real Estate Development — 0.9%
	4,000	Cheung Kong (Holdings) Ltd.		39,884
	8,000	Hang Lung Group Ltd.		15,747
	16,000	Hang Lung Properties Ltd.		24,703
	5,000	Henderson Investment Ltd.		7,301
	2,000	Henderson Land Development Co., Ltd.		10,395
	4,000	Hong Kong Ferry (Holdings) Co., Ltd.		4,451
	14,000	Hopson Development Holdings Ltd.		5,088
	8,000	Kerry Properties Ltd.		17,085
	7,000	MTR Corp., Ltd.		11,212
	5,000	Swire Pacific Ltd., Class A		41,814
	10,000	Wheelock & Co., Ltd.		16,468
				194,148
		Wholesale — 0.2%
	1,000	Esprit Holdings Ltd.		6,047
	2,000	Jardine Matheson Holdings Ltd.		31,800
	2,000	Yue Yuen Industrial (Holdings) Ltd.		5,506
				43,353
				428,982
		Italy — 3.2%
		Banks & Credit Institutions — 1.3%
	40,000	Banca Intesa S.p.A.		192,470
	7,920	SanPaolo IMI S.p.A.		114,112
				306,582
		Communications Utilities — 0.5%
	30,000	Telecom Italia S.p.A.		122,740
		Electric Utilities — 0.1%
	9,119	C.I.R. S.p.A. — Compagnie Industriali Riunite		27,021
		Integrated Oil Cos. — 1.3%
	12,205	Eni S.p.A.		305,581
		Publishing, Broadcasting & Cinema — 0.0%
	7,558	Cofide S.p.A. — Compagnia Finanziaria de Benedetti		9,349
				771,273
		Japan — 20.0%
		Agriculture, Food & Beverage — 0.2%
	2,000	Kinki Coca-Cola Bottling Co., Ltd.		19,108
	400	Kirin Beverage Corp.		9,310
	2,000	Mikuni Coca-Cola Bottling Co., Ltd.		19,284
				47,702
		Autos — 1.9%
	12,000	Fuji Heavy Industries Ltd.		58,554
	3,600	Honda Motor Co., Ltd.		186,552
	2,000	Mitsuba Corp.		15,302
	2,000	Topre Corp.		15,458
	5,000	Toyota Motor Corp.		203,474
				479,340
		Banks & Credit Institutions — 3.5%
	400	Acom Co., Ltd.		29,940
	5,000	Bank of Yokohama Ltd.		31,521
	2,000	Chugoku Bank Ltd.		24,261
	6,000	Daishi Bank Ltd.		24,475
	2,000	Joyo Bank Ltd.		9,759
	2,000	Kagoshima Bank Ltd.		13,233
	10,000	Mitsui Trust Holdings, Inc.		99,932
	18	Mizuho Financial Group, Inc.		90,641
	3,000	San-in Godo Bank Ltd.		24,622
	5,000	Shiga Bank Ltd.		29,033
	2,000	Shizuoka Bank Ltd.		18,952
	19	Sumitomo Mitsui Financial Group, Inc.		138,139
	9,000	Sumitomo Trust & Banking Co., Ltd.		65,082
	1,100	Takefuji Corp.		74,393
	22	UFJ Holdings, Inc.		133,328
	5,000	Yamaha Motor Co., Ltd.		75,046
				882,357
		Basic Minerals & Metals — 0.9%
	50,000	Kobe Steel Ltd.		76,607
	22,000	Nippon Steel Corp.		53,889
	17,000	Nisshin Steel Co., Ltd.		39,153
	32,000	Sumitomo Metal Industries Ltd.		43,408
				213,057

31

Statement of Portfolio Investments continued

Laudus Rosenberg International Equity Fund

Shares			Value
		Common Stock, Japan continued
		Beer, Liquor & Tobacco — 0.9%
	2,000	Asahi Breweries Ltd.	$	24,768
	10	Japan Tobacco, Inc.		114,180
	7,000	Kirin Brewery Co., Ltd.		68,927
				207,875
		Cellular & Wireless — 0.2%
	9	KDDI Corp.		48,482
		Chemicals & Rubber — 1.3%
	6,000	Bridgestone Corp.		119,451
	14,000	Dainippon Ink & Chemicals, Inc.		32,244
	28,000	Mitsubishi Chemical Corp.		85,254
	3,000	Mitsui Chemicals, Inc.		16,336
	1,000	Nippon Shokubai Co., Ltd.		8,666
	3,000	Sakai Chemical Industry Co., Ltd.		13,672
	2,000	Toyo Tire & Rubber Co., Ltd.		6,441
	6,000	Yokohama Rubber Co., Ltd.		23,421
				305,485
		Communications Utilities — 0.6%
	33	Nippon Telegraph & Telephone Corp.		148,141
		Construction & Homebuilding — 0.9%
	600	Chudenko Corp.		9,404
	3,000	Daiwa House Industry Co., Ltd.		34,108
	2,000	Kyudenko Corp.		10,637
	3,000	Maeda Corp.		14,433
	3,000	Maeda Road Construction Co., Ltd.		23,597
	2,000	Nippo Corp.		13,038
	8,000	Sekisui House Ltd.		93,218
	2,000	Yurtec Corp.		10,676
				209,111
		Construction Materials — 0.6%
	10,000	Asahi Glass Co., Ltd		110,276
	2,000	NGK Spark Plug Co., Ltd.		20,709
	2,000	Sekisui Jushi Corp.		12,921
				143,906
		Consumer Durables — 0.2%
	3,100	Pioneer Corp.		60,506
		Drugs & Pharmaceuticals — 0.1%
	200	Cawachi Ltd.		9,134
	2,000	Nippon Shinyaku Co., Ltd.		16,395
				25,529
		Electric Utilities — 1.5%
	2,800	Chubu Electric Power Co., Inc.		67,220
	2,800	Kansai Electric Power Co., Inc.		56,836
	4,700	Kyushu Electric Power Co., Inc.		94,945
	1,700	Tohoku Electric Power Co., Inc.		30,526
	4,300	Tokyo Electric Power Co., Inc.		105,538
				355,065
		Information & Services — 0.1%
	2,000	Aichi Toyota Motor Co., Ltd.		33,961
		Instruments — 0.1%
	1,000	Hitachi Medical Corp.		14,355
		Insurance — 0.5%
	13,000	Mitsui Sumitomo Insurance Co., Ltd.		112,911
	3,000	Nisshin Fire & Marine Insurance Co., Ltd.		11,067
				123,978
		IT Hardware — 1.8%
	21,000	Hitachi, Ltd.		145,506
	3,000	Japan Radio Co., Ltd. *		11,418
	2,000	Matsushita Electric Industrial Co., Ltd.		31,736
	19,000	NEC Corp.		118,113
	28,000	Toshiba Corp.		120,230
	4,000	Toshiba TEC Corp.		18,971
				445,974
		Land & Water Transportation — 1.0%
	7	Central Japan Railway Co.		57,178
	16	East Japan Railway Co.		89,002
	2,000	Nippon Yusen Kabushiki Kaisha		10,774
	23	West Japan Railway Co.		92,924
				249,878
		Metal Products & Machinery — 0.8%
	2,000	Amada Co., Ltd.		11,047
	1,000	Komatsu Ltd.		6,997
	28,000	Mitsubishi Heavy Industries Ltd.		79,517
	700	Nitto Kogyo Corp.		6,824
	700	Sega Sammy Holdings, Inc. *		38,460
	3,000	Toyo Seikan Kaisha Ltd.		55,333
				198,178
		Oil Distribution — 0.8%
	10,000	Cosmo Oil Co., Ltd.		29,570
	4,000	Nippon Mining Holdings, Inc.		18,815
	14,000	Nippon Oil Corp.		89,762
	6,000	Showa Shell Sekiyu K.K		54,631
				192,778
		Photooptical, Micros & Office Machinery — 0.1%
	1,100	Glory Ltd.		17,251
		Publishing, Broadcasting & Cinema — 0.1%
	13	Dentsu, Inc.		35,015
		Restaurants, Hotels & Theaters — 0.3%
	300	Daiichikosho Co., Ltd.		7,173
	1,900	Heiwa Corp.		31,744
	2,000	Kinki Nippon Tourist Co., Ltd. *		4,958
	100	Nintendo Co., Ltd.		12,560
	300	Sankyo Co., Ltd.		15,165
	6	Taito Corp.		9,134
				80,734

32

Statement of Portfolio Investments continued

Laudus Rosenberg International Equity Fund

Shares			Value
		Common Stock, Japan continued
		Retail — 0.8%
	900	Aoyama Trading Co., Ltd.	$	24,505
	3,000	Ito-Yokado Co., Ltd.		125,890
	4,000	Uny Co., Ltd.		45,711
				196,106
		Soap & Cosmetics — 0.2%
	2,000	Kao Corp.		51,137
		Software — 0.5%
	200	Fujitsu Business Systems Ltd.		2,760
	18,000	Fujitsu Ltd.		117,166
				119,926
		Textiles & Apparel — 0.1%
	700	World Co., Ltd.		24,593
				4,910,420
		Luxemburg — 0.7%
		Basic Minerals & Metals — 0.7%
	7,200	Arcelor		166,079
		Netherlands — 4.0%
		Agriculture, Food & Beverage — 0.7%
	2,600	Unilever NV		174,335
		Banks & Credit Institutions — 1.2%
	10,800	Fortis		299,030
		Commercial Aircraft & Components — 0.5%
	4,200	European Aeronautic Defence & Space Co.		122,112
		Insurance — 1.6%
	12,600	ING Groep NV		381,236
		Integrated Oil Cos. — 0.0%
	53	Royal Dutch Petroleum Co.		3,051
		Wholesale — 0.0%
	105	Univar NV		2,896
				982,660
		New Zealand — 0.2%
		Agriculture, Food & Beverage — 0.0%
	479	Sanford Ltd.		1,557
		Banks & Credit Institutions — 0.1%
	3,992	Fisher & Paykel Appliances Holdings Ltd.		12,399
		Construction Materials — 0.1%
	3,618	Fletcher Building Ltd.		17,299
		Electric Utilities — 0.0%
	2,263	Contact Energy Ltd.		10,461
		Publishing, Broadcasting & Cinema — 0.0%
	2,739	Independent Newspapers Ltd.		11,376
				53,092
		Norway — 1.5%
		Oil & Coal Resources — 1.5%
	1,611	Norsk Hydro ASA		126,877
	16,000	Statoil ASA		250,963
				377,840
		Portugal — 0.8%
		Cellular & Wireless — 0.2%
	4,000	Portugal Telecom, SGPS, SA		49,477
		Electric Utilities — 0.6%
	45,000	Electricidade de Portugal SA		136,400
				185,877
		Singapore — 0.7%
		Airlines — 0.0%
	4,000	Singapore Airport Terminal Services Ltd.		4,925
		Banks & Credit Institutions — 0.2%
	5,000	DBS Group Holdings Ltd.		49,314
	3,000	Hong Leong Finance Ltd.		5,513
				54,827
		Communications Utilities — 0.4%
	44,000	Singapore Telecommunications Ltd.		64,151
		Land & Water Transportation — 0.0%
	1,000	Neptune Orient Lines Ltd.		1,838
		Oil Distribution — 0.0%
	3,000	Singapore Petroleum Co., Ltd.		6,947
		Real Estate Development — 0.1%
	8,000	Ascott Group Ltd.		2,058
	16,000	CapitaLand Ltd.		20,878
	2,000	Jardine Cycle & Carriage Ltd.		12,987
				35,923
				168,611
		Spain — 3.9%
		Banks & Credit Institutions — 1.0%
	19,000	Banco Santander Central Hispano SA		235,789
		Communications Utilities — 0.1%
	1,800	Telefonica SA		33,911
		Construction & Homebuilding — 0.7%
	1,768	Abengoa SA		17,471
	1,000	Acciona SA		88,488
	994	Fomento de Construcciones y Contratas SA		47,869
	1,229	Obrascon Huarte Lain SA		10,524
				164,352
		Electric Utilities — 1.1%
	11,200	Endesa SA		263,215
		Forest Products & Paper — 0.0%
	87	Grupo Empresarial Ence SA		2,664

33

Statement of Portfolio Investments continued

Laudus Rosenberg International Equity Fund

Shares			Value
		Common Stock, Spain continued
		Integrated Oil Cos. — 1.0%
	9,800	Repsol YPF SA	$	255,224
				955,155
		Sweden — 2.2%
		Banks & Credit Institutions — 1.1%
	27,000	Nordea Bank AB		272,219
		Cellular & Wireless — 1.0%
	40,000	TeliaSonera AB		239,564
		Metal Products & Machinery — 0.1%
	600	AB Skf, Class B		26,725
				538,508
		Switzerland — 6.2%
		Agriculture, Food & Beverage — 0.1%
	52	Barry Callebaut AG *		12,942
		Airlines — 0.0%
	30	Swissair Group * (a)		0
		Chemicals & Rubber — 0.7%
	1,200	Ciba Specialty Chemicals AG		91,284
	823	Syngenta AG		87,432
				178,716
		Construction & Homebuilding — 0.1%
	55	Sulzer AG		21,875
		Construction Materials — 0.2%
	824	Holcim Ltd.		49,639
		Drugs & Pharmaceuticals — 1.7%
	4,400	Novartis AG		221,721
	1,800	Roche Holding AG		207,211
				428,932
		Electric Utilities — 0.1%
	4	Centralschweizerische Kraftwerke		13,016
		Instruments — 0.1%
	99	Leica Geosystems AG *		30,472
		Insurance — 1.3%
	400	Swiss Life Holding *		58,218
	1,500	Zurich Financial Services AG		250,110
				308,328
		Metal Products & Machinery — 0.6%
	15,000	ABB Ltd.		83,766
	191	Saurer AG *		11,254
	400	Unaxis Holding AG		39,750
				134,770
		Miscellaneous Finance — 1.3%
	1,674	Credit Suisse Group		70,370
	3,000	UBS AG		251,561
				321,931
		Retail — 0.0%
	107	Charles Voegele Holding AG		4,799
				1,505,420
		United Kingdom — 23.8%
		Agriculture, Food & Beverage — 0.9%
	23,000	Unilever plc		225,867
		Banks & Credit Institutions — 5.1%
	40,000	Barclays plc		450,025
	9,800	HBOS plc		159,552
	9,600	HSBC Holdings plc		162,009
	14,400	Royal Bank of Scotland Group plc		484,367
				1,255,953
		Basic Minerals & Metals — 1.7%
	14,000	Anglo American plc		331,145
	2,899	Bodycote International plc		9,100
	77,000	Corus Group plc *		74,655
				414,900
		Beer, Liquor & Tobacco — 1.4%
	18,600	British American Tobacco plc		320,499
	1,400	SABMiller plc		23,223
				343,722
		Cellular & Wireless — 2.7%
	76,000	mmO2 plc *		179,108
	180,000	Vodafone Group plc		488,135
				667,243
		Chemicals & Rubber — 0.3%
	14,000	Imperial Chemical Industries plc		64,777
		Commercial Aircraft & Components — 0.3%
	13,139	Rolls-Royce Group plc		62,307
		Communications Utilities — 1.0%
	63,000	BT Group plc		245,536
		Construction & Homebuilding — 0.9%
	3,026	Barratt Developments plc		34,538
	2,100	Bellway plc		32,859
	5,550	George Wimpey plc		43,102
	1,426	Mowlem plc		5,222
	3,126	Persimmon plc		41,471
	6,684	Taylor Woodrow plc		34,905
	1,482	Wilson Bowden plc		32,436
				224,533
		Construction Materials — 0.5%
	19,409	Aggregate Industries plc		38,940
	11,000	Hanson plc		94,455
				133,395
		Drugs & Pharmaceuticals — 1.1%
	600	AstraZeneca plc		21,760
	8,000	GlaxoSmithKline plc		187,690
	6,000	Shire Pharmaceuticals plc		63,011
				272,461
		Electric Utilities — 0.9%
	46,000	Centrica plc		208,645
		Financial Investments — 0.1%
	2,553	3i Group plc		32,644

34

Statement of Portfolio Investments continued

Laudus Rosenberg International Equity Fund

Shares or Principal			Value
		Common Stock, United Kingdom continued
		Gas & Other Public Utilities — 0.2%
	1,976	Severn Trent plc	$	36,685
		Information & Services — 0.1%
	2,115	RAC plc		25,785
		Insurance — 1.4%
	19,000	Aviva plc		229,083
	20,000	Friends Provident plc		59,133
	24,539	Old Mutual plc		62,424
				350,640
		Integrated Oil Cos. — 3.0%
	23,000	BP plc		224,321
	59,000	Shell Transport & Trading Co., plc		502,938
				727,259
		Land & Water Transportation — 0.0%
	428	Arriva plc		4,437
		Metal Products & Machinery — 0.1%
	5,829	Novar plc		21,067
		Miscellaneous Finance — 0.7%
	80,000	Legal & General Group plc		168,951
		Oil & Coal Resources — 0.4%
	4,800	Xstrata plc		85,889
		Restaurants, Hotels & Theaters — 1.0%
	12,000	Hilton Group plc		65,545
	9,599	InterContinental Hotels Group plc		119,329
	877	Luminar plc		9,404
	3,500	Whitbread plc		56,882
				251,160
				5,823,856
		Total Common Stock (Cost $18,844,323)		22,450,342
		Warrants — 0.0%
		France — 0.0%
		Publishing, Broadcasting & Cinema — 0.0%
	678	Thomson		0
		Total Warrants (Cost $0)		0
		Repurchase Agreement — 7.0%
		United States — 7.0%
$	1,713,000	State Street Bank dated 12/31/04, due 1/3/05 at 0.75% with a maturity value of $1,713,107 (Fully collateralized by a Federal Home Loan Mortgage Corp Note)		1,713,000
		Total Repurchase Agreement (Cost $1,713,000)		1,713,000
		Total Investments (Cost $20,557,323) (b) — 99.0%	$	24,163,342

Percentages noted above are based on net assets as of December 31, 2004.

*	Non-income producing security.
(a)	Bankrupt security/delisted; fair-valued by management.

(b)   Represents cost for financial reporting purposes, is substantially the same as federal income tax purposes, and differs from value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	3,668,414
Unrealized depreciation		(62,395	)
Net unrealized appreciation	$	3,606,019

35

Laudus Trust

Laudus Rosenberg International Small Capitalization Fund

Statement of Portfolio Investmentsas of 12/31/04 (Unaudited)

This document contains the Statement of Portfolio Investments as of 12/31/04. For more information about the securities, please refer to the Fund’s semiannual or annual shareholder report.

Shares			Value
		Common Stock — 92.0%
		Australia — 5.1%
		Agriculture, Food & Beverage — 0.2%
	87,929	Great Southern Plantations Ltd.	$	290,185
	146,251	Ridley Corp., Ltd.		154,772
	101,911	Timbercorp Ltd.		162,173
				607,130
		Banks & Credit Institutions — 0.2%
	32,468	Adelaide Bank Ltd.		267,497
	46,650	Bendigo Bank Ltd.		367,518
				635,015
		Basic Minerals & Metals — 0.4%
	69,120	Downer EDI Ltd.		256,286
	12,461	Energy Resources of Australia Ltd.		64,372
	98,475	GRD NL		211,513
	59,500	Iluka Resources Ltd.		293,378
	50,964	Jubilee Mines NL		177,781
	325,011	Smorgon Steel Group Ltd.		308,280
	58,024	Sons of Gwalia Ltd.* (a)		0
	79,238	Ticor Ltd.		93,172
				1,404,782
		Beer, Liquor & Tobacco — 0.0%
	2,595	ABB Grain Ltd.		13,528
		Chemicals & Rubber — 0.3%
	54,369	Orica Ltd.		868,167
	46,763	Wattyl Ltd.		125,002
				993,169
		Communications Utilities — 0.1%
	91,973	Commander Communications Ltd.		177,360
		Construction & Homebuilding — 0.0%
	18,514	Sunland Group Ltd.		26,414
		Construction Materials — 0.0%
	100,418	Adelaide Brighton Ltd.		133,820
		Electric Utilities — 0.1%
	71,688	Energy Developments Ltd.		184,886
		Financial Investments — 0.1%
	22,119	Australian Foundation Investment Co., Ltd.		61,380
	75,998	Coates Hire Ltd.		261,534
				322,914
		Forest Products & Paper — 0.1%
	109,329	PaperlinX Ltd.		404,518
		Government Aircraft & Defense — 0.0%
	80,477	Austal Ltd. *		119,232
		Information & Services — 0.1%
	75,917	Spotless Group Ltd.		308,269
		Instruments — 0.1%
	64,737	Ansell Ltd.		453,174
		Insurance — 0.1%
	99,656	Promina Group Ltd.		421,850
		Land & Water Transportation — 0.3%
	39,258	Adsteam Marine Ltd.		48,931
	111,827	Toll Holdings Ltd.		1,121,187
				1,170,118
		Metal Products & Machinery — 0.0%
	13,422	Hills Industries Ltd.		43,980
		Oil & Coal Resources — 0.4%
	54,525	Centennial Coal Co., Ltd.		174,388
	73,217	MacArthur Coal Ltd.		229,005
	267,064	Oil Search Ltd.		378,926
	69,388	Washington H. Soul Pattinson & Co., Ltd.		544,477
				1,326,796
		Oil Distribution — 0.2%
	82,512	Caltex Australia Ltd.		702,437
		Oil Drilling & Services — 0.0%
	99,571	Roc Oil Co., Ltd. *		141,277
		Publishing, Broadcasting & Cinema — 0.5%
	96,260	APN News & Media Ltd.		388,610
	164,876	Austereo Group Ltd.		217,134
	44,629	Seven Network Ltd.		224,252
	17,209	Southern Cross Broadcasting Australia) Ltd.		207,883
	145,756	Ten Network Holdings Ltd.		474,170
	110,235	Village Roadshow Ltd. *		190,109
				1,702,158
		Restaurants, Hotels & Theaters — 0.0%
	47,318	Amalgamated Holdings Ltd.		159,498
		Retail — 0.5%
	30,669	Colorado Group Ltd.		146,653
	122,895	David Jones Ltd.		213,869
	231,125	Mayne Group Ltd.		771,821
	91,679	Origin Energy Ltd.		495,165
				1,627,508
		Soaps & Cosmetics — 0.0%
	309	Campbell Brothers Ltd.		2,611
		Software — 0.1%
	98,362	Baycorp Advantage Ltd. *		237,486
		Wholesale — 1.3%
	31,089	Alesco Corp., Ltd.		197,402

36

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Australia continued
		Wholesale continued
	164,946	Aristocrat Leisure Ltd.	$	1,286,547
	201,305	Boral Ltd.		1,084,106
	28,558	Crane Group Ltd.		217,822
	96,125	GWA International Ltd.		236,606
	179,656	Lion Nathan Ltd.		1,211,158
	30,504	Sims Group Ltd.		425,635
				4,659,276
				17,979,206
		Austria — 1.2%
		Banks & Credit Institutions — 0.2%
	4,145	Investkredit Bank AG		729,840
		Basic Minerals & Metals — 1.0%
	3,600	Boehler-Uddeholm AG		454,979
	40,800	voestalpine AG		3,169,390
				3,624,369
				4,354,209
		Belgium — 1.6%
		Construction & Homebuilding — 0.3%
	2,924	Compagnie Francois d’ Entreprises (CFE)		1,069,126
		Financial Investments — 0.2%
	74,402	Econocom Group		586,559
		Gas & Other Public Utilities — 0.5%
	520	Distrigaz		2,155,770
		Information & Services — 0.1%
	10,543	Solvus SA		184,864
		Land & Water Transportation — 0.2%
	22,432	Compagnie Maritime Belge SA		626,584
		Metal Products & Machinery — 0.3%
	79,160	Ion Beam Applications *		930,724
		Restaurants, Hotels & Theaters — 0.0%
	9,253	Quick Restaurants SA		169,163
				5,722,790
		Canada — 6.4%
		Agriculture, Food & Beverage — 0.3%
	10,700	Canada Bread Co., Ltd.		419,730
	19,700	Saputo, Inc.		596,352
				1,016,082
		Airlines — 0.0%
	300	CHC Helicopter Corp., Class A		12,780
		Basic Minerals & Metals — 1.2%
	15,200	Agnico-Eagle Mines Ltd.		209,576
	9,000	Cameco Corp.		315,111
	6,400	Falconbridge Ltd.		166,123
	28,000	IPSCO, Inc.		1,339,298
	117,500	Kinross Gold Corp. *		828,673
	34,500	Teck Cominco Ltd., Class B		1,063,089
				3,921,870
		Beer, Liquor & Tobacco — 0.1%
	15,000	Rothmans, Inc.		499,520
		Biotechnology — 0.1%
	25,400	QLT, Inc. *		407,663
		Chemicals & Rubber — 0.4%
	68,600	Methanex Corp.		1,254,456
		Communications Utilities — 0.1%
	18,600	Cogeco Cable, Inc.		398,189
		Drugs & Pharmaceuticals — 0.2%
	44,600	Axcan Pharma, Inc. *		866,576
		Electric Utilities — 0.3%
	23,600	ATCO Ltd., Class I		1,152,276
		Forest Products & Paper — 0.4%
	11,300	Canfor Corp. *		147,598
	9,820	Fraser Papers, Inc. *		127,529
	28,400	Intertape Polymer Group, Inc. *		258,365
	49,100	Norbord, Inc.		508,151
	6,100	West Fraser Timber Co., Ltd.		245,395
				1,287,038
		Furniture & Household Items — 0.2%
	700	Dorel Industries, Inc., Class B *		24,146
	49,400	Royal Group Technologies Ltd. *		519,089
				543,235
		Health Care & Hospital — 0.0%
	1,700	TLC Vision Corp. *		17,878
		Information & Services — 0.0%
	5,300	Transat A.T., Inc. *		106,606
		Insurance — 0.3%
	837	E-L Financial Corp., Ltd.		235,958
	1,000	Fairfax Financial Holdings Ltd.		168,794
	42,400	Kingsway Financial Services, Inc. *		672,370
				1,077,122
		IT Hardware — 0.3%
	80,200	Celestica, Inc. *		1,131,227
		Land & Water Transportation — 0.1%
	25,800	CP Ships Ltd.		370,156
		Metal Products & Machinery — 0.1%
	30,700	Linamar Corp.		394,592
		Oil & Coal Resources — 0.2%
	428	Paramount Energy Trust		5,694
	20,500	PetroKazakhstan, Inc., Class A		761,895
				767,589
		Oil Distribution — 0.4%
	41,800	ShawCor Ltd.		418,994
	129,500	Sherritt International Corp. *		1,074,348
				1,493,342

37

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Canada continued
		Photooptical, Micros & Office Machinery — 0.3%
	600	ATI Technologies, Inc. *	$	11,648
	62,000	Creo, Inc. *		931,436
				943,084
		Publishing, Broadcasting & Cinema — 0.7%
	8,700	Alliance Atlantis Communications, Inc., Class B *		237,514
	11,800	Astral Media, Inc.		320,865
	1,300	CHUM Ltd., Class B		32,279
	2,800	Cinram International, Inc.		51,716
	100	Quebecor, Inc., Class B		2,161
	23,500	Quebecor World, Inc.		506,030
	700	Torstar Corp., Class B		12,853
	58,200	Transcontinental, Inc., Class A		1,132,280
				2,295,698
		Real Estate Investment Trusts — 0.1%
	9,700	BPO Properties Ltd.		315,737
		Restaurants, Hotels & Theaters — 0.1%
	8,100	Intrawest Corp.		186,250
		Retail — 0.2%
	10,500	Canadian Tire Corp., Ltd., Class A		492,597
	2,000	Empire Co., Ltd., Class A		51,413
	27,700	Hudson’s Bay Co.		309,794
				853,804
		Soaps & Cosmetics — 0.1%
	25,700	CCL Industries, Inc., Class B		403,255
		Software — 0.2%
	70,700	CGI Group, Inc. *		472,061
	38,400	Geac Computer Corp., Ltd. *		282,035
				754,096
				22,470,121
		China — 0.5%
		Banks & Credit Institutions — 0.1%
	182,000	Industrial & Commercial Bank of China (Asia) Ltd.		259,910
		Beer, Liquor & Tobacco — 0.1%
	216,000	Beijing Enterprises Holdings Ltd.		320,970
		Construction & Homebuilding — 0.2%
	327,000	Shanghai Industrial Holdings Ltd.		698,366
		Land & Water Transportation — 0.1%
	562,000	GZI Transportation Ltd.		166,300
	378,000	Tianjin Development Holdings Ltd.		166,564
				332,864
				1,612,110
		Common Stock continued
		Denmark — 3.6%
		Agriculture, Food & Beverage — 0.1%
	2,687	Danisco A/ S		163,993
	688	Harboes Bryggeri A/S, Class B		232,579
				396,572
		Basic Minerals & Metals — 0.9%
	98,570	NKT Holding A/S		2,872,868
		Chemicals & Rubber — 0.1%
	20,000	Auriga Industries A/S, Class B		420,279
		Information & Services — 0.5%
	25,600	ISS A/S		1,429,096
	6,450	PER Aarsleff A/S, Class B		344,154
				1,773,250
		Insurance — 0.6%
	39,500	Codan A/S		2,208,660
		Land & Water Transportation — 0.2%
	287	D/S Norden A/S		141,598
	14,000	Mols-Linien A/S *		612,694
				754,292
		Publishing, Broadcasting & Cinema — 0.0%
	534	VT Holding		36,787
		Real Estate Development — 0.9%
	20,700	Jeudan A/S *		1,456,268
	1,087,200	Keops A/S		794,657
	16,456	Nordicom A/S *		712,661
				2,963,586
		Wholesale — 0.3%
	11,400	DLH A/S, Class B *		814,501
	135	Nowaco Group A/S		15,171
	4,050	Sanistal A/S, Class B *		333,026
				1,162,698
				12,588,992
		Finland — 4.0%
		Agriculture, Food & Beverage — 0.6%
	164,000	HK Ruokatalo Oyj, Class A		1,640,669
	13,978	Lannen Tehtaat Oyj		233,695
	127,842	Raisio Group plc, Class V		330,161
				2,204,525
		Airlines — 0.4%
	192,007	Finnair Oyj		1,451,079
		Basic Minerals & Metals — 1.1%
	90,400	Outokumpu Oyj		1,615,822
	163,000	Rautaruukki Oyj		1,936,414
				3,552,236
		Cellular & Wireless — 0.8%
	157,096	Elisa Corp. *		2,532,498
		Chemicals & Rubber — 0.5%
	115,000	Kemira Oyj		1,588,147
		Forest Products & Paper — 0.2%
	128,500	M-real Oyj, Class B		820,919
		Furniture & Household Items — 0.0%
	7,526	Uponor Oyj		140,761

38

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Finland continued
		Land & Water Transportation — 0.0%
	4,752	Birka Line AB, Class A	$	96,887
		Real Estate Development — 0.4%
	78,000	Rakentajain Konevuokraamo Oyj, Class B		694,441
	188,800	Technopolis Oyj		810,939
				1,505,380
				13,892,432
		France — 8.4%
		Agriculture, Food & Beverage — 0.6%
	216	Evialis		8,517
	66,116	Provimi SA		1,581,680
	652	Sucriere de Pithiviers Le Vieil		522,876
	281	Teisseire France SA		27,882
				2,140,955
		Airlines — 0.2%
	30,000	Air France-KLM		571,700
		Banks & Credit Institutions — 0.1%
	1,923	Caisse Regionale de Credit Agricole Mutuel d’Ille-et-Villaine		224,790
	815	Caisse Regionale du Credit Agricole Mutuel Loire Haute-Loire		61,593
				286,383
		Basic Minerals & Metals — 0.9%
	21,400	Eramet SLN		1,925,621
	34,899	Nexans SA		1,372,337
				3,297,958
		Construction & Homebuilding — 0.4%
	12,612	Eiffage		1,457,143
		Construction Materials — 0.1%
	1,600	Ciments Francais		149,626
	1,341	SA des Ciments Vicat		151,289
				300,915
		Electric Utilities — 0.0%
	91	Compagnie Parisienne de Chauffage Urbain SA		9,902
		Financial Investments — 0.9%
	2,170	Francarep		336,251
	13,050	Societe Fonciere Financiere et de Participations (FFP)		2,838,114
				3,174,365
		Forest Products & Paper — 0.3%
	3,181	Exacompta Clairefontaine		860,431
	66,273	Otor		328,798
				1,189,229
		Furniture & Household Items — 0.2%
	500	Plastic Omnium SA		27,117
	4,800	Smoby SA		521,952
				549,069
		Gas & Other Public Utilities — 0.1%
	3,570	Seche Environnement		252,331
		Information & Services — 0.1%
	738	Groupe ONET		238,744
	14,203	High Co. *		148,266
				387,010
		Instruments — 0.7%
	11,400	Bacou-Dalloz		914,231
	13,800	Guerbet		1,425,581
				2,339,812
		Land & Water Transportation — 0.9%
	8,140	Bollore Investissement		658,879
	23,624	Geodis		2,488,596
				3,147,475
		Metal Products & Machinery — 0.4%
	36,200	Valeo SA		1,515,509
		Oil Distribution — 0.0%
	2,000	Rubis		100,313
		Real Estate Development — 0.4%
	450	Affine		42,816
	28,450	Bail Investissement Fonciere		1,200,724
				1,243,540
		Restaurants, Hotels & Theaters — 0.3%
	134,041	Groupe Flo		992,964
		Retail — 0.7%
	2,596	Etam		60,869
	48,800	Rallye SA		2,527,225
				2,588,094
		Software — 1.1%
	103,200	UbiSoft Entertainment SA *		3,729,900
				29,274,567
		Germany — 5.6%
		Beer, Liquor & Tobacco — 0.0%
	5,005	Sektkellerei Schloss Wachenheim AG		62,996
		Construction & Homebuilding — 0.3%
	7,809	Bilfinger Berger AG		319,493
	17,410	Hochtief AG		566,766
				886,259
		Construction Materials — 0.3%
	26,630	Dyckerhoff AG *		1,194,857
		Drugs & Pharmaceuticals — 0.5%
	23,700	Merck KGaA		1,620,375
		Financial Investments — 0.1%
	64,247	Bankgesellschaft Berlin AG *		176,402
		Government Aircraft & Defense — 0.6%
	41,700	Rheinmetall AG		2,216,216
		Instruments — 0.7%
	22,500	Fresenius AG		2,293,734
		Insurance — 0.3%
	51,800	Wuerttembergische Lebensversicherung AG		1,102,607

39

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Germany continued
		Metal Products & Machinery — 1.9%
	44,170	Duerr AG *	$	901,171
	43,168	Gildemeister AG *		305,116
	55,200	IWKA AG		1,519,369
	6,090	KSB AG		1,051,284
	1,801	Kuehnle Kopp Kausch AG		56,304
	150,000	Salzgitter AG		2,911,513
				6,744,757
		Restaurants, Hotels & Theaters — 0.1%
	9,897	Sixt AG		178,918
		Soaps & Cosmetics — 0.8%
	25,649	Fuchs Petrolub AG		2,958,508
				19,435,629
		Greece — 0.2%
		Banks & Credit Institutions — 0.2%
	5,056	Bank of Greece		662,496
		Hong Kong — 3.1%
		Agriculture, Food & Beverage — 0.1%
	66,000	First Pacific Co., Ltd. *		17,619
	45,000	Lam Soon (Hong Kong) Ltd.		15,921
	708,000	Vedan International (Holdings) Ltd.		147,563
				181,103
		Banks & Credit Institutions — 0.4%
	584,000	Asia Financial Holdings Ltd.		144,259
	562,000	International Bank of Asia Ltd.		224,143
	178,000	JCG Holdings Ltd.		159,160
	164,000	Liu Chong Hing Bank Ltd.		246,864
	68,900	Wing Lung Bank Ltd.		558,454
				1,332,880
		Communications Utilities — 0.0%
	164,000	I-CABLE Communications Ltd.		61,189
		Construction & Homebuilding — 0.1%
	78,000	Hopewell Holdings Ltd.		200,201
	734,000	Paul Y.-ITC Construction Holdings Ltd.		186,033
				386,234
		Financial Investments — 0.2%
	58,500	Asia Satellite Telecommunications Holdings Ltd.		111,390
	580,000	Chinese Estates Holdings Ltd.		391,756
	349,600	HKR International Ltd.		223,765
	84,000	Peregrine Investment Holdings Ltd. *(a)		0
				726,911
		Furniture & Household Items — 0.0%
	334,000	EganaGoldpfeil Holdings Ltd.		70,043
		Instruments — 0.0%
	212,000	Moulin International Holdings Ltd.		144,557
		IT Hardware — 0.1%
	102,000	Truly International Holdings Ltd.		105,639
	96,000	Vtech Holdings Ltd.		135,243
				240,882
		Land & Water Transportation — 0.2%
	191,500	Orient Overseas International Ltd.		725,575
		Miscellaneous Finance — 0.0%
	409,000	Sun Hung Kai & Co., Ltd.		106,556
		Real Estate Development — 1.2%
	77,000	Allied Group Ltd. *		80,738
	20,000	Allied Properties (H.K.) Ltd. *		10,421
	4,000	China Motor Bus Co., Ltd.		29,076
	170,000	Great Eagle Holding Co., Ltd.		439,615
	4,000	Hang Lung Group Ltd.		7,874
	189,500	Henderson China Holdings Ltd.		101,178
	151,000	Hong Kong Ferry (Holdings) Co., Ltd.		168,043
	10,000	Hopson Development Holdings Ltd.		3,635
	402,000	Kerry Properties Ltd.		858,542
	14,000	Miramar Hotel & Investment Co., Ltd.		18,192
	564,800	New World China Land Ltd. *		227,077
	1,474,000	Sino Land Co., Ltd.		1,450,730
	318,000	Tai Cheung Holdings Ltd.		173,878
	235,000	Tian An China Investments Co., Ltd. *		62,736
	715,000	Wheelock Properties Ltd.		342,658
	146,000	Wing On Co. International Ltd.		192,533
				4,166,926
		Restaurants, Hotels & Theaters — 0.5%
	77,000	Harbour Centre Development Ltd.		88,663
	442,500	Hongkong & Shanghai Hotels Ltd.		395,664
	684,000	Shangri-La Asia Ltd.		981,203
	1,004,000	Star Cruises Ltd. *		277,716
				1,743,246
		Retail — 0.1%
	690,000	Bossini International Holdings Ltd.		172,218
	391,000	Glorious Sun Enterprises Ltd.		143,367
				315,585
		Software — 0.1%
	431,000	Digital China Holdings Ltd. *		117,832
	985,000	SUNeVision Holdings Ltd.		177,416
				295,248

40

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Hong Kong continued
		Wholesale — 0.1%
	945,000	Tan Chong International Ltd.	$	188,448
				10,685,383
		Ireland — 1.0%
		Oil & Coal Resources — 0.7%
	2,052,000	Dragon Oil plc *		2,635,775
		Wholesale — 0.3%
	40,000	DCC plc		897,105
				3,532,880
		Italy — 7.5%
		Banks & Credit Institutions — 0.9%
	368,000	Banca Popolare di Milano Scrl (BPM)		3,261,330
	1,532	Banco di Sardegna S.p.A.		30,069
				3,291,399
		Construction & Homebuilding — 0.0%
	14,189	Vianini Lavori S.p.A.		118,804
		Construction Materials — 0.9%
	95,311	Buzzi Unicem S.p.A.		1,391,383
	23,564	Italmobiliare S.p.A.		1,649,512
				3,040,895
		Consumer Durables — 0.6%
	434,915	De’Longhi S.p.A.		2,004,026
		Electric Utilities — 1.5%
	888,000	C.I.R. S.p.A. — Compagnie Industriali Riunite		2,631,290
	1,017,000	Edison S.p.A. *		2,163,389
				4,794,679
		Information & Services — 0.1%
	304,066	Trevi Finanziaria S.p.A.		469,511
		Insurance — 1.5%
	116,800	Fondiaria-Sai S.p.A.		3,148,217
	323,767	Milano Assicurazioni S.p.A.		1,826,333
				4,974,550
		Metal Products & Machinery — 0.0%
	24,000	Danieli & Co., S.p.A.		152,671
		Miscellaneous Finance — 0.1%
	96,539	Mittel S.p.A.		461,897
		Oil Distribution — 0.5%
	136,000	ERG S.p.A.		1,617,507
		Publishing, Broadcasting & Cinema — 0.5%
	1,255,039	Cofide S.p.A. — Compagnia Finanziaria de Benedetti		1,552,379
	114,113	Monrif S.p.A. *		141,614
				1,693,993
		Restaurants, Hotels & Theaters — 0.6%
	868,500	Cremonini S.p.A.		2,213,453
		Retail — 0.2%
	280,000	Stefanel S.p.A.		677,450
		Soaps & Cosmetics — 0.0%
	15,024	Mirato S.p.A.		138,865
		Textiles & Apparel — 0.1%
	52,675	Linificio e Canapificio Nazionale S.p.A.		214,079
	42,358	Vincenzo Zucchi S.p.A		208,998
				423,077
				26,072,777
		Japan — 14.6%
		Agriculture, Food & Beverage — 0.6%
	13	Coca-Cola Central Japan Co., Ltd.		99,083
	9,100	Dydo Drinco, Inc.		297,502
	15,000	Fuji Foods, Inc.		52,698
	6,000	Fujicco Co., Ltd.		81,858
	2,000	Kenko Mayonnaise Co., Ltd.		8,725
	10,000	Kinki Coca-Cola Bottling Co., Ltd.		95,540
	102,000	Marudai Food Co., Ltd.		218,991
	112,000	Morinaga & Co., Ltd.		266,693
	72,000	Morinaga Milk Industry Co., Ltd.		308,461
	14,000	Nichiwa Sangyo Co., Ltd.		37,435
	42,000	Nissin Sugar Manufacturing Co., Ltd.		82,385
	5,000	Riken Vitamin Co., Ltd.		121,011
	16,000	Rokko Butter Co., Ltd.		48,404
	14,000	S Foods, Inc.		108,071
	1,000	Semba Tohka Industries Co., Ltd.		3,123
	9,000	Showa Sangyo Co., Ltd.		22,045
	19,000	Tokatsu Foods Co., Ltd.		74,168
	32,000	Yokohama Reito Co., Ltd.		216,102
				2,142,295
		Autos — 0.6%
	2,000	Chuo Malleable Iron Co., Ltd.		7,026
	3,000	Fuji Univance Corp.		12,618
	3,000	Hirata Technical Co., Ltd.		16,922
	1,100	Imasen Electric Industrial Co., Ltd.		10,037
	13,500	Kanto Auto Works Ltd.		167,449
	3,000	Kikuchi Co., Ltd.		25,178
	18,700	Kyokuto Kaihatsu Kogyo Co., Ltd.		224,283
	3,000	Meiwa Industry Co., Ltd.		10,101
	11,000	Mitsuba Corp.		84,161
	6,000	Murakami Corp.		40,988
	35,000	Nippon Seiki Co., Ltd.		355,226
	122,000	Nissan Diesel Motor Co., Ltd. *		689,354
	3,000	Nissan Shatai Co., Ltd.		25,529
	2,000	Pacific Industrial Co., Ltd.		9,271
	1,000	Sumitomo Wiring Systems Ltd.		21,079
	11,000	Technol Eight Co., Ltd.		33,815
	6,000	Tokai Rika Co., Ltd.		103,640
	6,000	U-Shin Ltd.		43,798

41

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Japan continued
		Autos continued
	8,600	Unipres Corp.	$	70,247
	24,700	Yorozu Corp.		201,515
				2,152,237
		Banks & Credit Institutions — 0.9%
	1,400	Aichi Bank Ltd.		115,175
	3,900	Bank of Okinawa Ltd.		106,568
	24,000	Central Finance Co., Ltd.		94,389
	38,000	Chiba Kogyo Bank Ltd. *		255,138
	3,400	Credia Co., Ltd.		75,651
	84,000	Eighteenth Bank Ltd.		410,696
	116,000	Hokuhoku Financial Group, Inc.		316,971
	85,000	Japan Asia Investment Co., Ltd.		351,713
	3,000	Kagawa Bank Ltd.		15,312
	5,000	Kita-Nippon Bank Ltd.		242,510
	75,000	Nishi-Nippon City Bank Ltd.		289,109
	5,000	Osaka Securities Finance Co., Ltd.		15,858
	53,500	Shinki Co., Ltd.		533,068
	19,000	Taiko Bank Ltd.		51,918
	11,000	Tochigi Bank Ltd.		63,550
	4,600	Tokyo Tomin Bank Ltd.		95,843
	16,000	Tomato Bank Ltd.		38,567
				3,072,036
		Basic Minerals & Metals — 0.8%
	27,000	Araya Industrial Co., Ltd.		66,400
	105,000	Kurimoto Ltd.		351,469
	121,000	Mitsubishi Cable Industries Ltd.		142,881
	97,000	Nakayama Steel Works Ltd.		382,433
	13,000	Nichia Steel Works Ltd.		57,851
	69,000	Nittetsu Mining Co., Ltd.		267,327
	86,000	Sanyo Special Steel Co., Ltd.		174,568
	37,000	Shinko Wire Co., Ltd.		51,635
	12,000	Showa Electric Wire & Cable Co., Ltd.		15,927
	8,000	Sumitomo Pipe & Tube Co., Ltd.		34,352
	11,000	Toho Zinc Co., Ltd.		27,052
	1,000	Tohoku Steel Co., Ltd.		8,334
	10,000	Tokyo Steel Manufacturing Co., Ltd.		155,753
	58,000	Toyo Kohan Co., Ltd.		239,992
	24,000	Yamato Kogyo Co., Ltd.		308,461
	127,000	Yodogawa Steel Works Ltd.		614,735
				2,899,170
		Beer, Liquor & Tobacco — 0.1%
	76,000	Mercian Corp.		183,195
	40,000	Oenon Holdings, Inc.		104,616
				287,811
		Chemicals & Rubber — 1.0%
	55,000	Asahi Denka Co., Ltd.		566,799
	24,000	Asahipen Corp.		43,330
	3,000	Atomix Co., Ltd.		13,760
	3,000	Cemedine Co., Ltd.		11,506
	40,000	Kanto Denka Kogyo Co., Ltd.		149,117
	93,000	Kureha Chemical Industry Co., Ltd.		380,277
	2,000	Manac, Inc.		11,516
	22,000	Nippon Fine Chemical Co., Ltd.		95,755
	110,000	Nippon Soda Co., Ltd.		343,515
	79,000	Nippon Synthetic Chemical Industry Co., Ltd.		207,388
	87,000	Sakai Chemical Industry Co., Ltd.		396,497
	12,000	SEC Corp.		34,078
	38,000	Sekisui Plastics Co., Ltd.		133,132
	1,000	Showa Tansan Co., Ltd.		3,318
	9,300	SOFT99 Corp.		176,888
	1,000	Taoka Chemical Co., Ltd. *		2,928
	4,000	Tigers Polymer Corp.		23,695
	98,000	Toagosei Co., Ltd.		345,252
	5,000	Tohcello Co., Ltd.		25,764
	7,000	Tokyo Printing Ink Manufacturing Co., Ltd.		21,109
	146,000	Toyo Tire & Rubber Co., Ltd.		470,185
	17,000	Unitika Ltd. *		18,415
				3,474,224
		Construction & Homebuilding — 1.3%
	17,000	Asahi Kogyosha Co., Ltd.		58,895
	57,000	Asanuma Corp.		116,258
	1,400	C-Cube Corp.		4,864
	10,000	Dai-Dan Co., Ltd.		64,409
	63,000	Daiho Corp.		137,718
	9,000	Daiichi Kensetsu Corp.		52,698
	25,000	Fukuda Corp.		153,948
	9,000	Hibiya Engineering Ltd.		69,650
	28,000	Higashi Nihon House Co., Ltd. *		52,464
	27,000	Hitachi Plant Engineering &		120,679
		Construction Co., Ltd.
	8,400	Japan Foundation Engineering Co., Ltd.		46,070
	8,000	Kaneshita Construction Co., Ltd.		54,104
	5,000	Kawada Construction Co., Ltd.		21,909
	3,000	Kitano Construction Corp.		6,763
	2,000	Koatsu Kogyo Co., Ltd.		7,807
	7,000	Kodensha Co., Ltd.		22,407
	37,000	Kyudenko Corp.		196,789
	130,000	Maeda Corp.		625,450
	12,000	Maeda Road Construction Co., Ltd.		94,389
	43,000	Mitsui Home Co., Ltd.		226,183
	9,300	NEC System Integration & Construction Ltd.		83,951
	9,000	Nippon Densetsu Kogyo Co., Ltd.		46,375
	4,000	Nippon Dentsu Co., Ltd.		12,921
	109,000	Nippon Road Co., Ltd.		235,083
	6,000	Ohmoto Gumi Co., Ltd.		33,961

42

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Japan continued
		Construction & Homebuilding continued
	12,000	Oki Wintech Co., Ltd.	$	56,212
	1,000	Oriental Construction Co., Ltd.		5,221
	11,300	Raito Kogyo Co., Ltd.		49,073
	22,000	Sanyo Engineering & Construction, Inc.		92,320
	3,000	Seibu Electric Industry Co., Ltd.		15,078
	16,300	Shinnihon Corp.		78,263
	4,900	Sho-Bond Corp. *		40,503
	24,000	Taihei Dengyo Kaisha Ltd.		129,521
	4,000	Taisei Oncho Co., Ltd.		23,421
	77,000	Taisei Rotec Corp.		158,554
	4,000	Takasago Thermal Engineering Co., Ltd.		27,676
	25,000	Takuma Co., Ltd.		196,887
	600	Techno Ryowa Ltd.		3,513
	2,000	Toko Electric Corp.		13,584
	15,000	Tokyo Energy & Systems, Inc.		75,681
	60,000	Toshiba Plant Systems & Services Corp.		291,012
	24,000	Totetsu Kogyo Co., Ltd.		103,055
	6,400	Tsuchiya Home Co., Ltd.		17,488
	11,000	Tsukishima Kikai Co., Ltd.		84,805
	1,900	Yokogawa Construction Co., Ltd.		7,417
	50,000	Yurtec Corp.		266,907
	20,000	Zenitaka Corp.		46,453
				4,328,389
		Construction Materials — 0.3%
	12,000	Alinco, Inc.		54,572
	25,000	DC Co., Ltd.		67,337
	21,000	Ishizuka Glass Co., Ltd.		48,570
	10,000	Japan Steel Tower Co., Ltd.		40,012
	2,000	Kawagishi Bridge Works Co., Ltd.		6,148
	24,000	Komai Tekko, Inc.		71,670
	3,000	Kunimine Industries Co., Ltd.		11,125
	3,000	Mitani Sekisan Co., Ltd.		13,467
	48,000	Nihon Yamamura Glass Co., Ltd.		120,855
	5,000	Nippon Concrete Industries Co., Ltd.		25,568
	2,000	Nippon Hume Corp.		6,753
	17,000	Okabe Co., Ltd.		76,481
	1,000	Sankyo Rikagaku Co., Ltd.		8,520
	24,000	Sekisui Jushi Corp.		155,050
	59,000	Shinagawa Refractories Co., Ltd.		184,825
	1,000	Takada Kiko Co., Ltd.		5,836
	6,000	Takahashi Curtain Wall Corp.		20,318
	5,000	Takigami Steel Construction Co., Ltd.		35,864
	20,000	Yokogawa Bridge Corp.		129,404
	6,000	Yotai Refractories Co., Ltd.		14,053
				1,096,428
		Consumer Durables — 0.2%
	14,000	Cleanup Corp.		138,128
	14,000	Sun Wave Corp.		61,345
	15,600	Tohoku Pioneer Corp.		276,772
	15,000	Zojirushi Corp.		99,395
				575,640
		Drugs & Pharmaceuticals — 0.2%
	1,000	Fujirebio, Inc.		14,199
	3,000	Kaken Pharmaceutical Co., Ltd.		19,762
	43,000	Nikken Chemicals Co., Ltd.		135,542
	35,000	Nippon Shinyaku Co., Ltd.		286,913
	15,000	Nissui Pharmaceutical Co., Ltd.		92,808
	10,000	Torii Pharmaceutical Co., Ltd.		218,601
				767,825
		Financial Investments — 0.4%
	3,000	Daiwa Kosho Lease Co., Ltd.		15,810
	11,900	Nishio Rent All Co., Ltd.		144,003
	16,000	Ricoh Leasing Co., Ltd.		409,095
	3,000	Sankyo Frontier Co., Ltd.		19,703
	17,500	Sanyo Electric Credit Co., Ltd.		368,035
	17,000	Suntelephone Co., Ltd.		98,712
	34,600	Tokyo Leasing Co., Ltd.		426,802
	10,000	Wakita & Co., Ltd.		87,245
				1,569,405
		Forest Products & Paper — 0.2%
	400	Comany, Inc.		4,958
	7,000	Daio Paper Corp.		65,307
	41,000	Mitsubishi Paper Mills Ltd.		62,418
	2,000	Nankai Plywood Co., Ltd.		9,037
	93,000	Nice Corp.		313,116
	2,000	Nihon Decoluxe Co., Ltd.		11,320
	78,000	Tomoku Co., Ltd.		205,524
				671,680
		Furniture & Household Items — 0.1%
	30,000	Itoki Crebio Corp.		117,400
	2,000	Koito Industries Ltd.		8,178
	2,100	Kuwayama Corp.		14,551
	71,000	Mizuno Corp.		313,184
	10,100	Tachikawa Corp.		63,575
	1,000	Tasaki Shinju Co., Ltd.		4,040
				520,928
		Gas & Other Public Utilities — 0.0%
	3,000	Hiroshima Gas Co., Ltd.		11,359
	18,000	Keiyo Gas Co., Ltd.		83,263
	9,000	Otaki Gas Co., Ltd.		31,795
				126,417
		Health Care & Hospital — 0.0%
	950	SRL, Inc.		12,191
		Information & Services — 0.3%
	7,000	Aichi Toyota Motor Co., Ltd.		118,863
	4,000	Asia Air Survey Co., Ltd.		9,915

43

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Japan continued
		Information & Services continued
	1,000	Chodai Co., Ltd.	$	3,806
	10,800	CTI Engineering Co., Ltd.		75,042
	4	Eight Consultants Co., Ltd.		13,663
	13,000	Eikoh, Inc.		103,904
	2,000	Gifu Hino Motor Co., Ltd.		19,518
	4,000	Ichishin Co., Ltd.		14,834
	7,000	Johnan Academic Preparatory Institute, Inc.		36,889
	3,000	Keiiyu Co., Ltd.		38,177
	6,000	Kitamura Co., Ltd.		50,942
	4,800	Nihon Jumbo Co., Ltd.		37,896
	4,000	Original Engineering Consultants Co., Ltd.		20,182
	5,000	Subaru Enterprise Co., Ltd.		16,981
	2,600	Sumisho Auto Leasing Corp.		120,268
	1,500	Tanabe Management Consulting Co., Ltd.		9,369
	3,000	Toyo TEC Co., Ltd.		23,978
	2,000	Toyota Corolla Gifu Co., Ltd.		30,448
	1,000	UP, Inc.		5,777
	7,200	Wesco, Inc.		27,895
	2,000	With us Corp.		7,222
	19,900	Yellow Hat Ltd.		167,014
				952,583
		Instruments — 0.4%
	13,000	Aichi Tokei Denki Co., Ltd.		39,582
	15,000	Espec Corp.		155,460
	10,200	Fukuda Denshi Co., Ltd.		336,450
	16,000	Furuno Electric Co., Ltd.		137,250
	6,200	Goodman Co., Ltd.		152,474
	7,000	Hitachi Medical Corp.		100,488
	29,000	Horiba Ltd.		410,364
	4,000	Kawasumi Laboratories, Inc.		28,262
	7,000	Nippon Antenna Co., Ltd.		62,848
	5,000	Nippon Tungsten Co., Ltd.		11,516
	3,000	Nireco Corp.		24,885
	1,000	Rion Co., Ltd.		4,762
				1,464,341
		Insurance — 0.0%
	42,000	Nisshin Fire & Marine Insurance Co., Ltd.		154,933
		IT Hardware — 0.7%
	1,100	Aiphone Co., Ltd.		18,571
	4,800	Airtech Japan Ltd.		40,613
	7,200	Aoi Electronics Co., Ltd.		113,899
	1,000	Daishinku Corp.		3,796
	3,000	Diamond Electric Manufacturing Co., Ltd.		11,594
	2,100	Fuji Electric Industry Co., Ltd.		18,342
	20,700	Fujitsu Frontech Ltd.		169,487
	25	Hitachi, Ltd.		173
	800	Hosiden Corp.		8,861
	200	Internix, Inc.		1,647
	103,000	Japan Radio Co., Ltd. *		392,017
	3,000	Komatsu Electronic Metals Co., Ltd.		33,317
	6,800	Kuramoto Seisakusho Co., Ltd.		46,519
	75,000	Makino Milling Machine Co., Ltd.		411,340
	8,000	Matsuo Electric Co., Ltd.		15,068
	8,300	Micronics Japan Co., Ltd.		106,595
	6,100	Mimasu Semiconductor Industry Co., Ltd.		91,497
	7,000	Nihon Dengi Co., Ltd.		42,286
	5,000	Nippon Kodoshi Corp.		44,891
	800	S.E.S. Co., Ltd.		4,474
	26,000	Shin-Etsu Polymer Co., Ltd.		186,747
	8,700	Shinkawa Ltd.		171,079
	65,000	Toko, Inc.		196,009
	500	Tokyo Cathode Laboratory Co., Ltd.		7,807
	3,000	Y.A.C. Co., Ltd. *		23,626
	36,200	Yamatake Corp.		409,445
				2,569,700
		Land & Water Transportation — 0.2%
	3,000	Chuo Warehouse Co., Ltd.		34,986
	2,000	Daiwa Logistics Co., Ltd.		18,347
	8,000	Isewan Terminal Service Co., Ltd.		43,720
	6,000	Japan Oil Transportation Co., Ltd.		16,512
	8,400	K.R.S. Corp.		126,734
	3,000	Kanda Corp.		12,033
	3,000	Kawanishi Warehouse Co., Ltd.		17,830
	22,000	Kawasaki Kinkai Kisen Kaisha Ltd.		80,082
	8,000	Meiko Trans Co., Ltd.		56,212
	16,000	Senko Co., Ltd.		61,520
	52,000	Sumitomo Warehouse Co., Ltd.		253,732
	5,000	Tokyo Kisen Co., Ltd.		25,129
				746,837
		Metal Products & Machinery — 1.6%
	24,000	Aida Engineering Ltd.		115,234
	30,000	Amada Co., Ltd.		165,707
	25,000	Asahi Diamond Industrial Co., Ltd.		148,092
	20,000	CKD Corp.		123,939
	1,800	Corona Corp.		27,614
	68,000	Daifuku Co., Ltd.		439,973
	3,800	Dainichi Co., Ltd.		22,436
	200	DMW Corp.		8,002
	1,400	Freund Corp.		10,042
	3,000	Fuji Seiko Ltd.		13,936
	70,000	Fujitec Co., Ltd.		368,205
	70,000	Hokkai Can Co., Ltd.		189,226
	5,000	Hokuetsu Industries Co., Ltd.		9,125
	4,000	Hosokawa Micron Corp. *		29,472

44

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Japan continued
		Metal Products & Machinery continued
	13,000	Ishikawajima Transport Machinery Co., Ltd.	$	35,523
	267,000	Japan Steel Works Ltd.		495,072
	38,000	Kato Works Co., Ltd.		105,689
	5,000	Koken Ltd.		45,379
	3,600	Maezawa Industries, Inc.		21,255
	17,000	Max Co., Ltd.		188,299
	151,000	Meidensha Corp.		331,560
	26,600	Mori Seiki Co., Ltd.		242,455
	2,000	Nakano Refrigerators Co., Ltd.		16,785
	1,000	Neturen Co., Ltd.		6,324
	3,000	Nihon Kaiheiki Industry Co., Ltd.		24,446
	39,000	Nippon Sharyo Ltd.		96,672
	57,000	Nippon Thompson Co., Ltd.		367,132
	4,000	Nissei Plastic Industrial Co., Ltd.		29,511
	18,900	Nitto Kogyo Corp.		184,260
	5,000	Okuma Corp. *		21,275
	43,000	Organo Corp.		227,442
	5,100	Piolax, Inc.		102,776
	2,000	Sanso Electric Co., Ltd.		13,877
	88,000	Shinmaywa Industries Ltd.		386,455
	17,000	Sinko Kogyo Co., Ltd.		31,024
	8,000	Sintokogio Ltd.		53,089
	80,000	Takaoka Electric Manufacturing Co., Ltd. *		133,502
	200	Thk Co., Ltd.		3,962
	2,000	Toami Corp.		26,720
	6,000	Toso Co., Ltd.		15,517
	19,000	Toyo Engineering Works Ltd.		31,892
	35,000	Toyoda Machine Works Ltd.		298,868
	400	Zuiko Corp.		3,708
				5,211,472
		Miscellaneous Finance — 0.0%
	3,000	Daiko Clearing Services Corp.		22,163
	24,000	Marusan Securities Co., Ltd.		150,600
				172,763
		Oil & Coal Resources — 0.1%
	48,000	Kanto Natural Gas Development Co., Ltd.		291,832
		Oil Distribution — 0.3%
	40,700	Itochu Enex Co., Ltd.		262,939
	102,000	Iwatani International Corp.		240,890
	15,000	Kamei Corp.		143,164
	29,000	San-Ai Oil Co., Ltd.		116,034
	10,000	Sinanen Co., Ltd.		49,966
	106,000	Toa Oil Co., Ltd.		185,166
	26,000	Uehara Sei Shoji Co., Ltd.		138,031
				1,136,190
		Photooptical, Micros & Office Machinery — 0.2%
	18,000	Amano Corp.		178,823
	15,000	Fujicopian Co., Ltd.		32,644
	19,000	King Jim Co., Ltd.		96,418
	5,000	Ricoh Elemex Corp.		26,837
	7,500	Riso Kagaku Corp.		292,769
	23,000	Star Micronics Co., Ltd.		191,012
				818,503
		Publishing, Broadcasting & Cinema — 0.2%
	490	Asahi Broadcasting Corp.		32,995
	1,000	Broadcasting System of Niigata, Inc. (BSN)		6,812
	1,900	Chubu-Nippon Broadcasting Co., Ltd.		20,860
	30,000	Gakken Co., Ltd.		62,067
	1,000	Hiraga Co., Ltd.		7,856
	8,000	RKB Mainichi Broadcasting Corp.		56,992
	2,000	Sanko Sangyo Co., Ltd.		17,078
	110,000	Toei Co., Ltd.		558,212
	4,100	Tokyo Lithmatic Corp.		53,616
				816,488
		Real Estate Development — 0.2%
	4,000	Aoki Marine Co., Ltd.		9,486
	14,000	Cowboy Co., Ltd.		44,403
	7,000	Hosoda Corp.		29,716
	112,000	HUNET, Inc.		186,903
	4,000	Kowa Spinning Co., Ltd.		15,692
	10,900	Nisshin Fudosan Co., Ltd.		114,351
	23,000	Recruit Cosmos Co., Ltd.		83,049
	7,000	Sankei Building Co., Ltd.		44,403
	19,000	Sekiwa Real Estate Kansai Ltd.		104,021
				632,024
		Real Estate Investment Trusts — 0.1%
	77	Pacific Management Corp.		178,843
		Restaurants, Hotels & Theaters — 1.1%
	2,000	ABILIT Corp.		24,202
	1,500	Aeon Fantasy Co., Ltd.		36,303
	30,800	Capcom Co., Ltd.		292,761
	12,000	Colowide Co., Ltd.		139,475
	17,800	Daisyo Corp.		220,785
	13,000	Denny’s Japan Co., Ltd.		246,755
	14,500	Doutor Coffee Co., Ltd.		275,934
	6,000	Friendly Corp.		29,511
	20,000	Gourmet Kineya Co., Ltd.		178,784
	500	Green House Co., Ltd.		10,491
	10,500	Horipro, Inc.		92,427
	82,000	Kinki Nippon Tourist Co., Ltd. *		203,259
	500	Marche Corp.		5,133
	6,600	Matsuya Foods Co., Ltd.		146,209
	9,000	MOS Food Services, Inc.		121,382
	23,000	Royal Co., Ltd.		291,568
	255	Shidax Corp.		225,212

45

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Japan continued
		Restaurants, Hotels & Theaters continued
	195	Taito Corp.	$	296,867
	12,940	Tecmo Ltd.		102,793
	132,000	Tokyo Dome Corp.		622,193
				3,562,044
		Retail — 0.8%
	14,400	Aoki International Co., Ltd.		192,103
	7,000	Aucnet, Inc.		136,967
	6,000	Blue Grass Co., Ltd.		55,041
	9,200	Charle Co., Ltd.		72,544
	25,300	Chiyoda Co., Ltd.		403,685
	12,000	Daiwa Co., Ltd.		26,583
	4	Digital Garage, Inc. *		15,380
	10,000	Hanshin Department Store Ltd.		64,214
	10,600	Haruyama Trading Co., Ltd.		151,133
	3,000	Hasegawa Co., Ltd.		9,398
	106	Impress Holdings, Inc. *		115,858
	67,000	Izumiya Co., Ltd.		456,388
	4,400	Jeans Mate Corp.		48,522
	1,000	Konaka Co., Ltd.		15,019
	98,000	Matsuzakaya Co., Ltd.		388,289
	1,600	Ministop Co., Ltd.		27,762
	2,000	Nagano Tokyu Department Store Co., Ltd.		5,953
	62,000	Parco Co., Ltd.		364,243
	7,700	Poplar Co., Ltd.		104,450
	100	Right On Co., Ltd.		3,425
	300	RIO Chain Co., Ltd.		3,367
	9,000	Senshukai Co., Ltd.		76,237
	8,500	Simree Co., Ltd.		35,669
	3,200	Three F Co., Ltd.		26,232
	2,000	Tokyo Derica Co., Ltd.		13,741
	11,000	Tokyu Store Chain Co., Ltd.		56,787
	800	U Store Co., Ltd.		8,080
	1,100	Xebio Co., Ltd.		34,244
				2,911,314
		Soaps & Cosmetics — 0.1%
	85	Aderans Co., Ltd.		1,966
	195	Dr. Ci:Labo Co., Ltd.		443,398
	1,000	Sunstar, Inc.		3,767
				449,131
		Software — 0.3%
	2,000	Asahi Intelligence Service Co., Ltd.		20,025
	3,000	Creo Co., Ltd.		17,420
	20,700	Fujitsu Business Systems Ltd.		285,643
	300	INES Corp.		2,840
	1,400	Information Development Co., Ltd.		7,569
	8,000	Intec, Inc.		63,628
	5,000	Japan Process Development Co., Ltd.		46,355
	6,700	Saison Information Systems Co., Ltd.		98,731
	200	Sumisho Electronics Co., Ltd.		2,537
	6,200	TKC Corp.		97,716
	23,000	Tsuzuki Denki Co., Ltd.		87,538
	44,000	Uchida Yoko Co., Ltd.		190,222
				920,224
		Textiles & Apparel — 0.3%
	142,000	Daiwabo Co., Ltd.		213,409
	2,000	Fuji Corp.		16,297
	5,000	Fujix Ltd.		29,228
	2,000	Ichikawa Co., Ltd.		8,139
	11,000	Japan Wool Textile Co., Ltd.		69,347
	10,000	Jichodo Co., Ltd.		63,433
	5,000	King Co., Ltd.		14,882
	180,000	Kurabo Industries Ltd.		409,291
	23,000	Lapine Co., Ltd.		43,544
	5,000	Morishita Co., Ltd.		51,235
	7,000	Nippon Felt Co., Ltd.		39,280
	6,000	Seiren Co., Ltd.		44,208
	17,000	Tokyo Soir Co., Ltd.		52,757
	4,000	Yagi Corp.		20,494
				1,075,544
		Wholesale — 1.0%
	47,000	Best Denki Co., Ltd.		210,071
	14,500	Daiwabo Information System Co., Ltd.		193,579
	11,000	Denkyosha Co., Ltd.		94,037
	3,000	Furusato Industries Ltd.		27,813
	1,000	Inaba Denki Sangyo Co., Ltd.		24,446
	15,000	Inabata & Co., Ltd.		132,624
	60,000	Joshin Denki Co., Ltd.		204,938
	24,000	Kanaden Corp.		135,142
	1,600	Kato Sangyo Co., Ltd.		24,233
	59,000	Laox Co., Ltd.		134,732
	17,800	Marubun Corp.		148,695
	17,000	Mitani Corp.		95,394
	14,000	Nagahori Corp.		42,490
	15,100	Onoken Co., Ltd.		231,356
	14,000	Paltac Corp.		206,304
	8,600	Ryosan Co., Ltd.		198,487
	10,800	Ryoyo Electro Corp.		169,689
	19,000	Sanshin Electronics Co., Ltd.		144,442
	17,700	Satori Electric Co., Ltd.		235,437
	13,000	Sekido Co., Ltd.		19,918
	2,000	Shinden Co., Ltd.		8,276
	21,000	Shinko Shoji Co., Ltd.		151,244
	1,000	Soda Nikka Co., Ltd.		3,094
	11,100	Sofmap Co., Ltd.		48,529
	5,000	Somar Corp.		15,810
	1,450	Takachiho Koheki Co., Ltd.		13,443
	28,000	Takihyo Co., Ltd.		154,933
	5,000	Tokiwa Yakuhin Co., Ltd.		19,518
	7,000	Totech Corp.		30,126
	10,000	Trusco Nakayama Corp.		149,898
	2,500	Tsuzuki Densan Co., Ltd.		12,784

46

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Japan continued
		Wholesale continued
	3,000	Yagi & Co., Ltd.	$	31,356
	3,000	Yokohama Maruuo Co., Ltd.		16,102
	18,000	Yuasa Funashoku Co., Ltd.		41,280
				3,370,220
				51,131,662
		Malaysia — 0.0%
		Real Estate Development — 0.0%
	24,000	Rekapacific Berhad * (a)		0
		Netherlands — 1.5%
		Basic Minerals & Metals — 0.3%
	32,565	Mittal Steel Co., NV *		1,204,423
		Information & Services — 0.3%
	22,464	Koninklijke BAM Groep NV		1,129,154
		Land & Water Transportation — 0.2%
	16,571	Koninklijke Frans Maas Groep NV		613,782
		Wholesale — 0.7%
	2,047	Petroplus International NV		21,703
	76,200	Univar NV		2,101,533
				2,123,236
				5,070,595
		New Zealand — 0.5%
		Agriculture, Food & Beverage — 0.0%
	50,192	Sanford Ltd.		163,142
		Airlines — 0.1%
	219,248	Air New Zealand Ltd. *		259,715
		Construction Materials — 0.2%
	147,593	Fletcher Building Ltd.		705,735
		Electric Utilities — 0.1%
	96,588	Prime Infrastructure (NZ SPARCS) (a)		149,996
	14,328	TrustPower Ltd.		58,990
				208,986
		Forest Products & Paper — 0.0%
	34,022	Tenon Ltd.		54,063
		Land & Water Transportation — 0.0%
	83,606	Toll NZ Ltd. *		163,049
		Miscellaneous Finance — 0.1%
	156,234	Tower Ltd. *		241,494
		Retail — 0.0%
	5,793	Warehouse Group Ltd.		15,189
				1,811,373
		Norway — 0.4%
		Land & Water Transportation — 0.1%
	11,000	Stolt-Nielsen SA *		316,016
		Oil Drilling & Services — 0.3%
	78,000	Fred Olsen Energy ASA *		1,126,861
				1,442,877
		Portugal — 0.2%
		Forest Products & Paper — 0.2%
	446,874	Corticeira Amorim, S.G.P.S., SA *		643,858
		Singapore — 1.8%
		Agriculture, Food & Beverage — 0.1%
	712,000	Asia Food & Properties Ltd. *		204,999
	696,000	Golden Agri-Resources Ltd. *		198,260
				403,259
		Airlines — 0.1%
	354,000	Singapore Airport Terminal Services Ltd.		435,886
		Banks & Credit Institutions — 0.1%
	148,000	Hong Leong Finance Ltd.		271,992
		Financial Investments — 0.1%
	109,000	Metro Holdings Ltd.		30,716
	60,750	Overseas Union Enterprise Ltd.		290,278
				320,994
		Instruments — 0.0%
	51,000	Sunright Ltd. *		9,060
		IT Hardware — 0.0%
	10,000	WBL Corp., Ltd.		19,726
		Land & Water Transportation — 0.2%
	335,000	Neptune Orient Lines Ltd.		615,658
	120,000	SBS Transit Ltd.		124,969
				740,627
		Metal Products & Machinery — 0.0%
	27,000	GP Batteries International Ltd.		34,900
		Oil Distribution — 0.1%
	159,000	Singapore Petroleum Co., Ltd.		368,182
		Real Estate Development — 1.0%
	362,000	Allgreen Properties Ltd.		239,500
	739,550	Ascott Group Ltd.		190,279
	860,000	CapitaLand Ltd.		1,122,151
	17,000	Fraser and Neave Ltd.		169,750
	30,000	Jardine Cycle & Carriage Ltd.		194,805
	247,000	Keppel Land Ltd.		340,450
	126,000	Singapore Land Ltd.		365,866
	16,000	Straits Trading Co., Ltd.		20,779
	475,000	United Industrial Corp., Ltd.		266,249
	274,000	United Overseas Land Ltd.		339,059
	424	Wing Tai Holdings Ltd.		260
				3,249,148

47

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Singapore continued
		Real Estate Development continued
		Restaurants, Hotels & Theaters — 0.1%
	225,000	Hotel Properties Ltd.	$	150,239
	74,000	Lum Chang Holdings Ltd.		9,746
	774,600	Raffles Holdings Ltd.		225,395
				385,380
		Retail — 0.0%
	35,000	Robinson & Co., Ltd.		131,861
	5,000	Wearnes International (1994) Ltd.		3,645
				135,506
		Wholesale — 0.0%
	147,000	GP Industries Ltd.		88,250
				6,462,910
		Spain — 4.7%
		Basic Minerals & Metals — 0.3%
	60,243	Cie Automotive SA		940,862
		Chemicals & Rubber — 0.1%
	126,000	La Seda de Barcelona SA, Class B *		369,933
		Construction & Homebuilding — 0.7%
	176,000	Abengoa SA		1,739,188
	91,010	Obrascon Huarte Lain SA		779,343
				2,518,531
		Forest Products & Paper — 0.2%
	2,400	Grupo Empresarial Ence SA		73,497
	147,333	Papeles y Cartones de Europa SA		728,955
				802,452
		Information & Services — 0.2%
	76,000	Funespana SA		831,589
		Instruments — 0.1%
	46,594	Indo Internacional SA		381,264
		Metal Products & Machinery — 0.0%
	538	Sociedad Espanola del Acumulador Tudor SA *		5,338
		Real Estate Development — 2.1%
	47,960	Corporacion Financiera Alba SA		1,675,373
	69,200	Inmobiliaria Colonial		2,784,178
	161,000	Inmobiliaria Urbis SA		2,337,203
	12,588	TESTA, Inmuebles en Renta SA		273,593
				7,070,347
		Restaurants, Hotels & Theaters — 0.6%
	168,142	Sol Melia SA		1,668,393
	264,242	TelePizza SA		538,756
				2,207,149
		Wholesale — 0.4%
	6,300	Compania de Distribucion Integral Logista SA		341,589
	44,818	Pescanova SA		971,656
				1,313,245
				16,440,710
		Sweden — 2.7%
		Commercial Aircraft & Components — 0.6%
	126,000	Saab AB		2,189,936
		Financial Investments — 0.7%
	103,000	Ratos AB, Class B		2,224,171
	1,952	Vostok Nafta Investment Ltd. *		34,661
				2,258,832
		Health Care & Hospital — 0.6%
	148,000	Gambro AB, Class A		2,110,181
		Metal Products & Machinery — 0.3%
	45,800	SSAB Svenskt Stal AB, Class B		1,078,596
		Miscellaneous Finance — 0.1%
	21,710	Luxonen SA *		238,485
		Software — 0.4%
	658,000	Intentia International AB, Class B *		1,410,976
	15,434	Partnertech AB *		158,511
				1,569,487
				9,445,517
		Switzerland — 6.3%
		Agriculture, Food & Beverage — 0.4%
	1,186	Barry Callebaut AG *		295,170
	1,335	Bell Holding AG		1,209,261
				1,504,431
		Banks & Credit Institutions — 0.1%
	698	Graubuendner Kantonalbank		481,866
		Basic Minerals & Metals — 0.1%
	19,067	Swiss Steel AG		307,695
		Communications Utilities — 0.0%
	8,000	Ascom Holding AG *		133,673
		Construction Materials — 0.1%
	433	Vetropack Holding AG		283,691
		Financial Investments — 0.2%
	3,000	Private Equity Holding AG *		105,532
	2,599	Sustainable Performance Group *		692,548
				798,080
		Forest Products & Paper — 0.3%
	4,400	Harwanne Compagnie de participations industielles et financieres SA		1,083,458
		Furniture & Household Items — 0.2%
	8,200	Quadrant AG *		674,259

48

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares			Value
		Common Stock, Switzerland continued
		Instruments — 0.5%
	5,680	Leica Geosystems AG *	$	1,748,307
		Insurance — 1.1%
	13,200	Baloise Holding AG, Class R		609,445
	4,751	Helvetia Patria Holding		707,782
	15,800	Swiss Life Holding *		2,299,623
	78	Waadt Versicherungen Holding		137,465
				3,754,315
		Metal Products & Machinery — 1.7%
	304	AFG Arbonia-Forster Holding AG		48,630
	880	Bucher Industries AG		195,796
	204	Conzzeta Holding AG		237,710
	2,117	Industrieholding Cham AG		525,015
	50,100	Saurer AG *		2,951,983
	3,100	SIG Holding AG		708,821
	8,620	Unaxis Holding AG		856,618
				5,524,573
		Real Estate Development — 1.0%
	28,448	PSP Swiss Property AG		1,235,891
	783	Swiss Prime Site		195,561
	14,821	Unique Zurich Airport *		1,916,002
				3,347,454
		Restaurants, Hotels & Theaters — 0.4%
	4,860	Moevenpick Holding AG *		1,436,074
		Retail — 0.2%
	16,699	Charles Voegele Holding AG		748,966
		Software — 0.0%
	450	Amazys Holding AG		24,536
				21,851,378
		United Kingdom — 11.1%
		Autos — 0.1%
	50,000	Avon Rubber plc		195,542
		Basic Minerals & Metals — 0.6%
	288,397	Avocet Mining plc *		544,669
	20,000	Bodycote International plc		62,781
	1,710,000	Corus Group plc *		1,657,931
				2,265,381
		Commercial Aircraft & Components — 0.1%
	2,000	Cobham plc		47,498
	17,503	Umeco plc		139,121
				186,619
		Construction & Homebuilding — 1.6%
	51,000	Barratt Developments plc		582,105
	198,000	George Wimpey plc		1,537,668
	167,000	Mowlem plc		611,589
	131,819	Taylor Woodrow plc		688,376
	95,400	Wilson Bowden plc		2,088,009
				5,507,747
		Construction Materials — 0.5%
	734,794	Aggregate Industries plc		1,474,215
	156,000	Pilkington plc		329,455
				1,803,670
		Drugs & Pharmaceuticals — 0.0%
	12,011	Shire Pharmaceuticals plc		126,138
		Financial Investments — 0.2%
	3,723	Ashtead Group plc *		5,518
	78,352	Hitachi Capital UK plc		358,170
	65,215	Vp plc		237,892
				601,580
		Gas & Other Public Utilities — 0.0%
	32,000	Shanks Group plc		85,397
		Information & Services — 1.5%
	150,214	Autologic Holdings plc		738,294
	38,529	Capital & Regional plc		514,105
	33,000	DTZ Holdings plc		127,588
	101,689	First Choice Holidays plc		300,171
	14,719	Incepta Group plc		21,759
	138,000	Interior Services Group plc		532,542
	33,617	Management Consulting Group plc		31,051
	140,393	RAC plc		1,711,584
	106,000	Savills plc		1,060,285
	408,512	Sygen International plc		337,642
				5,375,021
		Instruments — 0.4%
	321,000	Senior plc		248,672
	275,555	Whatman plc		1,227,370
				1,476,042
		Insurance — 0.3%
	288,000	Friends Provident plc		851,514
	608,142	SVB Holdings plc		361,948
				1,213,462
		Land & Water Transportation — 0.2%
	54,047	Arriva plc		560,331
	8,000	FirstGroup plc		53,565
				613,896
		Metal Products & Machinery — 0.9%
	233,616	Aga Foodservice Group plc		1,228,944
	362,472	Charter plc *		1,614,513
	152,869	Fenner plc		353,953
				3,197,410
		Miscellaneous Finance — 0.1%
	108,750	Aberdeen Asset Management plc		246,685
		Oil & Coal Resources — 0.6%
	131,000	Dana Petroleum plc *		1,050,042
	198,629	Paladin Resources plc		667,359
	152,000	UK Coal plc		370,618
				2,088,019

49

Statement of Portfolio Investments continued

Laudus Rosenberg International Small Capitalization Fund

Shares or Principal			Value
		Common Stock, United Kingdom continued
		Oil & Coal Resources continued
		Oil Drilling & Services — 0.4%
	40,150	Abbot Group plc	$	164,767
	120,169	Hunting plc		416,552
	173,743	Venture Production plc *		768,544
				1,349,863
		Real Estate Development — 0.5%
	16,000	Ashtenne Holdings plc		134,086
	48,266	Countryside Properties plc		262,245
	134,218	Slough Estates plc		1,417,269
				1,813,600
		Restaurants, Hotels & Theaters — 2.1%
	104,869	De Vere Group plc		946,289
	86,000	Greene King plc		2,205,890
	20,000	Millennium & Copthorne Hotels plc		151,672
	3,308,000	Sportech plc *		476,328
	31,619	Urbium plc		365,598
	104,600	Whitbread plc		1,699,956
	54,158	Wolverhampton & Dudley Breweries plc		1,141,679
				6,987,412
		Retail — 0.2%
	282,000	Somerfield plc		851,371
		Soaps & Cosmetics — 0.3%
	116,134	Body Shop International plc		357,860
	209,000	McBride plc		566,579
				924,439
		Software — 0.4%
	204,000	Alphameric plc		310,958
	854,000	InTechnology plc *		1,229,697
				1,540,655
		Wholesale — 0.1%
	191,319	Fayrewood plc		477,508
				38,927,457
		Total Common Stock (Cost $259,066,928)		321,511,929
		Preferred Stock — 0.1%
		Germany — 0.1%
		Wholesale — 0.1%
	15,207	Jungheinrich AG		288,761
		Total Preferred Stock (Cost $317,359)		288,761
		Repurchase Agreement — 6.4%
		United States — 6.4%
$	22,388,000	State Street Bank dated 12/31/04, due 1/3/05 at 1.25% with a maturity value of $22,390,332 (Fully collateralized by a Federal National Mortgage Note)		22,388,000
		Total Repurchase Agreement (Cost $22,388,000)		22,388,000
		Total Investments (Cost $281,772,287) (b) — 98.5%	$	344,188,690

Percentages noted above are based on net assets as of December 31, 2004.

*	Non-income producing security.
(a)	Bankrupt security/delisted; fair-valued by management.

(b)   Represents cost for financial reporting purposes, is substantially the same as federal income tax purposes, and differs from value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	65,284,486
Unrealized depreciation		(2,868,083	)
Net unrealized appreciation	$	62,416,403

50

Laudus Trust

Laudus Rosenberg U.S. Large/ Mid Capitalization Long/ Short Equity Fund

Statement of Portfolio Investmentsas of 12/31/04 (Unaudited)

This document contains the Statement of Portfolio Investments^(a) and the Statement of Securities Sold Short as of 12/31/04. For more information about the securities, please refer to the Fund’s semiannual or annual shareholder report.

Shares			Value
		Common Stock — 95.5%
		Agriculture, Food & Beverage — 3.0%
	100	Bunge Ltd.	$	5,701
	5,500	Pepsi Bottling Group, Inc.		148,720
	11,900	PepsiCo, Inc.		621,180
				775,601
		Banks & Credit Institutions — 12.1%
	25,700	Bank of America Corp.		1,207,643
	300	Comerica, Inc.		18,306
	7,500	Freddie Mac		552,750
	13,300	National City Corp.		499,415
	8,000	SunTrust Banks, Inc.		591,040
	3,200	U.S. Bancorp		100,224
	2,000	Zions Bancorp		136,060
				3,105,438
		Basic Minerals & Metals — 2.0%
	4,000	Nucor Corp.		209,360
	1,000	Phelps Dodge Corp.		98,920
	3,800	United States Steel Corp.		194,750
				503,030
		Beer, Liquor & Tobacco — 1.1%
	4,700	Altria Group, Inc.		287,170
		Cellular & Wireless — 0.5%
	1,600	Telephone & Data Systems, Inc.		123,120
		Chemicals & Rubber — 1.1%
	6,000	Sherwin-Williams Co.		267,780
		Commercial Aircraft & Components — 1.0%
	6,200	Rockwell Collins, Inc.		244,528
		Construction & Homebuilding — 2.2%
	8,000	D.R. Horton, Inc.		322,480
	3,700	Pulte Homes, Inc.		236,060
				558,540
		Construction Materials — 0.8%
	3,600	Vulcan Materials Co.		196,596
		Consumer Durables — 1.3%
	3,200	Brunswick Corp.		158,400
	2,300	Harley-Davidson, Inc.		139,725
	200	Harman International Industries, Inc.		25,400
				323,525
		Drugs & Pharmaceuticals — 1.5%
	200	Merck & Co., Inc.		6,428
	13,600	Pfizer, Inc.		365,704
				372,132
		Electric Utilities — 2.2%
	6,000	Constellation Energy Group, Inc.		262,260
	4,600	TXU Corp.		296,976
	700	Xcel Energy, Inc.		12,740
				571,976
		Forest Products & Paper — 0.4%
	2,900	Georgia-Pacific Corp.		108,692
		Gas & Other Public Utilities — 1.2%
	11,300	NiSource, Inc.		257,414
	1,700	Republic Services, Inc.		57,018
				314,432
		Government Aircraft & Defense — 2.0%
	12,800	Raytheon Co.		497,024
		Health Care & Hospital — 7.1%
	5,200	Aetna, Inc.		648,700
	7,900	UnitedHealth Group, Inc.		695,437
	4,000	WellPoint, Inc. *		460,000
				1,804,137
		Information & Services — 4.6%
	2,900	Moody’s Corp.		251,865
	16,800	Prudential Financial, Inc.		923,328
				1,175,193
		Instruments — 3.2%
	300	C.R. Bard, Inc.		19,194
	1,300	Johnson & Johnson		82,446
	6,400	Johnson Controls, Inc.		406,016
	5,800	Thermo Electron Corp. *		175,102
	2,900	Waters Corp. *		135,691
				818,449
		Insurance — 7.4%
	9,000	ACE Ltd.		384,750
	470	Cincinnati Financial Corp.		20,802
	2,500	Everest Re Group Ltd.		223,900
	5,500	Fidelity National Financial, Inc.		251,185
	5,300	Lincoln National Corp.		247,404
	5,000	Loews Corp.		351,500

51

Statement of Portfolio Investments continued

Laudus Rosenberg U.S. Large/ Mid Capitalization Long/ Short Equity Fund

Shares or Principal			Value
		Common Stock, Insurance continued
	6,900	Old Republic International Corp.	$	174,570
	4,400	Radian Group, Inc.		234,256
	100	Torchmark Corp.		5,714
				1,894,081
		Integrated Oil Cos. — 3.5%
	200	ChevronTexaco Corp.		10,502
	1,700	Exxon Mobil Corp.		87,142
	13,800	Occidental Petroleum Corp.		805,368
				903,012
		IT Hardware — 2.1%
	2,600	Avaya, Inc. *		44,720
	9,300	Marvell Technology Group Ltd. *		329,871
	9,800	The DIRECTV Group, Inc. *		164,052
				538,643
		Land & Water Transportation — 2.9%
	15,600	Burlington Northern Santa Fe Corp.		738,036
		Mainframe & Minicomputers — 1.1%
	6,600	Dell, Inc. *		278,124
		Metal Products & Machinery — 0.9%
	1,300	American Standard Cos., Inc. *		53,716
	2,000	Black & Decker Corp.		176,660
				230,376
		Miscellaneous Finance — 3.4%
	3,300	Ambac Financial Group, Inc.		271,029
	1,200	Chicago Mercantile Exchange		274,440
	6,500	Citigroup, Inc.		313,170
				858,639
		Oil & Coal Resources — 3.6%
	5,600	Anadarko Petroleum Corp.		362,936
	4,000	Kerr-McGee Corp.		231,160
	9,225	XTO Energy, Inc.		326,381
				920,477
		Photooptical, Micros & Office Machinery — 1.6%
	5,300	Eastman Kodak Co.		170,925
	3,400	NCR Corp. *		235,382
				406,307
		Publishing, Broadcasting & Cinema — 2.4%
	7,500	Clear Channel Communications, Inc.		251,175
	9,600	Viacom, Inc., Class A		355,968
				607,143
		Real Estate Investment Trusts — 0.9%
	5,200	iStar Financial, Inc.		235,352
		Retail — 10.0%
	4,500	eBay, Inc. *		523,260
	6,600	Federated Department Stores, Inc.		381,414
	17,100	Home Depot, Inc.		730,854
	4,000	Nordstrom, Inc.		186,920
	11,000	Office Depot, Inc. *		190,960
	300	Staples, Inc.		10,113
	5,300	SUPERVALU, Inc.		182,956
	13,724	TJX Cos., Inc.		344,884
				2,551,361
		Soaps & Cosmetics — 0.7%
	3,800	Estee Lauder Cos., Inc., Class A		173,926
		Software — 4.5%
	3,800	Adobe Systems, Inc.		238,412
	10,600	Autodesk, Inc.		402,270
	4,600	Cognizant Technology Solutions Corp., Class A*		194,718
	5,600	Computer Sciences Corp. *		315,672
				1,151,072
		Textiles & Apparel — 2.0%
	7,800	Coach, Inc. *		439,920
	300	Jones Apparel Group, Inc.		10,971
	1,500	Liz Claiborne, Inc.		63,315
				514,206
		Wholesale — 1.2%
	2,623	Patterson Cos., Inc. *		113,812
	2,700	W.W. Grainger, Inc.		179,874
				293,686
		Total Common Stock (Cost $20,103,122)		24,341,804
		Repurchase Agreement — 4.1%
$	1,032,439	Bear Stearns dated 12/31/04, due 1/3/05 at 1.50% with a maturity value of $1,032,568 (Fully collateralized by a US Treasury Note)		1,032,439
		Total Repurchase Agreement (Cost $1,032,439)		1,032,439
		Total Investments (Cost $21,135,561) (b) — 99.6%	$	25,374,243

Percentages noted above are based on net assets as of December 31, 2004.

*	Non-income producing security.
(a)	All long positions are pledged as collateral for securities sold short.

(b)   Represents cost for financial reporting purposes, is substantially the same as federal tax purposes, and differs from value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	4,343,211
Unrealized depreciation		(104,529	)
Net unrealized appreciation	$	4,238,682

52

Laudus Trust

Laudus Rosenberg U.S. Large/ Mid Capitalization Long/ Short Equity Fund

Statement of Securities Sold Short as of 12/31/04 (Unaudited)

Shares			Value
		Common Stock — 95.4%
		Agriculture, Food & Beverage — 3.4%
	16,100	Coca-Cola Co.	$	670,243
	8,800	Coca-Cola Enterprises, Inc.		183,480
	200	Kraft Foods, Inc., Class A		7,122
				860,845
		Airlines — 0.8%
	12,800	Southwest Airlines Co.		208,384
		Autos — 0.5%
	12,900	Delphi Corp.		116,358
	200	General Motors Acceptance Corp.		8,012
				124,370
		Banks & Credit Institutions — 14.0%
	10,000	E*TRADE Financial Corp.		149,500
	15,000	Fifth Third Bancorp		709,200
	28,600	General Electric Co.		1,043,899
	12,200	MBNA Corp.		343,918
	9,400	New York Community Bancorp, Inc.		193,358
	6,082	Northern Trust Corp.		295,464
	4,300	Regions Financial Corp.		153,037
	12,600	Sovereign Bancorp, Inc.		284,130
	12,600	Synovus Financial Corp.		360,108
				3,532,614
		Basic Minerals & Metals — 2.1%
	5,700	Freeport-McMoRan Copper & Gold, Inc., Class B		217,911
	7,200	Newmont Mining Corp.		319,752
				537,663
		Biotechnology — 3.1%
	9,700	Amgen, Inc. *		622,255
	13,500	Millennium Pharmaceuticals, Inc. *		163,620
				785,875
		Communications Utilities — 1.9%
	17,100	BellSouth Corp.		475,209
		Construction & Homebuilding — 1.3%
	8,300	Halliburton Co.		325,692
		Drugs & Pharmaceuticals — 6.8%
	9,800	Abbott Laboratories		457,170
	4,500	Allergan, Inc.		364,815
	7,700	Eli Lilly & Co.		436,975
	11,300	Wyeth		481,267
				1,740,227
		Electric Utilities — 2.6%
	23,400	AES Corp. *		319,878
	5,800	DTE Energy Co.		250,154
	300	PPL, Inc.		15,984
	100	Progress Energy, Inc.		4,524
	2,400	Southern Co.		80,448
				670,988
		Forest Products & Paper — 2.1%
	4,600	Avery Dennison Corp.		275,862
	6,800	Plum Creek Timber Co.		261,392
				537,254
		Furniture & Household Items — 3.9%
	10,500	International Game Technology		360,990
	16,200	Mattel, Inc.		315,738
	13,400	Newell Rubbermaid, Inc.		324,146
				1,000,874
		Gas & Other Public Utilities — 1.2%
	28,600	El Paso Corp.		297,440
	100	Kinder Morgan, Inc.		7,313
	500	Williams Cos., Inc.		8,145
				312,898
		Government Aircraft & Defense — 1.1%
	4,500	Garmin Ltd.		273,780
		Health Care & Hospital — 4.0%
	15,800	HCA, Inc.		631,368
	8,500	Health Management Associates, Class A		193,120
	17,700	Tenet Healthcare Corp. *		194,346
				1,018,834
		Information & Services — 3.7%
	4,900	Apollo Group, Inc., Class A *		395,479
	16,300	Paychex, Inc.		555,504
				950,983
		Instruments — 1.8%
	9,400	Medtronic, Inc.		466,898
		Insurance — 2.9%
	8,300	UnumProvident Corp.		148,902
	5,700	Willis Group Holdings Ltd.		234,669
	4,600	XL Capital Ltd., Class A		357,190
				740,761
		Integrated Oil Cos. — 1.3%
	8,700	Marathon Oil Corp.		327,207
		IT Hardware — 7.0%
	12,800	Altera Corp. *		264,960
	6,600	KLA-Tencor Corp. *		307,428
	12,400	Linear Technology Co.		480,624
	1,100	Maxim Integrated Products, Inc.		46,629
	8,977	Microchip Technology, Inc.		239,327

53

Statement of Securities Sold Short continued

Laudus Rosenberg U.S. Large/ Mid Capitalization Long/ Short Equity Fund

Shares			Value
		Common Stock, IT Hardware continued
	22,000	Micron Technology, Inc. *	$	271,700
	26,000	Solectron Corp. *		138,580
	1,200	Xilinx, Inc.		35,580
				1,784,828
		Land & Water Transportation — 1.9%
	5,800	United Parcel Service, Inc., Class B		495,668
		Miscellaneous Finance — 0.8%
	1,836	Ameritrade Holding Corp. *		26,108
	3,200	Morgan Stanley		177,664
				203,772
		Photooptical, Micros & Office Machinery — 0.7%
	5,500	Network Appliance, Inc. *		182,710
		Publishing, Broadcasting & Cinema — 2.1%
	2,200	Interpublic Group of Cos., Inc. *		29,480
	3,400	Knight-Ridder, Inc.		227,596
	5,600	New York Times Co., Class A		228,480
	200	Omnicom Group		16,864
	1,100	Univision Communications, Inc., Class A *		32,197
				534,617
		Real Estate Investment Trusts — 2.2%
	5,500	Duke Realty Corp.		187,770
	5,800	Equity Residential		209,844
	4,300	General Growth Properties, Inc.		155,488
	200	Vornado Realty Trust		15,226
				568,328
		Retail — 12.2%
	9,700	Bed Bath & Beyond, Inc. *		386,351
	6,000	Family Dollar Stores, Inc.		187,380
	7,800	J.C. Penney Co., Inc.		322,920
	10,200	Kohl’s Corp. *		501,534
	27,100	Kroger Co. *		475,334
	7,800	May Department Stores Co.		229,320
	5,500	Tiffany & Co.		175,835
	15,600	Wal-Mart Stores, Inc.		823,992
				3,102,666
		Software — 8.0%
	8,800	Electronic Arts, Inc. *		542,784
	3,500	Electronic Data Systems Corp.		80,850
	8,100	Intuit, Inc. *		356,481
	3,900	Mercury Interactive Corp. *		177,645
	9,000	Microsoft Corp.		240,390
	46,500	Oracle Corp. *		637,980
				2,036,130
		Textiles & Apparel — 1.0%
	5,800	Cintas Corp.		254,388
		Wholesale — 1.0%
	4,300	AmerisourceBergen Corp.		252,324
		Total Securities Sold Short (Proceeds $22,887,156) — 95.4%	$	24,306,787

Percentages noted above are based on net assets as of December 31, 2004.

*   Non-income producing security.

54

Laudus Trust

Laudus Rosenberg Global Long/ Short Equity Fund

Statement of Portfolio Investmentsas of 12/31/04 (Unaudited)

This document contains the Statement of Portfolio Investments^(a) and the Statement of Securities Sold Short as of 12/31/04. For more information about the securities, please refer to the Fund’s semiannual or annual shareholder report.

Shares			Value
		Common Stock — 95.9%
		Austria — 0.3%
		Oil Distribution — 0.3%
	163	OMV AG	$	49,117
		Belgium — 0.4%
		Banks & Credit Institutions — 0.3%
	652	Algemene Maatschappij voor Nijverheidskredit NV (Almanij)		66,821
		Basic Minerals & Metals — 0.1%
	137	Umicore		12,896
				79,717
		Denmark — 0.6%
		Agriculture, Food & Beverage — 0.1%
	308	Danisco A/ S		18,798
		Cellular & Wireless — 0.2%
	1,031	TDC A/ S		43,660
		Information & Services — 0.2%
	519	ISS A/ S		28,973
		Instruments — 0.1%
	1,252	GN Store Nord A/ S		13,498
				104,929
		Finland — 0.8%
		Cellular & Wireless — 0.2%
	2,000	Elisa Corp. *		32,241
		Chemicals & Rubber — 0.1%
	738	Kemira Oyj		10,192
		Electric Utilities — 0.2%
	2,700	Fortum Oyj		49,986
		Forest Products & Paper — 0.2%
	588	Huhtamaki Oyj		9,487
	1,698	M-real Oyj, Class B		10,848
	822	Metso Oyj		13,027
				33,362
		Metal Products & Machinery — 0.1%
	830	Wartsila Oyj, Class B		17,679
				143,460
		France 4.2%
		Airlines — 0.1%
	1,315	Air France-KLM		25,060
		Autos — 0.3%
	900	PSA Peugeot Citroen		57,129
		Banks & Credit Institutions — 0.5%
	800	Societe Generale		80,958
		Construction Materials — 0.4%
	1,200	Compagnie de Saint-Gobain		72,291
	43	SA des Ciments Vicat		4,851
				77,142
		Financial Investments — 0.2%
	81	Societe Fonciere Financiere et de Participations (FFP)		17,616
	636	Worms & CIE		20,315
				37,931
		Gas & Other Public Utilities — 0.4%
	2,011	Veolia Environnement		72,792
		Insurance — 0.3%
	663	CNP Assurances		47,492
		Land & Water Transportation — 0.2%
	400	Bollore Investissement		32,377
		Metal Products & Machinery — 0.1%
	500	Valeo SA		20,932
		Publishing, Broadcasting & Cinema — 0.7%
	6,000	Havas SA		34,253
	2,400	Vivendi Universal SA *		76,630
				110,883
		Restaurants, Hotels & Theaters — 0.2%
	920	Sodexho Alliance SA		27,836
		Retail — 0.4%
	180	Galeries Lafayette SA		46,241
	449	Rallye SA		23,253
				69,494
		Software — 0.1%
	800	Cap Gemini SA		25,619
		Textiles & Apparel — 0.3%
	900	Christian Dior SA		61,227
				746,872
		Germany — 1.8%
		Basic Minerals & Metals — 0.3%
	2,205	ThyssenKrupp AG		48,554
		Chemicals & Rubber — 0.3%
	715	Linde AG		44,618
		Drugs & Pharmaceuticals — 0.2%
	971	Degussa AG		40,717
		Financial Investments — 0.1%
	6,544	Bankgesellschaft Berlin AG *		17,968
		Gas & Other Public Utilities — 0.4%
	1,200	RWE AG		66,223

55

Statement of Portfolio Investments continued

Laudus Rosenberg Global Long/Short Equity Fund

Shares			Value
		Common Stock, Germany continued
		Instruments — 0.1%
	228	Fresenius AG	$	23,243
		Miscellaneous Finance — 0.4%
	800	Deutsche Bank AG		71,007
				312,330
		Ireland — 0.3%
		Wholesale — 0.3%
	2,000	DCC plc		44,855
		Italy — 2.4%
		Banks & Credit Institutions — 1.1%
	10,000	Banca Intesa S.p.A.		48,117
	12,682	Banca Monte dei Paschi di Siena S.p.A.		45,250
	27,000	Banca Nazionale del Lavoro S.p.A.		80,555
	2,492	Banca Popolare di Milano Scrl (BPM)		22,085
				196,007
		Electric Utilities — 0.7%
	1,307	ACEA S.p.A.		14,230
	20,000	C.I.R. S.p.A. — Compagnie Industriali Riunite		59,264
	20,673	Edison S.p.A. *		43,976
				117,470
		Gas & Other Public Utilities — 0.3%
	8,574	Snam Rete Gas S.p.A.		49,880
		Insurance — 0.3%
	1,191	Fondiaria-Sai S.p.A.		32,102
	4,506	Milano Assicurazioni S.p.A.		25,418
				57,520
				420,877
		Netherlands — 0.3%
		Land & Water Transportation — 0.3%
	2,100	TPG NV		57,031
		Norway — 0.7%
		Oil & Coal Resources — 0.7%
	761	Norsk Hydro ASA		59,934
	4,000	Statoil ASA		62,741
				122,675
		Spain — 1.2%
		Construction & Homebuilding — 0.3%
	1,185	ACS, Actividades de Construccion y Servicios SA		27,060
	753	Fomento de Construcciones y Contratas SA		36,263
				63,323
		Integrated Oil Cos. — 0.4%
	3,187	Repsol YPF SA		83,000
		Real Estate Development — 0.2%
	338	Inmobiliaria Colonial		13,599
	712	TESTA, Inmuebles en Renta SA		15,475
				29,074
		Restaurants, Hotels & Theaters — 0.1%
	1,114	Sol Melia SA		11,054
		Wholesale — 0.2%
	600	Compania de Distribucion Integral Logista SA		32,532
				218,983
		Sweden — 0.9%
		Banks & Credit Institutions — 0.3%
	6,000	Nordea Bank AB		60,493
		Commercial Aircraft & Components — 0.1%
	604	Saab AB		10,498
		Health Care & Hospital — 0.2%
	3,021	Gambro AB, Class A		43,073
		Metal Products & Machinery — 0.3%
	1,200	Atlas Copco AB, Class A		54,173
				168,237
		Switzerland — 1.9%
		Agriculture, Food & Beverage — 0.0%
	22	Barry Callebaut AG *		5,475
		Chemicals & Rubber — 0.7%
	436	Ciba Specialty Chemicals AG		33,167
	1,473	Clariant AG		23,771
	519	Syngenta AG		55,136
				112,074
		Construction Materials — 0.1%
	386	Holcim Ltd.		23,253
		Electric Utilities — 0.1%
	4	Motor-Columbus Ltd.		17,131
		Information & Services — 0.1%
	22	Kuoni Reisen Holding		9,674
		Insurance — 0.5%
	130	Swiss Life Holding *		18,921
	833	Swiss Re		59,411
				78,332
		Metal Products & Machinery — 0.0%
	82	Unaxis Holding AG		8,149

56

Statement of Portfolio Investments continued

Laudus Rosenberg Global Long/Short Equity Fund

Shares			Value
		Common Stock, Switzerland continued
		Miscellaneous Finance — 0.4%
	1,767	Credit Suisse Group	$	74,279
				328,367
		United Kingdom — 8.9%
		Basic Minerals & Metals — 0.7%
	3,200	Anglo American plc		75,690
	27,776	Corus Group plc *		26,930
	1,711	Lonmin plc		30,123
				132,743
		Beer, Liquor & Tobacco — 0.6%
	3,200	Gallaher Group plc		48,627
	3,500	SABMiller plc		58,058
				106,685
		Cellular & Wireless — 0.3%
	25,000	mmO2 plc *		58,917
		Chemicals & Rubber — 0.3%
	9,713	Imperial Chemical Industries plc		44,942
		Commercial Aircraft & Components — 0.4%
	632	Cobham plc		15,009
	1,744	Meggitt plc		8,764
	8,923	Rolls-Royce Group plc		42,315
				66,088
		Communications Utilities — 0.3%
	9,000	BT Group plc		35,076
	10,000	Cable & Wireless plc		22,895
				57,971
		Construction & Homebuilding — 0.8%
	2,700	Barratt Developments plc		30,817
	773	Bellway plc		12,095
	773	Berkeley Group Holdings plc		12,006
	2,274	George Wimpey plc		17,660
	1,688	Persimmon plc		22,394
	6,000	Taylor Woodrow plc		31,333
	565	Wilson Bowden plc		12,366
				138,671
		Construction Materials — 0.3%
	18,000	Aggregate Industries plc		36,114
	8,109	Pilkington plc		17,125
				53,239
		Drugs & Pharmaceuticals — 0.2%
	2,760	Shire Pharmaceuticals plc		28,985
		Financial Investments — 0.2%
	3,020	3i Group plc		38,615
		Gas & Other Public Utilities — 0.3%
	745	Pennon Group plc		14,260
	1,981	Severn Trent plc		36,779
				51,039
		Information & Services — 0.2%
	1,207	Davis Service Group plc		9,501
	3,160	First Choice Holidays plc		9,328
	1,050	RAC plc		12,801
				31,630
		Insurance — 0.8%
	7,000	Aviva plc		84,400
	10,791	Friends Provident plc		31,905
	18,739	Old Mutual plc		47,670
				163,975
		Land & Water Transportation — 0.2%
	1,203	Arriva plc		12,472
	1,881	Exel plc		26,110
				38,582
		Metal Products & Machinery — 0.1%
	8,000	FKI plc		17,893
		Miscellaneous Finance — 0.3%
	22,674	Legal & General Group plc		47,885
		Oil & Coal Resources — 0.7%
	10,000	BG Group plc		67,965
	3,000	Xstrata plc		53,680
				121,645
		Publishing, Broadcasting & Cinema — 0.2%
	3,000	United Business Media plc		27,647
		Real Estate Development — 0.7%
	2,739	British Land Co., plc		47,117
	1,664	Hammerson plc		27,746
	1,783	Land Securities Group plc		47,925
				122,788
		Restaurants, Hotels & Theaters — 0.8%
	7,889	Hilton Group plc		43,090
	3,571	InterContinental Hotels Group plc		44,397
	1,784	Whitbread plc		28,994
	1,000	Wolverhampton & Dudley Breweries plc		21,081
				137,562
		Retail — 0.3%
	6,000	EMI Group plc		30,527
	8,000	Somerfield plc		24,152
				54,679
		Software — 0.2%
	9,000	LogicaCMG plc		33,305
				1,575,486
		United States — 71.2%
		Agriculture, Food & Beverage — 1.7%
	800	Bunge, Ltd.		45,608
	200	Diedrich Coffee, Inc. *		1,182
	450	Flowers Foods, Inc.		14,211
	900	Pepsi Bottling Group, Inc.		24,336
	900	PepsiAmericas, Inc.		19,116

57

Statement of Portfolio Investments continued

Laudus Rosenberg Global Long/Short Equity Fund

Shares			Value
		Common Stock, United States continued
		Agriculture, Food & Beverage continued
	1,500	PepsiCo, Inc.	$	78,300
	200	Ralcorp Holdings, Inc.		8,386
	100	Seaboard Corp.		99,800
	300	Seneca Foods Corp., Class B *		5,475
				296,414
		Airlines — 0.1%
	400	Alaska Air Group, Inc. *		13,396
	400	MAIR Holdings, Inc. *		3,680
				17,076
		Autos — 0.0%
	60	R&B, Inc. *		1,499
	200	Sypris Solutions, Inc.		3,062
				4,561
		Banks & Credit Institutions — 6.0%
	300	ACE Cash Express, Inc. *		8,898
	700	Advanta Corp., Class A		15,834
	4,100	Bank of America Corp.		192,659
	1,200	Capital One Financial Corp.		101,052
	200	Cardinal Financial Corp. *		2,230
	300	Colonial BancGroup, Inc.		6,369
	300	Comerica, Inc.		18,306
	500	Commerce Bancorp, Inc.		32,200
	600	Commercial Federal Corp.		17,826
	300	Community West Bancshares		4,005
	1,100	Doral Financial Corp.		54,175
	500	Euronet Worldwide, Inc. *		13,010
	100	First Citizens BancShares, Inc., Class A		14,825
	300	First Mariner Bancorp *		5,268
	100	First Place Financial Corp.		2,239
	300	Firstcity Financial Corp. *		3,024
	100	Habersham Bancorp		2,170
	300	Horizon Bancorp		8,010
	900	Independence Community Bank Corp.		38,322
	200	Intervest Bancshares Corp. *		3,948
	210	LSB Financial Corp.		5,511
	1,500	Metris Cos., Inc. *		19,125
	2,400	National City Corp.		90,120
	200	Northeast Pennsylvania Financial Corp.		4,524
	200	Pacific Mercantile Bancorp *		3,496
	1,000	PNC Financial Services Group, Inc.		57,440
	200	PSB Bancorp, Inc.		2,814
	900	R&G Financial Corp., Class B		34,992
	330	Republic Bancorp, Inc.		5,042
	440	Republic First Bancorp, Inc. *		6,732
	1,000	South Financial Group, Inc.		32,530
	2,300	SunTrust Banks, Inc.		169,924
	200	Timberland Bancorp, Inc.		4,570
	200	Washington Federal, Inc.		5,308
	400	Westcorp		18,372
	400	WFS Financial, Inc. *		20,312
	700	Zions Bancorporation		47,621
				1,072,803
		Basic Minerals & Metals — 0.8%
	700	Maverick Tube Corp. *		21,210
	500	NS Group, Inc. *		13,900
	200	Nucor Corp.		10,468
	100	Olympic Steel, Inc. *		2,651
	500	Phelps Dodge Corp.		49,460
	300	Reliance Steel & Aluminum Co.		11,688
	600	Ryerson Tull, Inc.		9,450
	700	Steel Dynamics, Inc.		26,516
	100	United States Steel Corp.		5,125
				150,468
		Beer, Liquor & Tobacco — 0.1%
	1,400	Star Scientific, Inc. *		7,119
	400	UST, Inc.		19,244
				26,363
		Biotechnology — 1.2%
	200	ABIOMED, Inc. *		3,088
	300	Affymetrix, Inc. *		10,965
	900	Celgene Corp. *		23,877
	2,200	Genentech, Inc. *		119,768
	500	Invitrogen Corp. *		33,565
	500	Keryx Biopharmaceuticals, Inc. *		5,785
	600	Noven Pharmaceuticals, Inc. *		10,236
				207,284
		Cellular & Wireless — 0.6%
	2,200	Nextel Partners, Inc., Class A *		42,988
	800	Telephone & Data Systems, Inc.		61,560
				104,548
		Chemicals & Rubber — 1.2%
	500	A. Schulman, Inc.		10,705
	400	Arch Chemicals, Inc.		11,512
	100	Bairnco Corp.		1,115
	600	FMC Corp. *		28,980
	800	Hexcel Corp. *		11,600
	400	Landec Corp. *		2,736
	300	LSB Industries, Inc. *		2,382
	900	Rohm & Haas Co.		39,807
	1,900	Sherwin-Williams Co.		84,797
	1,300	Terra Industries, Inc. *		11,544
				205,178
		Communications Utilities — 1.0%
	100	Atlantic Tele-Network, Inc.		3,250
	200	Audible, Inc. *		5,210
	2,000	Earthlink, Inc. *		23,040
	200	Hector Communications Corp.		4,370
	3,600	Yahoo!, Inc. *		135,648
				171,518

58

Statement of Portfolio Investments continued

Laudus Rosenberg Global Long/Short Equity Fund

Shares			Value
		Common Stock, United States continued
		Construction & Homebuilding — 1.5%
	1,100	Champion Enterprises, Inc. *	$	13,002
	1,000	Comfort Systems USA, Inc. *		7,680
	900	D. R. Horton, Inc.		36,279
	2,100	Halliburton Co.		82,404
	300	M.D.C. Holdings, Inc.		25,932
	1,200	Pulte Homes, Inc.		76,560
	200	Sterling Construction Co., Inc. *		1,038
	800	Willbros Group, Inc. *		18,440
				261,335
		Construction Materials — 0.2%
	800	Vulcan Materials Co.		43,688
		Consumer Durables — 1.3%
	2,200	Brunswick Corp.		108,900
	1,200	Harley-Davidson, Inc.		72,900
	400	Harman International Industries, Inc.		50,800
	100	Koss Corp.		1,913
				234,513
		Drugs & Pharmaceuticals — 2.0%
	500	Alpharma, Inc., Class A		8,475
	1,200	Biogen Idec, Inc. *		79,932
	700	Dade Behring Holdings, Inc. *		39,200
	800	First Horizon Pharmaceutical Corp. *		18,312
	200	Genencor International, Inc. *		3,280
	1,500	Genzyme Corp. *		87,105
	300	Lifecore Biomedical, Inc. *		3,378
	2,100	Merck & Co., Inc.		67,494
	700	Pfizer, Inc.		18,823
	400	United Therapeutics Corp. *		18,060
	400	Weider Nutrition International, Inc. *		1,740
				345,799
		Electric Utilities — 1.5%
	800	Alliant Energy Corp.		22,880
	2,400	Constellation Energy Group, Inc.		104,904
	100	Green Mountain Power Corp.		2,883
	300	Pinnacle West Capital Corp.		13,323
	1,300	TXU Corp.		83,928
	1,200	Westar Energy, Inc.		27,444
	600	Xcel Energy, Inc.		10,920
				266,282
		Financial Investments — 0.2%
	100	California First National Bancorp		1,267
	300	Cherokee, Inc.		10,583
	300	Electro Rent Corp.		4,269
	185	ePlus, Inc. *		2,185
	200	Shenandoah Telecommunications Co.		5,990
	200	Universal Compression Holdings, Inc. *		6,982
	200	Willis Lease Finance Corp. *		1,560
				32,836
		Forest Products & Paper — 0.6%
	300	Chesapeake Corp.		8,148
	300	CSS Industries, Inc.		9,528
	500	Georgia-Pacific Corp.		18,740
	1,400	Louisiana-Pacific Corp.		37,436
	800	Universal Forest Products, Inc.		34,720
				108,572
		Furniture & Household Items — 0.9%
	2,100	Acuity Brands, Inc.		66,780
	200	American Locker Group, Inc. *		2,950
	100	Central Garden & Pet Co. *		4,174
	200	Chase Corp.		3,180
	300	Communications Systems, Inc.		3,603
	1,100	Griffon Corp. *		29,700
	200	Juno Lighting, Inc.		8,400
	600	K2, Inc. *		9,528
	300	Mikohn Gaming Corp. *		3,066
	1,200	Movado Group, Inc.		22,380
				153,761
		Gas & Other Public Utilities — 0.7%
	400	Duratek, Inc. *		9,964
	3,800	NiSource, Inc.		86,564
	700	Oneok, Inc.		19,894
	100	South Jersey Industries, Inc.		5,256
	200	Waste Industries USA, Inc.		2,480
				124,158
		Government Aircraft & Defense — 1.1%
	1,100	Armor Holdings, Inc. *		51,722
	200	I.D. Systems, Inc. *		3,732
	250	Orbit International Corp. *		2,818
	2,100	Raytheon Co.		81,543
	700	Textron, Inc.		51,660
				191,475
		Health Care & Hospital — 3.4%
	1,000	Aetna, Inc.		124,750
	900	Humana, Inc. *		26,721
	600	Kindred Healthcare, Inc. *		17,970
	900	LCA-Vision, Inc.		21,051
	400	Medcath Corp. *		9,856
	200	National Dentex Corp. *		6,090
	300	National Home Health Care Corp.		3,930
	1,100	PacifiCare Health Systems, Inc. *		62,172
	400	Psychemedics Corp.		5,180
	700	RehabCare Group, Inc. *		19,593
	300	Triad Hospitals, Inc. *		11,163

59

Statement of Portfolio Investments continued

Laudus Rosenberg Global Long/Short Equity Fund

Shares			Value
		Common Stock, United States continued
		Health Care & Hospital continued
	3,254	UnitedHealth Group, Inc.	$	286,450
	100	WellPoint, Inc. *		11,500
				606,426
		Information & Services — 3.4%
	200	Ablest, Inc. *		1,478
	300	Angelica Corp.		8,115
	1,800	Brink’s Co.		71,136
	700	Carriage Services, Inc. *		3,458
	220	Cass Information Systems, Inc.		7,689
	800	Checkfree Corp. *		30,464
	300	Cornell Cos., Inc. *		4,554
	800	Covance, Inc. *		31,000
	300	Exponent, Inc. *		8,247
	300	Heidrick & Struggles International, Inc. *		10,281
	300	Kendle International, Inc. *		2,640
	500	Kforce, Inc. *		5,550
	700	Labor Ready, Inc. *		11,844
	300	Laureate Education, Inc. *		13,227
	500	Layne Christensen Co. *		9,075
	300	MAXIMUS, Inc. *		9,336
	200	Metal Management, Inc.		5,374
	200	Michael Baker Corp. *		3,920
	450	Monro Muffler Brake, Inc. *		11,385
	1,000	Moody’s Corp.		86,850
	600	MPS Group, Inc. *		7,356
	200	National Technical Systems, Inc. *		1,002
	100	Navigant International, Inc. *		1,217
	580	NCO Group, Inc. *		14,993
	200	Nobel Learning Communities, Inc. *		1,506
	400	Opinion Research Corp. *		2,676
	1,300	Parexel International Corp. *		26,390
	500	Pharmaceutical Product Development, Inc. *		20,645
	100	Pre-Paid Legal Services, Inc.		3,755
	2,000	Prudential Financial, Inc.		109,920
	300	RCM Technologies, Inc. *		1,509
	1,400	Robert Half International, Inc.		41,202
	1,900	Stewart Enterprises, Inc., Class A *		13,281
	400	SurModics, Inc. *		13,004
	600	TeleTech Holdings, Inc. *		5,814
				599,893
		Instruments — 4.0%
	300	AMX Corp. *		4,941
	200	Atrion Corp.		9,049
	1,000	Bausch & Lomb, Inc.		64,460
	500	Becton Dickinson & Co.		28,400
	900	Biomet, Inc.		39,051
	1,200	C.R. Bard, Inc.		76,776
	100	Checkpoint Systems, Inc. *		1,805
	600	Conmed Corp. *		17,052
	400	Cooper Cos., Inc.		28,236
	1,400	Cytyc Corp. *		38,598
	700	Datascope Corp.		27,783
	800	Edwards Lifesciences Corp. *		33,008
	500	Esterline Technologies Corp. *		16,325
	773	Freescale Semiconductor, Inc., Class B *		14,191
	600	Input/ Output, Inc. *		5,304
	1,200	Invacare Corp.		55,512
	800	Johnson & Johnson		50,736
	1,400	Johnson Controls, Inc.		88,815
	100	K-Tron International, Inc. *		2,661
	100	Kewaunee Scientific Corp.		910
	300	Laserscope *		10,773
	300	Measurement Specialties, Inc. *		7,638
	300	Mesa Laboratories, Inc.		3,827
	400	Mine Safety Appliances Co.		20,280
	200	Misonix, Inc. *		1,302
	100	Ocular Sciences, Inc. *		4,901
	300	Schmitt Industries, Inc. *		2,112
	400	Sola International, Inc. *		11,016
	1,000	Thermo Electron Corp. *		30,190
	400	Waters Corp. *		18,716
				714,368
		Insurance — 2.9%
	1,800	ACE Ltd.		76,950
	300	American Safety Insurance Holdings Ltd. *		4,902
	500	AmerUs Group Co.		22,650
	600	AON Corp.		14,316
	500	Chubb Corp.		38,450
	1,050	Cincinnati Financial Corp.		46,473
	900	Everest Re Group Ltd.		80,604
	1,100	Fidelity National Financial, Inc.		50,237
	500	Fpic Insurance Group, Inc. *		17,690
	200	Great American Financial Resources, Inc.		3,474
	400	HCC Insurance Holdings, Inc.		13,248
	200	Merchants Group, Inc.		4,800
	100	National Western Life Insurance Co., Class A *		16,661
	1,300	Old Republic International Corp.		32,890
	1,000	Radian Group, Inc.		53,240
	200	Selective Insurance Group, Inc.		8,848
	300	United American Healthcare Corp. *		1,893
	400	Zenith National Insurance Corp.		19,936
				507,262
		Integrated Oil Cos. — 0.3%
	200	ConocoPhillips		17,366
	600	Occidental Petroleum Corp.		35,016
				52,382
		IT Hardware — 4.2%
	2,100	Avaya, Inc. *		36,120

60

Statement of Portfolio Investments continued

Laudus Rosenberg Global Long/Short Equity Fund

Shares			Value
		Common Stock, United States continued
		IT Hardware continued
	200	Avocent Corp. *	$	8,104
	600	Cobra Electronics Corp. *		4,866
	1,100	Cree, Inc. *		44,088
	3,200	Crown Castle International Corp. *		53,248
	1,006	Digi International, Inc. *		17,293
	200	DIRECTV Group, Inc. *		3,348
	100	EMS Technologies, Inc. *		1,662
	200	Espey Manufacturing & Electronics Corp.		5,240
	1,300	Harris Corp.		80,327
	2,700	Juniper Networks, Inc. *		73,413
	500	L-3 Communications Holdings, Inc.		36,620
	5,300	Marvell Technology Group Ltd. *		187,992
	200	Merrimac Industries, Inc. *		1,803
	600	Microsemi Corp. *		10,416
	7,700	Motorola, Inc.		132,440
	900	NMS Communications Corp. *		5,679
	4	Peak International Ltd. *		16
	400	Qualcomm, Inc.		16,960
	1,100	Silicon Image, Inc. *		18,106
	400	Suntron Corp. *		1,256
	500	Virage Logic Corp. *		9,285
				748,282
		Land & Water Transportation — 2.0%
	2,600	Burlington Northern Santa Fe Corp.		123,006
	200	Celadon Group, Inc. *		4,450
	300	EGL, Inc. *		8,967
	1,500	General Maritime Corp		59,925
	675	Marten Transport Ltd. *		15,343
	900	Ryder System, Inc.		42,993
	1,200	Teekay Shipping Corp.		50,532
	400	U.S. Xpress Enterprises, Inc., Class A *		11,720
	400	United Parcel Service, Inc., Class B		34,184
				351,120
		Mainframe & Minicomputers — 0.5%
	1,000	Dell, Inc. *		42,140
	1,500	PalmOne, Inc. *		47,325
				89,465
		Metal Products & Machinery — 1.7%
	2,800	American Standard Cos., Inc. *		115,696
	100	Ball Corp.		4,398
	500	Black & Decker Corp.		44,165
	200	Chicago Rivet & Machine Co.		5,439
	300	Cummins, Inc.		25,137
	200	Eastern Co.		4,000
	100	Evans & Sutherland Computer Corp. *		697
	500	Gerber Scientific, Inc. *		3,805
	300	Kennametal, Inc.		14,931
	500	Littelfuse, Inc. *		17,080
	500	MagneTek, Inc. *		3,450
	300	Mobile Mini, Inc. *		9,912
	100	P & F Industries, Inc. *		1,523
	100	Regal-Beloit Corp.		2,860
	200	Robbins & Myers, Inc.		4,766
	300	SL Industries, Inc. *		4,245
	100	Standard Motor Products, Inc.		1,580
	100	Standex International Corp.		2,849
	500	Tecumseh Products Co., Class B		22,758
	600	Timken Co.		15,612
	108	Velcro Industries NV		1,432
				306,335
		Miscellaneous Finance — 1.5%
	1,000	A.G. Edwards, Inc.		43,210
	500	Affiliated Managers Group, Inc. *		33,870
	300	Ambac Financial Group, Inc.		24,639
	600	BlackRock, Inc., Class A		46,356
	1,700	Citigroup, Inc.		81,906
	200	International Assets Holding Corp. *		1,514
	800	Raymond James Financial, Inc.		24,784
	533	Stifel Financial Corp. *		11,166
				267,445
		Oil & Coal Resources — 1.4%
	260	Brigham Exploration Co. *		2,340
	1,500	Chesapeake Energy Corp.		24,750
	300	Delta Petroleum Corp. *		4,704
	300	Edge Petroleum Corp. *		4,374
	800	Kerr-McGee Corp.		46,232
	1,000	Magnum Hunter Resources, Inc. *		12,900
	500	Resource America, Inc., Class A		16,250
	600	Southwestern Energy Co. *		30,414
	2,800	XTO Energy, Inc.		99,064
				241,028
		Oil Distribution — 0.6%
	800	Ashland, Inc.		46,704
	500	Headwaters, Inc. *		14,250
	600	Sunoco, Inc.		49,026
				109,980
		Oil Drilling & Services — 3.2%
	2,200	Baker Hughes, Inc.		93,874
	600	Cal Dive International, Inc. *		24,450
	400	Dawson Geophysical Co. *		8,740
	1,400	Grant Prideco, Inc. *		28,070
	1,100	National-Oilwell, Inc. *		38,819
	1,900	Newpark Resources *		9,785
	1,100	Noble Corp. *		54,714
	300	Pioneer Drilling Co. *		3,027
	2,100	Schlumberger Ltd.		140,595
	600	Tidewater, Inc.		21,366
	2,600	Varco International, Inc. *		75,790

61

Statement of Portfolio Investments continued

Laudus Rosenberg Global Long/Short Equity Fund

Shares			Value
		Common Stock, United States continued
		Oil Drilling & Services continued
	600	Veritas DGC, Inc. *	$	13,446
	900	Weatherford International Ltd. *		46,170
				558,846
		Photooptical, Micros & Office Machinery — 1.0%
	200	Delphax Technologies, Inc. *		790
	700	Eastman Kodak Co.		22,575
	5,000	EMC Corp. *		74,350
	200	Hauppauge Digital, Inc. *		1,226
	600	NCR Corp. *		41,538
	300	PAR Technology Corp. *		3,396
	200	Printronix, Inc. *		3,582
	300	RadiSys Corp. *		5,865
	300	SafeNet, Inc. *		11,022
	400	Storage Technology Corp. *		12,644
	200	Wells-Gardner Electronics Corp. *		1,218
				178,206
		Publishing, Broadcasting & Cinema — 1.6%
	700	American Greetings Corp., Class A		17,745
	300	Champion Industries, Inc.		1,098
	2,300	Clear Channel Communications, Inc.		77,027
	500	Media General, Inc.		32,405
	200	Outlook Group Corp.		1,582
	385	Regent Communications, Inc. *		2,041
	2,500	Sirius Satellite Radio, Inc. *		19,125
	2,500	Viacom, Inc.		92,700
	1,200	XM Satellite Radio Holdings, Inc., Class A *		45,144
				288,867
		Real Estate Development — 0.2%
	200	Amrep Corp.		4,600
	700	Bluegreen Corp. *		13,880
	200	ILX Resorts, Inc.		2,038
	100	J.W. Mays, Inc. *		1,429
	100	Patriot Transportation Holding, Inc. *		4,499
	200	Tarragon Corp. *		3,570
				30,016
		Real Estate Investment Trusts — 1.7%
	300	Bedford Property Investors, Inc.		8,523
	300	Boykin Lodging Co. *		2,748
	600	Brandywine Realty Trust		17,634
	400	Commercial NET Lease Realty		8,240
	300	Correctional Properties Trust		8,664
	2,600	HRPT Properties Trust		33,358
	2,200	iStar Financial, Inc.		99,572
	300	Mission West Properties		3,192
	300	One Liberty Properties, Inc.		6,216
	200	Presidential Realty Corp., Class B		1,960
	900	Reckson Associates Realty Corp.		29,529
	300	SL Green Realty Corp.		18,165
	2,000	Trizec Properties, Inc.		37,840
	1,000	Ventas, Inc.		27,410
	400	Winston Hotels, Inc.		4,724
				307,775
		Restaurants, Hotels & Theaters — 1.0%
	200	Ark Restaurants Corp.		7,840
	1,100	CKE Restaurants, Inc. *		15,961
	100	Darden Restaurants, Inc.		2,774
	200	Dave & Buster’s, Inc. *		4,040
	600	Famous Dave’s of America, Inc. *		7,627
	200	Frisch’s Restaurants, Inc.		4,766
	1,000	Landry’s Restaurants, Inc.		29,060
	300	Lone Star Steakhouse & Saloon, Inc.		8,400
	500	Luby’s, Inc. *		3,750
	600	Marcus Corp.		15,084
	300	Monarch Casino & Resort, Inc. *		12,165
	200	Nathan’s Famous, Inc. *		1,542
	300	Rubio’s Restaurants, Inc. *		3,639
	200	Star Buffet, Inc.		1,180
	300	Starbucks Corp. *		18,708
	600	Station Casinos, Inc.		32,808
	800	Westcoast Hospitality Corp. *		4,880
				174,224
		Retail — 6.1%
	1,600	American Eagle Outfitters, Inc.		75,360
	200	Blair Corp.		7,132
	500	Books-A-Million, Inc.		4,810
	1,200	Borders Group, Inc.		30,480
	500	Caremark Rx, Inc. *		19,715
	800	Charming Shoppes *		7,496
	2,327	eBay, Inc. *		270,583
	300	EZCORP, Inc., Class A *		4,623
	600	Fastenal Co.		36,936
	1,300	Federated Department Stores, Inc.		75,127
	600	Guess?, Inc. *		7,530
	600	Hastings Entertainment, Inc. *		4,968
	4,390	Home Depot, Inc.		187,628
	100	Insight Enterprises, Inc. *		2,052
	1,900	J.C. Penney Co., Inc.		78,660
	400	Longs Drug Stores Corp.		11,028
	400	Nordstrom, Inc.		18,692
	3,100	Office Depot, Inc. *		53,816
	900	Retail Ventures, Inc. *		6,390
	200	Rush Enterprises, Inc., Class B *		3,462
	100	S&K Famous Brands, Inc. *		1,631
	300	Stage Store, Inc.		12,456
	1,200	Supervalu, Inc.		41,424
	2,500	TJX Cos., Inc.		62,825
	1,800	Toys R US, Inc. *		36,846
	1,000	Zale Corp. *		29,870
				1,091,540

62

Statement of Portfolio Investments continued

Laudus Rosenberg Global Long/Short Equity Fund

Shares			Value
		Common Stock, United States continued
		Soaps & Cosmetics — 0.4%
	1	DEL Laboratories, Inc. *	$	35
	1,000	Ecolab, Inc.		35,130
	700	Estee Lauder Cos., Inc., Class A		32,039
	200	Parlux Fragrances, Inc. *		4,496
				71,700
		Software — 4.3%
	1,200	Adobe Systems, Inc.		75,288
	400	American Software, Inc., Class A		2,412
	200	Ansoft Corp. *		4,040
	300	Applix, Inc. *		1,530
	3,200	Autodesk, Inc.		121,440
	600	Borland Software Corp. *		7,008
	600	Cerner Corp. *		31,902
	1,000	Ciber, Inc. *		9,640
	1,973	Cognizant Technology Solutions Corp. *		83,517
	1,300	Computer Sciences Corp. *		73,281
	300	Edgewater Technology, Inc. *		1,470
	300	HMS Holdings Corp. *		2,697
	200	Infocrossing, Inc. *		3,386
	100	Internet Security Systems *		2,325
	6,700	Microsoft Corp.		178,956
	200	Netmanage, Inc. *		1,290
	200	NWH, Inc.		2,794
	7,700	Parametric Technology Corp. *		45,353
	1,700	Perot Systems Corp., Class A *		27,251
	300	Phoenix Technologies Ltd. *		2,478
	200	Radica Games Ltd.		1,592
	200	RSA Security, Inc. *		4,012
	200	S1 Corp. *		1,812
	2,700	Sapient Corp. *		21,357
	300	Sento Corp. *		1,470
	200	State Auto Financial Corp.		5,170
	100	Superior Consultant Holdings Corp. *		844
	200	TechTeam Global, Inc. *		2,034
	300	TSR, Inc.		2,547
	400	Ultimate Software Group, Inc. *		5,072
	100	Websense, Inc. *		5,072
	1,600	Wind River Systems, Inc. *		21,680
	1,000	Witness Systems, Inc. *		17,460
				768,180
		Textiles & Apparel — 1.8%
	600	Ashworth, Inc. *		6,534
	1,700	Coach, Inc. *		95,880
	1,100	DHB Industries, Inc. *		20,944
	200	Haggar Corp.		4,696
	200	Hallwood Group, Inc. *		21,300
	200	Hampshire Group Ltd. *		6,300
	600	Jones Apparel Group, Inc.		21,942
	700	Liz Claiborne, Inc.		29,547
	1,000	Phillips-Van Heusen Corp.		27,000
	800	Polo Ralph Lauren Corp.		34,080
	400	Saucony, Inc., Class A		11,140
	900	Skechers U.S.A., Inc., Class A *		11,664
	100	Timberland Co., Class A *		6,267
	2,300	Tommy Hilfiger Corp. *		25,944
				323,238
		Wholesale — 1.3%
	300	Aristotle Corp. *		2,106
	600	Arrow Electronics, Inc. *		14,580
	700	Aviall, Inc. *		16,079
	200	Cantel Medical Corp. *		7,484
	1,000	Copart, Inc. *		26,320
	300	Delta Apparel, Inc.		7,275
	300	Department 56, Inc. *		4,995
	200	GTSI Corp. *		2,102
	100	Hughes Supply, Inc.		3,235
	200	Insurance Auto Auctions, Inc. *		4,484
	900	MSC Industrial Direct Co., Inc., Class A		32,382
	600	Navarre Corp. *		10,560
	1,000	Patterson Cos., Inc. *		43,390
	300	Pomeroy IT Solutions, Inc. *		4,563
	200	Programmer’s Paradise, Inc.		2,956

63

Statement of Portfolio Investments continued

Laudus Rosenberg Global Long/Short Equity Fund

Shares or
Principal			Value
		Common Stock, United States continued
		Wholesale continued
	200	Scansource, Inc. *	$	12,432
	200	Ventiv Health, Inc. *		4,064
	500	W.W. Grainger, Inc.		33,310
				232,317
				12,637,527
		Total Common Stock (Cost $13,063,157)		17,010,463
		Repurchase Agreement — 7.7%
		United States 7.7%
$	1,366,477	Bear Stearns, dated 12/31/04 due 1/3/05 at 1.50% with a maturity value of $1,366,648 (Fully collateralized by a US Treasury Note)		1,366,477
		Total Repurchase Agreement (Cost $1,366,477)		1,366,477
		Total Investments (Cost $14,429,634) (b) — 103.6%	$	18,376,940

Percentages noted above are based on net assets as of December 31, 2004.

*	Non-income producing security.
(a)	All long positions are pledged as collateral for securities sold short.

(b)   Represents cost for financial reporting purposes, is substantially the same as federal income tax purposes, and differs from value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	4,024,510
Unrealized depreciation		(77,204	)
Net unrealized appreciation	$	3,947,306

64

Laudus Trust

Laudus Rosenberg Global Long/Short Equity Fund

Statement of Securities Sold Short as of 12/31/04 (Unaudited)

Shares			Value
		Common Stock — 95.3%
		Austria — 0.2%
		Real Estate Development — 0.2%
	600	Wienerberger AG	$	28,667
		Belgium — 1.4%
		Beer, Liquor & Tobacco — 0.2%
	1,114	InBev		43,215
		Drugs & Pharmaceuticals — 0.2%
	691	UCB SA		35,128
		Electric Utilities — 0.5%
	180	Electrabel SA		80,250
		Financial Investments — 0.1%
	300	Groupe Bruxelles Lambert SA		24,426
		Wholesale — 0.4%
	2,000	Agfa Gevaert NV		67,854
				250,873
		Denmark — 0.7%
		Beer, Liquor & Tobacco — 0.2%
	800	Carlsberg A/ S, Class B		40,493
		Drugs & Pharmaceuticals — 0.4%
	1,299	H. Lundbeck A/ S		28,959
	729	Novo-Nordisk A/ S, Class B		39,829
				68,788
		Instruments — 0.1%
	396	William Demant Holding A/ S*		18,597
				127,878
		Finland — 0.1%
		Software — 0.1%
	496	Tietoenator Oyj		15,776
		France — 3.6%
		Beer, Liquor & Tobacco — 0.3%
	300	Pernod Ricard		45,956
		Chemicals & Rubber — 0.3%
	300	L’Air Liquide SA		55,457
		Communications Utilities — 0.2%
	997	Publicis Groupe		32,321
		Construction & Homebuilding — 0.7%
	1,021	Autoroutes du Sud de la France		51,348
	500	Vinci SA		67,148
				118,496
		Publishing, Broadcasting & Cinema — 0.4%
	1,366	JC Decaux SA*		39,883
	1,152	Societe Television Francaise 1		37,502
				77,385
		Real Estate Development — 0.3%
	325	Unibail		51,155
		Retail — 0.3%
	600	Pinault-Printemps-Redoute SA		60,065
		Software — 0.2%
	646	Dassault Systemes SA		32,577
		Textiles & Apparel — 0.4%
	1,000	LVMH Moet Hennessy Louis Vuitton SA		76,594
		Wholesale — 0.5%
	575	Essilor International SA		45,057
	800	Societe BIC SA		40,234
				85,291
				635,297
		Germany — 2.0%
		Autos — 0.7%
	1,600	Bayerische Motoren Werke (BMW) AG		72,094
	1,200	Volkswagen AG		54,397
				126,491
		Communications Utilities — 0.2%
	2,991	T-Online International AG*		40,005
		Drugs & Pharmaceuticals — 0.5%
	569	Altana AG		35,995
	600	Schering AG		44,839
				80,834
		Insurance — 0.2%
	2,000	MLP AG		39,581
		Miscellaneous Finance — 0.2%
	546	Deutsche Boerse AG		32,840
		Wholesale — 0.2%
	466	Celesio AG		37,815
				357,566
		Ireland — 0.6%
		Airlines — 0.3%
	8,000	Ryanair Holdings plc*		57,089
		Banks & Credit Institutions — 0.3%
	2,315	Anglo Irish Bank Corp., plc		56,325
				113,414
		Italy — 1.7%
		Autos — 0.3%
	10,000	IFIL — Finanziaria di Partecipazioni S.p.A.		45,127
		Banks & Credit Institutions — 0.3%
	3,808	Mediobanca S.p.A.		61,646
		Furniture & Household Items — 0.1%
	1,824	Bulgari S.p.A.		22,537

65

Statement of Securities Sold Short continued

Laudus Rosenberg Global Long/ Short Equity Fund

Shares			Value
		Common Stock, Italy continued
		Insurance — 0.8%
	3,128	Alleanza Assicurazioni S.p.A.	$	43,666
	3,997	Mediolanum S.p.A.		28,631
	2,700	Riunione Adriatica di Sicurta S.p.A.		61,069
				133,366
		Publishing, Broadcasting & Cinema — 0.2%
	6,000	Gruppo Editoriale L’Espresso S.p.A.		36,210
				298,886
		Netherlands — 1.3%
		Banks & Credit Institutions — 0.0%
	81	ABN AMRO Holding NV		2,146
		Cellular & Wireless — 0.5%
	8,000	Koninklijke (Royal) KPN NV		76,008
		Financial Investments — 0.2%
	2,744	Reed Elsevier NV		37,410
		Insurance — 0.2%
	3,000	Aegon NV		40,900
		Metal Products & Machinery — 0.2%
	2,028	ASML Holding NV*		32,555
		Miscellaneous Finance — 0.2%
	1,200	Euronext NV		36,651
				225,670
		Norway — 1.2%
		Banks & Credit Institutions — 0.4%
	6,000	DNB NOR ASA		59,191
		Forest Products & Paper — 0.2%
	2,000	Norske Skogindustrier ASA		43,258
		Insurance — 0.1%
	990	Storebrand ASA		9,562
		Real Estate Development — 0.2%
	4,647	Telenor ASA		42,199
		Wholesale — 0.3%
	1,800	Orkla ASA		59,142
				213,352
		Spain — 1.1%
		Banks & Credit Institutions — 0.2%
	900	Banco Popular Espanol SA		59,330
		Construction & Homebuilding — 0.1%
	300	Grupo Ferrovial SA		16,034
		Electric Utilities — 0.3%
	1,800	Union Fenosa SA		47,343
		Metal Products & Machinery — 0.2%
	1,334	Zardoya Otis SA		34,216
		Retail — 0.3%
	1,533	Industria de Diseno Textil SA		45,217
				202,140
		Sweden — 0.7%
		Autos — 0.5%
	2,100	Volvo AB, Class B		83,268
		Beer, Liquor & Tobacco — 0.1%
	1,882	Swedish Match AB		21,807
		Communications Utilities — 0.1%
	1,127	Eniro AB		11,532
				116,607
		Switzerland — 0.4%
		Furniture & Household Items — 0.2%
	1,400	Swatch Group AG		41,615
		Information & Services — 0.2%
	52	SGS SA		36,424
				78,039
		United Kingdom — 8.9%
		Agriculture, Food & Beverage — 0.2%
	4,000	Tate & Lyle plc		36,305
		Airlines — 0.2%
	15,000	Hays plc		35,782
		Autos — 0.3%
	6,000	GKN plc		27,244
	4,845	Tomkins plc		23,650
				50,894
		Banks & Credit Institutions — 1.3%
	4,000	Bradford & Bingley plc		25,784
	2,096	Cattles plc		14,769
	1,000	Intermediate Capital Group plc		20,927
	9,000	Lloyds TSB Group plc		81,731
	2,700	Provident Financial plc		34,835
	3,600	Standard Chartered plc		66,939
				244,985
		Beer, Liquor & Tobacco — 0.3%
	1,797	Imperial Tobacco Group plc		49,232
		Construction & Homebuilding — 0.3%
	4,000	AMEC plc		22,866
	1,600	WS Atkins plc		21,964
				44,830
		Electric Utilities — 0.9%
	7,363	National Grid Transco plc		70,116
	3,500	Scottish & Southern Energy plc		58,629
	1,600	Viridian Group plc		22,424
				151,169
		Financial Investments — 0.4%
	2,863	Burberry Group plc		22,042
	6,000	Reed Elsevier plc		55,350
				77,392
		Furniture & Household Items — 0.1%
	8,000	MFI Furniture Group plc		19,045

66

Statement of Securities Sold Short continued

Laudus Rosenberg Global Long/ Short Equity Fund

Shares			Value
		Common Stock, United Kingdom continued
		Information & Services — 0.5%
	4,116	Capita Group plc	$	28,903
	946	Intertek Group plc		12,804
	6,000	Michael Page International plc		21,541
	6,000	Taylor Nelson Sofres plc		26,034
				89,282
		Instruments — 0.3%
	5,000	Smith & Nephew plc		51,165
		Insurance — 0.7%
	900	Investec plc		28,804
	912	Jardine Lloyd Thompson Group plc		6,514
	7,000	Prudential plc		60,880
	6,000	St. James’s Place Capital plc		24,421
				120,619
		IT Hardware — 0.1%
	12,000	ARM Holdings plc		25,458
		Land & Water Transportation — 0.2%
	750	DX Services plc*		5,270
	14,250	Stagecoach Group plc		31,121
				36,391
		Metal Products & Machinery — 0.1%
	3,000	Rexam plc		26,466
		Miscellaneous Finance — 0.1%
	611	ICAP plc		3,188
	1,568	London Stock Exchange plc		17,520
				20,708
		Publishing, Broadcasting & Cinema — 0.8%
	4,732	British Sky Broadcasting Group plc		51,057
	2,665	Daily Mail & General Trust, Class A		37,965
	1,579	Emap plc		24,722
	1,746	Johnston Press plc		18,169
	1,600	Manchester United plc		8,532
				140,445
		Restaurants, Hotels & Theaters — 0.2%
	6,000	Rank Group plc		30,411
		Retail — 0.8%
	421	Carpetright plc		9,214
	15,000	Dixons Group plc		43,774
	3,000	GUS plc		54,055
	624	Tesco plc		3,855
	10,000	William Morrison Supermarkets plc		39,742
				150,640
		Soaps & Cosmetics — 0.3%
	1,737	Reckitt Benckiser plc		52,491
		Software — 0.3%
	3,445	Misys plc		13,840
	7,881	Sage Group plc		30,602
				44,442
		Wholesale — 0.5%
	2,064	Alliance Unichem plc		29,898
	6,000	Electrocomponents plc		32,802
	6,000	Premier Farnell plc		19,698
				82,398
				1,580,550
		United States—71.4%
		Agriculture, Food & Beverage — 2.4%
	200	Bridgford Foods Corp.		1,800
	7,600	Coca-Cola Co.		316,388
	1,600	Coca-Cola Enterprises, Inc.		33,360
	600	Delta & Pine Land Co.		16,368
	600	Monterey Pasta Co.*		2,028
	1,591	Tootsie Roll Industries, Inc.		55,096
				425,040
		Airlines — 1.1%
	2,500	Airtran Holdings, Inc.*		26,750
	1,300	JetBlue Airways Corp.*		30,186
	3,100	Northwest Airlines Corp.*		33,883
	6,800	Southwest Airlines Co.		110,704
				201,523
		Autos — 0.4%
	200	American Axle & Manufacturing Holdings, Inc.		6,132
	2,500	Delphi Corp.		22,550
	200	General Motors Corp.		8,012
	1,100	Gentex Corp.		40,722
				77,416
		Banks & Credit Institutions — 7.3%
	900	Astoria Financial Corp.		35,973
	500	Banc Corp.*		4,120
	400	Capitol Federal Financial		14,400
	4,000	E*Trade Financial Corp.		59,800
	300	Education Lending Group, Inc.*		4,653
	7,100	Fifth Third Bancorp		335,689
	300	Financial Federal Corp.*		11,760
	5,000	General Electric Co.		182,500
	600	Investors Financial Services Corp.		29,988
	4,400	MBNA Corp.		124,036
	5,100	New York Community Bancorp, Inc.		104,907
	1,700	Northern Trust Corp.		82,586
	1,680	Old National Bancorp		43,445
	105	Park National Corp.		14,228
	2,500	Sovereign Bancorp, Inc.		56,375
	200	Student Loan Corp.		36,800
	4,000	Synovus Financial Corp.		114,320
	1,785	Valley National Bancorp		49,355
				1,304,935
		Basic Minerals & Metals — 0.8%
	400	American Superconductor Corp.*		5,956
	800	Apex Silver Mines Ltd.*		13,744
	1,100	Freeport-McMoRan Copper & Gold, Inc.		42,053

67

Statement of Securities Sold Short continued

Laudus Rosenberg Global Long/ Short Equity Fund

Shares			Value
		Common Stock, United States continued
		Basic Minerals & Metals continued
	1,200	Hecla Mining Co.*	$	6,996
	800	Meridian Gold, Inc.*		15,176
	1,300	Newmont Mining Corp.		57,733
				141,658
		Beer, Liquor & Tobacco — 0.0%
	800	DIMON, Inc.		5,376
		Biotechnology — 2.4%
	800	Alexion Pharmaceuticals, Inc.*		20,160
	2,100	Amgen, Inc.*		134,715
	1,200	Applera Corp. — Celera Genomics Group*		16,500
	900	Avigen, Inc.*		2,934
	200	BioCryst Pharmaceuticals, Inc.*		1,156
	900	BioMarin Pharmaceuticals, Inc.*		5,751
	4,900	Human Genome Sciences, Inc.*		58,898
	800	ICOS Corp.*		22,624
	600	Kosan Biosciences, Inc.*		4,158
	6,600	Millennium Pharmaceuticals, Inc.*		79,992
	800	Myriad Genetics, Inc.*		18,008
	400	Neopharm, Inc.*		5,004
	600	Neurocrine Biosciences, Inc.*		29,580
	1,000	Praecis Pharmaceuticals, Inc.*		1,900
	300	Progenics Pharmaceuticals, Inc.*		5,148
	500	Seattle Genetics, Inc.*		3,265
	900	Telik, Inc.*		17,226
				427,019
		Cellular & Wireless — 0.0%
	300	Centennial Communications Corp.*		2,379
		Chemicals & Rubber — 0.3%
	600	BioSphere Medical, Inc.*		2,334
	700	North American Scientific, Inc.*		3,773
	700	Valspar Corp.		35,007
	300	WD-40 Co.		8,523
				49,637
		Communications Utilities — 1.8%
	2,800	BellSouth Corp.		77,812
	2,100	Cablevision Systems New York Group, Class A*		52,290
	205	D&E Communications, Inc.		2,470
	2,700	EchoStar Communications Corp., Class A		89,748
	1,300	Insight Communications Co., Inc.*		12,051
	5,900	Level 3 Communications, Inc.*		20,001
	1,900	Mediacom Communications Corp.*		11,875
	600	Net2Phone, Inc.*		2,040
	2,300	Talk America Holdings, Inc.*		15,226
	3,400	UnitedGlobalCom, Inc.*		32,844
				316,357
		Construction & Homebuilding — 0.4%
	400	EMCOR Group, Inc.*		18,072
	500	Jacobs Engineering Group, Inc.*		23,895
	400	MasTec, Inc.*		4,044
	300	Matrix Service Co.*		2,418
	300	Modtech Holdings, Inc.*		2,361
	200	Palm Harbor Homes, Inc.*		3,376
	2,000	Quanta Services, Inc.*		16,000
				70,166
		Construction Materials — 0.0%
	400	Apogee Enterprises, Inc.		5,364
		Consumer Durables — 0.2%
	1,200	Maytag Corp.		25,320
	400	Monaco Coach Corp.		8,228
				33,548
		Drugs & Pharmaceuticals — 5.4%
	100	Able Laboratories, Inc.*		2,275
	1,200	Adolor Corp.*		11,904
	1,900	Alkermes, Inc.*		26,771
	900	Allergan, Inc.		72,963
	1,400	Amylin Pharmaceuticals, Inc.*		32,704
	300	Bentley Pharmaceuticals, Inc.*		3,225
	5,800	Bristol-Myers Squibb Co.		148,596
	300	Cerus Corp.*		888
	1,000	Columbia Laboratories, Inc.*		2,647
	100	Cubist Pharmaceuticals, Inc.*		1,183
	1,900	CuraGen Corp.*		13,604
	1,200	CV Therapeutics, Inc.*		27,600
	700	Discovery Laboratories, Inc.*		5,551
	300	Dov Pharmaceutical, Inc.*		5,415
	4,400	Eli Lilly & Co.		249,700
	400	Emisphere Technologies, Inc.*		1,620
	935	Enzo Biochem, Inc.*		18,204
	600	EPIX Pharmaceuticals, Inc.*		10,746
	1,000	Guilford Pharmaceuticals, Inc.*		4,950
	1,300	Immunomedics, Inc.*		3,952
	900	Inspire Pharmaceuticals, Inc.*		15,093
	2,200	Isis Pharmaceuticals, Inc.*		12,980
	901	Neose Technologies, Inc.*		6,055
	2,000	NPS Pharmaceuticals, Inc.*		36,560
	600	Pain Therapeutics, Inc.*		4,326
	200	Par Pharmaceutical Cos., Inc.*		8,276
	800	Penwest Pharmaceuticals Co.*		9,568
	300	Pharmacyclics, Inc.*		3,141
	2,700	Protein Design Labs, Inc.*		55,782
	800	Sciclone Pharmaceuticals, Inc.*		2,960
	1,200	Sepracor, Inc.*		71,244
	1,800	Tanox, Inc.*		27,360
	700	Theragenics Corp.*		2,842
	1,200	Transkaryotic Therapies, Inc.*		30,468
	2,400	Vertex Pharmaceuticals, Inc.*		25,368
	100	Zymogenetics, Inc.*		2,300
				958,821
		Electric Utilities — 1.7%
	5,600	AES Corp.*		76,552
	1,700	Allegheny Energy, Inc.*		33,507
	1,700	Centerpoint Energy, Inc.		19,210

68

Statement of Securities Sold Short continued

Laudus Rosenberg Global Long/ Short Equity Fund

Shares			Value
		Common Stock, United States continued
		Electric Utilities continued
	1,200	Cinergy Corp.	$	49,956
	1,700	DPL, Inc.		42,687
	400	DTE Energy Co.		17,252
	300	Edison International		9,609
	600	Southern Co.		20,112
	2,100	TECO Energy, Inc.		32,214
				301,099
		Financial Investments — 1.0%
	1,400	CapitalSource, Inc.*		35,938
	2,300	Cendant Corp.		53,774
	1,800	Macrovision Corp.*		46,296
	1,700	Marvel Enterprises, Inc.*		34,816
				170,824
		Forest Products & Paper — 1.4%
	1,100	Avery Dennison Corp.		65,967
	1,300	Bowater, Inc.		57,161
	4,900	Graphic Packaging Corp.*		35,280
	500	Kimberly-Clark Corp.		32,905
	400	Lydall, Inc.*		4,744
	1,300	Plum Creek Timber Co., Inc.		49,972
				246,029
		Furniture & Household Items — 1.8%
	500	Foamex International, Inc.*		1,880
	1,600	Hasbro, Inc.		31,008
	1,100	International Game Technology		37,818
	600	Leapfrog Enterprises, Inc.*		8,160
	6,100	Mattel, Inc.		118,889
	2,100	Newell Rubbermaid, Inc.		50,799
	2,300	Pactiv Corp.*		58,167
	200	Russ Berrie & Co., Inc.		4,568
	300	Tempur-Pedic International, Inc.*		6,360
				317,649
		Gas & Other Public Utilities — 1.0%
	800	Allied Waste Industries, Inc.*		7,424
	10,700	El Paso Corp.		111,280
	500	Stericycle, Inc.*		22,975
	900	Waste Management, Inc.		26,946
				168,625
		Government Aircraft & Defense — 0.9%
	500	Alliant Techsystems, Inc.*		32,690
	1,662	Garmin Ltd.		101,116
	300	Kaman Corp., Class A		3,795
	300	Lockheed Martin Corp.		16,665
	400	Microvision, Inc.*		2,800
	100	Sturm Ruger & Co., Inc.		903
				157,969
		Health Care & Hospital — 2.2%
	100	Apria Healthcare Group, Inc.*		3,295
	1,100	Array Biopharma, Inc.*		10,472
	3,500	HCA, Inc.		139,860
	3,600	Health Management Associates, Inc., Class A		81,792
	1,400	Lincare Holdings, Inc.*		59,710
	1,000	OCA, Inc*		6,350
	500	Odyssey Healthcare, Inc.*		6,840
	200	Specialty Laboratories, Inc.*		2,208
	6,600	Tenet Healthcare Corp.*		72,468
	400	U.S. Physical Therapy, Inc.*		6,168
	300	VistaCare, Inc., Class A*		4,989
				394,152
		Information & Services — 2.9%
	600	Administaff, Inc.*		7,566
	300	Advisory Board Co.*		11,064
	800	Albany Molecular Research, Inc.*		8,912
	439	AMN Healthcare Services, Inc.*		6,984
	100	Apollo Group, Inc., Class A*		8,071
	900	Arena Pharmaceuticals, Inc.*		6,021
	500	Career Education Corp.*		20,000
	300	Clark, Inc.*		4,656
	2,400	Convergys Corp.*		35,976
	2,300	DeVry, Inc.*		39,928
	900	Education Management Corp.*		29,709
	1,200	Exact Sciences Corp.*		4,584
	1,900	Exelixis, Inc.*		18,050
	600	Gene Logic, Inc.*		2,208
	1,000	Learning Tree International, Inc.*		13,400
	1,800	Maxygen, Inc.*		23,022
	300	MTC Technologies, Inc.*		10,071
	300	Netratings, Inc.*		5,751
	4,400	Paychex, Inc.		149,952
	2,200	Regeneron Pharmaceuticals, Inc.*		20,262
	102	SRI/ Surgical Express, Inc.*		506
	600	Syntroleum Corp.*		4,818
	1,500	Total System Services, Inc.		36,450
	1,100	Weight Watchers International, Inc.*		45,177
				513,138
		Instruments — 2.8%
	400	Abaxis, Inc.*		5,796
	100	Aksys Ltd.*		556
	5,900	Applera Corp. — Applied Biosystems Group		123,369
	700	Cepheid, Inc.*		6,958
	800	Cholestech Corp.*		6,513
	1,500	Ciphergen Biosystems, Inc.*		6,450
	200	Closure Medical Corp.*		3,900
	900	Conceptus, Inc.*		7,304
	600	Cyberonics, Inc.*		12,432
	300	Daxor Corp.*		6,846
	700	FEI Co.*		14,700
	700	Formfactor, Inc.*		18,998
	400	I-Flow Corp.*		7,292
	500	ICU Medical, Inc.*		13,670
	500	Illumina, Inc.*		4,740
	900	Ixia*		15,129

69

Statement of Securities Sold Short continued

Laudus Rosenberg Global Long/ Short Equity Fund

Shares			Value
		Common Stock, United States continued
		Instruments continued
	500	Kyphon, Inc.*	$	12,880
	2,900	Medtronic, Inc.		144,043
	300	Merit Medical Systems, Inc.*		4,584
	600	Micro Therapeutics, Inc.*		2,250
	100	Natus Medical, Inc.*		800
	1,000	OraSure Technologies, Inc.*		6,720
	200	OrthoLogic Corp.*		1,250
	204	Possis Medical, Inc.*		2,750
	400	Q-Med, Inc.*		4,396
	500	Quidel Corp.*		2,540
	500	Regeneration Technologies, Inc.*		5,240
	600	Resmed, Inc.*		30,660
	400	Spectranetics Corp.*		2,248
	900	Staar Surgical Co.*		5,616
	400	Utah Medical Products, Inc.		8,988
	300	Wright Medical Group, Inc.*		8,550
				498,168
		Insurance — 1.2%
	1,000	ChoicePoint, Inc.*		45,990
	114	Citizens, Inc.*		729
	15	Harleysville Group, Inc.		358
	800	NDCHealth Corp.		14,872
	500	Progressive Corp.		42,420
	300	PXRE Group Ltd.		7,563
	1,800	UnumProvident Corp.		32,292
	1,800	Willis Group Holdings Ltd.		74,106
				218,330
		IT Hardware — 5.8%
	300	Advanced Energy Industries, Inc.*		2,739
	2,900	Altera Corp.*		60,030
	600	Anadigics, Inc.*		2,250
	1,300	C-COR, Inc.*		12,090
	1,200	Centillium Communications, Inc.*		2,916
	3,200	Cirrus Logic, Inc.*		17,632
	300	COMARCO, Inc.*		2,580
	600	DSP Group, Inc.*		13,398
	1,100	Emulex Corp.*		18,524
	400	Energy Conversion Devices, Inc.*		7,728
	1,800	Foundry Networks, Inc.*		23,688
	1,000	Hutchinson Technology, Inc.*		34,570
	300	Ibis Technology Corp.*		1,110
	400	Integrated Circuit Systems, Inc.*		8,368
	400	Intel Corp.		9,356
	600	Intervoice, Inc.*		8,010
	900	Jabil Circuit, Inc.*		23,022
	1,300	Kla-Tencor Corp.*		60,554
	500	Kopin Corp.*		1,935
	2,300	Lattice Semiconductor Corp.*		13,110
	4,100	Linear Technology Corp.		158,916
	1,800	Maxim Integrated Products, Inc.		76,302
	1,400	MEMC Electronic Materials, Inc.*		18,550
	500	Micrel, Inc.*		5,510
	2,824	Microchip Technology, Inc.		75,288
	1,600	Micron Technology, Inc.*		19,760
	1,100	Novellus Systems, Inc.*		30,679
	300	Parlex Corp.*		2,250
	1,100	Pericom Semiconductor Corp.*		10,373
	300	Planar Systems, Inc.*		3,369
	9,700	PMC — Sierra, Inc.*		109,125
	200	QLogic Corp.*		7,346
	500	Rambus, Inc.*		11,500
	2,500	Semtech Corp.*		54,675
	6,400	Solectron Corp.*		34,112
	300	Supertex, Inc.*		6,510
	300	Universal Display Corp.*		2,700
	2,400	Xilinx, Inc.		71,160
				1,021,735
		Land & Water Transportation — 0.1%
	800	Kansas City Southern*		14,184
	500	Pacer International, Inc.*		10,630
				24,814
		Mainframe & Minicomputers — 0.0%
	1,000	Cray, Inc.*		4,660
		Metal Products & Machinery — 1.2%
	100	Aaon, Inc.*		1,607
	1,900	AGCO Corp.*		41,591
	1,800	American Power Conversion Corp.		38,520
	700	C&D Technologies, Inc.		11,928
	600	Fedders Corp.		2,172
	700	Federal Signal Corp.		12,362
	1,100	Flowserve Corp.*		30,294
	1,700	FuelCell Energy, Inc.*		16,830
	600	Global Power Equipment Group, Inc.*		5,904
	400	Intevac, Inc.*		3,024
	300	Powell Industries, Inc.*		5,547
	600	SPX Corp.		24,036
	200	Transtechnology Corp.*		1,462
	600	Trinity Industries, Inc.		20,448
				215,725
		Miscellaneous Finance — 1.8%
	2,700	Ameritrade Holding Corp.*		38,394
	3,100	Investment Technology Group, Inc.*		62,000
	2,300	Janus Capital Group, Inc.		38,663
	700	Jefferies Group, Inc.		28,196
	1,400	LaBranche & Co., Inc.*		12,544
	1,200	Morgan Stanley		66,624
	1,400	Waddell & Reed Financial, Inc., Class A		33,446
	1,600	WP Stewart & Co., Ltd.		37,856
				317,723
		Oil Drilling & Services — 0.3%
	1,100	ENSCO International, Inc.		34,914
	200	Nabors Industries Ltd.*		10,258
				45,172

70

Statement of Securities Sold Short continued

Laudus Rosenberg Global Long/ Short Equity Fund

Shares			Value
		Common Stock, United States continued
		Photooptical, Micros & Office Machinery — 0.8%
	1,500	Adaptec, Inc.*	$	11,385
	2,726	Brocade Communications Systems, Inc.*		20,827
	1,500	Echelon Corp.*		12,660
	700	Fargo Electronics, Inc.*		10,492
	2,600	Immersion Corp.*		18,954
	2,300	Maxtor Corp.*		12,190
	3,500	McData Corp., Class B*		19,705
	2,800	Western Digital Corp.*		30,352
				136,565
		Publishing, Broadcasting & Cinema — 2.7%
	71	Acme Communications, Inc.*		498
	900	Dow Jones & Co., Inc.		38,754
	2,000	EW Scripps Co., Class A		96,560
	400	Fisher Communications, Inc.*		19,552
	2,400	Interpublic Group of Cos., Inc.*		32,160
	1,100	Journal Register Co.*		21,263
	1,300	Knight-Ridder, Inc.		87,022
	94	Lamar Advertising Co.*		4,021
	100	McClatchy Co., Class A		7,181
	1,700	New York Times Co., Class A		69,360
	300	Pixar*		25,683
	91	Salem Communications Corp., Class A*		2,270
	1,600	Univision Communications, Inc., Class A*		46,832
	700	Valassis Communications, Inc., Class A*		24,507
	400	Young Broadcasting, Inc., Class A*		4,224
				479,887
		Real Estate Development — 0.4%
	800	Forest City Enterprises, Inc., Class A		46,040
	500	Tejon Ranch Co.*		20,400
				66,440
		Real Estate Investment Trusts — 2.1%
	200	Alexander’s, Inc.*		43,000
	100	Arden Realty, Inc.		3,772
	100	Boston Properties, Inc.		6,467
	200	Camden Property Trust		10,200
	800	CenterPoint Properties Trust		38,312
	1,000	Duke Realty Corp.		34,140
	1,200	Equity Residential		43,416
	100	First Industrial Realty Trust, Inc.		4,073
	300	Gables Residential Trust		10,737
	2,900	General Growth Properties, Inc.		104,864
	100	OMEGA Healthcare Investors, Inc.		1,180
	300	Saul Centers, Inc.		11,475
	2,400	United Dominion Realty Trust, Inc.		59,520
	200	Weingarten Realty Investors		8,020
				379,176
		Restaurants, Hotels & Theaters — 0.9%
	1,000	Brinker International, Inc.*		35,070
	200	Buffalo Wild Wings, Inc.*		6,962
	1,050	Cheesecake Factory, Inc.*		34,094
	400	Gaylord Entertainment Co.*		16,612
	900	Krispy Kreme Doughnuts, Inc.*		11,340
	100	Ruby Tuesday, Inc.		2,608
	1,900	Westwood One, Inc.*		51,167
				157,853
		Retail — 6.5%
	900	99 Cents Only Stores*		14,544
	266	A.C. Moore Arts & Crafts, Inc.*		7,663
	1,200	Amazon.Com, Inc.*		53,148
	2,400	Bed Bath & Beyond, Inc.*		95,592
	1,200	Best Buy Co., Inc.		71,304
	1,300	Carmax, Inc.*		40,365
	300	Christopher & Banks Corp.		5,535
	300	Cost Plus, Inc.*		9,639
	700	Dillard’s, Inc.		18,809
	1,800	Dollar General Corp.		37,386
	1,300	Dollar Tree Stores, Inc.*		37,284
	1,800	Family Dollar Stores, Inc.		56,214
	300	Great Atlantic & Pacific Tea Co.*		3,075
	400	Group 1 Automotive, Inc.*		12,600
	400	Hibbett Sporting Goods, Inc.*		10,644
	600	Kirkland’s, Inc.*		7,374
	2,700	Kohl’s Corp.*		132,759
	4,300	Kroger Co.*		75,422
	500	May Department Stores Co.		14,700
	120	Mothers Work, Inc.*		1,634
	300	Pier 1 Imports, Inc.		5,910
	300	PriceSmart, Inc.*		2,268
	200	Ross Stores, Inc.		5,774
	1,800	Saks, Inc.		26,118
	3,900	Tiffany & Co.		124,683
	1,800	Too, Inc.*		44,028
	500	Tweeter Home Entertainment Group, Inc.*		3,425
	800	ValueVision Media, Inc., Class A*		11,128
	3,800	Wal-Mart Stores, Inc.		200,716
	300	Whitehall Jewellers, Inc.*		2,397
	500	Wilsons the Leather Experts, Inc.*		1,950
	2,200	Winn-Dixie Stores, Inc.		10,010
				1,144,098
		Soaps & Cosmetics — 0.9%
	2,700	Colgate-Palmolive Co.		138,132
	2,200	Playtex Products, Inc.*		17,578
				155,710
		Software — 5.5%
	200	ActivCard Corp.*		1,780
	700	Affiliated Computer Services, Inc., Class A*		42,133
	2,900	BEA Systems, Inc.*		25,694
	780	Citrix Systems, Inc.*		19,133
	200	Computer Programs & Systems, Inc.		4,630
	700	Digital Insight Corp.*		12,880

71

Statement of Securities Sold Short continued

Laudus Rosenberg Global Long/ Short Equity Fund

Shares			Value
		Common Stock, United States continued
		Software continued
	300	DoubleClick, Inc.*	$	2,334
	2,300	Electronic Arts, Inc.*		141,864
	2,900	Electronic Data Systems Corp.		66,990
	200	Fair Isaac Corp.		7,336
	800	Harris Interactive, Inc.*		6,320
	4,300	Identix, Inc.*		31,734
	400	International Business Machines Corp.		39,432
	3,600	Intuit, Inc.*		158,436
	300	Jack Henry & Associates, Inc.		5,973
	500	Manhattan Associates, Inc.*		11,940
	100	MAPICS, Inc.*		1,055
	1,652	Mercury Interactive Corp.*		75,249
	500	Mobius Management Systems, Inc.*		3,627
	200	Nassda Corp.*		1,380
	900	National Instruments Corp.		24,525
	300	Online Resources Corp.*		2,286
	9,000	Oracle Corp.*		123,480
	500	Packeteer, Inc.*		7,225
	500	PC-Tel, Inc.*		3,965
	800	PEC Solutions, Inc.*		11,336
	233	ProxyMed, Inc.*		2,288
	1,100	Reynolds & Reynolds Co., Class A		29,161
	2,100	Sungard Data Systems, Inc.*		59,493
	1,700	SupportSoft, Inc.*		11,322
	300	Tripos, Inc.*		1,599
	2,200	Unisys Corp.*		22,396
	1,100	VitalWorks, Inc.*		4,895
	50	WebEx Communications, Inc.*		1,189
	200	webMethods, Inc.*		1,442
				966,522
		Textiles & Apparel — 0.9%
	3,200	Cintas Corp.		140,352
	300	Columbia Sportswear Co.*		17,883
	400	OshKosh B’Gosh, Inc., Class A		8,560
				166,795
		Wholesale — 2.1%
	1,700	AmerisourceBergen Corp.		99,756
	2,500	Cardinal Health, Inc.		145,375
	200	D&K Healthcare Resources, Inc.		1,616
	500	Express Scripts, Inc.*		38,220
	400	IMPCO Technologies, Inc.*		3,020
	1,900	McKesson Corp.		59,774
	800	Priority Healthcare Corp., Class B*		17,416
	500	Stewart & Stevenson Services, Inc.		10,115
				375,292
				12,663,389
		Total Common Stock (Proceeds $15,748,397)		16,908,104
		Rights — 0.0%
		United States — 0.0%
		Retail — 0.0%
	300	PriceSmart, Inc.		112
		Total Rights (Proceeds $0)		112
		Total Securities Sold Short (Proceeds $15,748,397) — 95.3%	$	16,908,216

Percentages noted above are based on net assets of December 31, 2004.

*   Non-income producing security.

72

Laudus Trust

Laudus Rosenberg Value Long/ Short Equity Fund

Statement of Portfolio Investments as of 12/31/04 (Unaudited)

This document contains the Statement of Portfolio Investments^(a) and the Statement of Securities Sold Short as of 12/31/04. For more information about the securities, please refer to the Fund’s semiannual or annual reports.

Shares			Value
		Common Stock — 92.1%
		Agriculture, Food & Beverage — 2.6%
	100	Cagle’s, Inc., Class A*	$	1,290
	700	Diedrich Coffee, Inc.*		4,136
	17,850	Flowers Foods, Inc.		563,703
	1,800	J & J Snack Foods Corp.		88,254
	2,891	Lance, Inc.		55,016
	6,800	National Beverage Corp.		56,576
	300	Pepsi Bottling Group, Inc.		8,112
	21,900	PepsiAmericas, Inc.		465,156
	5,700	Ralcorp Holdings, Inc.		239,001
	800	Seaboard Corp.		798,400
	3,200	Seneca Foods Corp., Class B*		58,403
	3,200	Tasty Baking Co.		25,888
	900	Zapata Corp.*		53,910
				2,417,845
		Airlines — 0.3%
	400	Air Methods Corp.*		3,440
	3,900	AirNet Systems, Inc.*		13,611
	6,100	Alaska Air Group, Inc.*		204,289
	4,700	MAIR Holdings, Inc.*		43,240
				264,580
		Autos — 0.8%
	12,500	Autoliv, Inc.		603,749
	1,150	R&B, Inc.*		28,739
	2,221	Sypris Solutions, Inc.		34,004
	3,700	TRW Automotive Holdings Corp.*		76,590
				743,082
		Banks & Credit Institutions — 6.6%
	2,448	Accredited Home Lenders Holding Co.*		121,617
	18,352	Advanta Corp., Class A		415,122
	5,000	Bank of Hawaii Corp.		253,700
	5,700	Berkshire Bancorp, Inc.		116,850
	1,000	Berkshire Hills Bancorp, Inc.		37,150
	200	Britton & Koontz Capital Corp.		3,666
	200	Central Bancorp, Inc.		5,701
	200	Centrue Financial Corp.		5,642
	13,000	Colonial BancGroup, Inc.		275,990
	7,600	Commercial Federal Corp.		225,796
	100	Cowlitz Bancorp*		1,114
	22,700	Doral Financial Corp.		1,117,974
	500	Fidelity Southern Corp.		9,500
	200	First Bancshares, Inc.		4,100
	500	First Citizens BancShares, Inc., Class A		74,125
	8,400	Flagstar Bancorp, Inc.		189,840
	100	Greater Atlantic Financial Corp.*		625
	750	Horizon Bancorp		20,025
	19,849	Independence Community Bank Corp.		845,169
	2,300	Intervest Bancshares Corp.*		45,400
	2,187	ITLA Capital Corp.*		128,574
	100	Lincoln Bancorp		1,929
	1,365	LSB Financial Corp.		35,824
	2,200	NetBank, Inc.		22,902
	3,000	North Central Bancshares, Inc.		124,350
	1,000	Northrim BanCorp, Inc.		23,500
	400	Northway Financial, Inc.		13,480
	12,600	Ocwen Financial Corp.*		120,456
	400	Pacific Mercantile Bancorp*		6,992
	100	Pinnacle Bancshares, Inc.		1,560
	6,438	Provident Bankshares Corp.		234,150
	3,800	PSB Bancorp, Inc.		53,466
	12,600	R & G Financial Corp., Class B		489,888
	16,294	Republic Bancorp, Inc.		248,977
	300	Tower Financial Corp.*		4,466
	1,559	Unity Bancorp, Inc.		19,955
	8,466	W Holding Co., Inc.		194,210
	4,392	Wainwright Bank & Trust Co.		54,241
	1,350	Washington Savings Bank, F.S.B		21,533
	8,900	Westcorp		408,777
	5,000	WFS Financial, Inc.*		253,900
				6,232,236
		Basic Minerals & Metals — 1.4%
	100	L.B. Foster Co., Class A*		961
	15,800	Maverick Tube Corp.*		478,740
	200	NS Group, Inc.*		5,560
	4,300	Olympic Steel, Inc.*		113,993
	400	Reliance Steel & Aluminum Co.		15,584
	13,800	Ryerson Tull, Inc.		217,350
	10,800	Steel Dynamics, Inc.		409,104
	600	Steel Technologies, Inc.		16,506
				1,257,798
		Beer, Liquor & Tobacco — 0.5%
	5,100	Adolph Coors Co., Class B		385,917
	2,600	Todhunter International, Inc.*		34,268
				420,185
		Biotechnology — 0.0%
	4,400	Harvard Bioscience, Inc.*		20,372
		Cellular & Wireless — 1.1%
	12,800	Telephone & Data Systems, Inc.		984,960
		Chemicals & Rubber — 1.7%
	6,000	A. Schulman, Inc.		128,460
	500	American Pacific Corp.*		4,255

73

Statement of Portfolio Investments continued

Laudus Rosenberg Value Long/ Short Equity Fund

Shares			Value
		Common Stock, Chemicals & Rubber continued
	4,800	Arch Chemicals, Inc.	$	138,144
	2,900	Bairnco Corp.		32,335
	1,900	Great Lakes Chemical Corp.		54,131
	100	LESCO, Inc.*		1,289
	21,300	Sherwin-Williams Co.		950,619
	29,500	Terra Industries, Inc.*		261,960
				1,571,193
		Commercial Aircraft & Components — 0.0%
	400	Curtiss-Wright Corp.		22,964
		Communications Utilities — 0.8%
	2,900	Atlantic Tele-Network, Inc.		94,250
	1,300	Audible, Inc.*		33,865
	100	D&E Communications, Inc.		1,205
	48,600	EarthLink, Inc.*		559,872
	2,100	Hector Communications Corp.		45,885
	200	Playboy Enterprises, Inc., Class A*		2,326
				737,403
		Construction & Homebuilding — 2.8%
	900	D.R. Horton, Inc.		36,279
	1,100	Insituform Technologies, Inc., Class A*		24,937
	5,520	M.D.C. Holdings, Inc.		477,149
	200	Orleans Homebuilders, Inc.*		3,970
	16,300	Pulte Homes, Inc.		1,039,940
	15,400	Ryland Group, Inc.		886,116
	100	Sterling Construction Co., Inc.*		519
	6,300	Willbros Group, Inc.*		145,215
				2,614,125
		Construction Materials — 0.0%
	800	Continental Materials Corp.*		21,700
	700	U.S. Concrete, Inc.*		5,369
				27,069
		Consumer Durables — 1.4%
	11,700	Brunswick Corp.		579,150
	1,100	Coachmen Industries, Inc.		19,096
	5,400	Harman International Industries, Inc.		685,800
				1,284,046
		Drugs & Pharmaceuticals — 2.1%
	18,900	Alpharma, Inc., Class A		320,355
	2,800	BioSource International, Inc.*		19,320
	3,300	Bone Care International, Inc.*		91,905
	12,167	Dade Behring Holdings, Inc.*		681,352
	3,300	E-Z-EM, Inc.		48,180
	9,900	First Horizon Pharmaceutical Corp.*		226,611
	1,000	Genencor International, Inc.*		16,400
	800	Lifecore Biomedical, Inc.*		9,008
	13,500	Nature’s Sunshine Products, Inc.		274,860
	9,356	Serologicals Corp.*		206,955
	11,400	Theragenics Corp.*		46,284
	100	United-Guardian, Inc.		835
	7,300	Weider Nutrition International, Inc.*		31,755
				1,973,820
		Electric Utilities — 1.5%
	8,400	Alliant Energy Corp.		240,240
	19,800	Central Vermont Public Service Corp.		460,548
	1,600	Green Mountain Power Corp.		46,128
	1,600	Maine & Maritimes Corp.		42,160
	3,100	Pinnacle West Capital Corp.		137,671
	1,000	Unitil Corp.		28,300
	17,900	Westar Energy, Inc.		409,373
				1,364,420
		Financial Investments — 1.6%
	34,675	Aaron Rents, Inc.		866,874
	2,500	American Capital Strategies Ltd.		83,375
	3,197	California First National Bancorp		40,490
	1,500	Electro Rent Corp.		21,345
	3,569	ePlus, Inc.*		42,150
	12,450	MCG Capital Corp.		213,269
	7,200	Rent-Way, Inc.*		57,672
	4,700	Universal Compression Holdings, Inc.*		164,077
	3,400	Willis Lease Finance Corp.*		26,520
				1,515,772
		Forest Products & Paper — 1.7%
	600	Chesapeake Corp.		16,296
	1,800	CSS Industries, Inc.		57,168
	2,900	DSG International Ltd.*		14,065
	33,800	Louisiana-Pacific Corp.		903,812
	100	Rock-Tenn Co., Class A		1,516
	4,100	Schweitzer-Mauduit International, Inc.		139,195
	1,700	Temple-Inland, Inc.		116,280
	6,588	Universal Forest Products, Inc.		285,919
				1,534,251
		Furniture & Household Items — 3.5%
	24,700	Acuity Brands, Inc.		785,460
	800	American Biltrite, Inc.*		9,120
	1,800	American Locker Group, Inc.*		26,548
	4,000	Bassett Furniture Industries, Inc.		78,500
	7,000	Central Garden & Pet Co.*		292,180
	3,500	Channell Commercial Corp.*		29,190
	1,600	Chase Corp.		25,440
	4,100	Communications Systems, Inc.		49,241
	16,280	Griffon Corp.*		439,560
	1,800	JAKKS Pacific, Inc.*		39,798
	14,600	K2, Inc.*		231,848
	19,397	Kimball International, Inc., Class B		287,270
	6,800	Kinetic Concepts, Inc.*		518,840

74

Statement of Portfolio Investments continued

Laudus Rosenberg Value Long/ Short Equity Fund

Shares			Value
		Common Stock, Furniture & Household Items continued
	20,600	Movado Group, Inc.	$	384,190
	2,100	Tredegar Corp.		42,441
				3,239,626
		Gas & Other Public Utilities — 1.3%
	100	Casella Waste Systems, Inc., Class A*		1,464
	4,098	Duratek, Inc.*		102,081
	41,700	NiSource, Inc.		949,926
	3,900	SJW Corp.		141,960
				1,195,431
		Government Aircraft & Defense — 0.5%
	7,700	Armor Holdings, Inc.*		362,054
	2,600	Lowrance Electronics, Inc.		81,897
				443,951
		Health Care & Hospital — 2.8%
	1,000	Allied Healthcare International, Inc.*		5,500
	23,900	Humana, Inc.*		709,591
	10,500	Kindred Healthcare, Inc.*		314,475
	3,000	MedCath Corp.*		73,920
	5,700	National Home Health Care Corp.		74,670
	13,400	PacifiCare Health Systems, Inc.*		757,368
	500	Pediatric Services of America, Inc.*		6,380
	4,100	RehabCare Group, Inc.*		114,759
	15,800	Triad Hospitals, Inc.*		587,918
				2,644,581
		Information & Services — 6.6%
	2,100	Ablest, Inc.*		15,519
	500	Almost Family, Inc.*		7,225
	5,600	American Retirement Corp.*		66,024
	6,500	Capital Senior Living Corp.*		36,790
	900	Carriage Services, Inc.*		4,446
	440	Cass Information Systems, Inc.		15,378
	300	Century Business Services, Inc.*		1,308
	1,200	CheckFree Corp.*		45,696
	5,400	Cornell Cos., Inc.*		81,972
	10,400	Discovery Partners International*		49,400
	2,200	Ecology & Environment, Inc.		17,182
	9,200	Exponent, Inc.*		252,908
	35	Forrester Research, Inc.*		628
	9,750	Healthcare Services Group, Inc.		203,190
	2,300	Heidrick & Struggles International, Inc.*		78,821
	3,000	Horizon Health Corp.*		83,640
	5,100	Kendle International, Inc.*		44,880
	2,000	Korn/ Ferry International*		41,500
	14,700	Laureate Education, Inc.*		648,123
	14,000	Layne Christensen Co.*		254,100
	2,800	MAXIMUS, Inc.*		87,136
	9,200	Metal Management, Inc.		247,204
	800	Michael Baker Corp.*		15,680
	8,850	Monro Muffler Brake, Inc.*		223,905
	31,100	MPS Group, Inc.*		381,286
	1,200	National Technical Systems, Inc.*		6,012
	3,000	Navigant International, Inc.*		36,510
	10,044	NCO Group, Inc.*		259,637
	5,100	Opinion Research Corp.*		34,119
	41,500	PAREXEL International Corp.*		842,450
	15,800	Pharmaceutical Product Development, Inc.*		652,382
	6,800	Pre-Paid Legal Services, Inc.		255,340
	400	RCM Technologies, Inc.*		2,012
	200	Schnitzer Steel Industries, Inc., Class A		6,786
	4,900	Stewart Enterprises, Inc., Class A*		34,251
	11,200	TeleTech Holdings, Inc.*		108,528
	18,900	The Brink’s Co.		746,928
	1,700	Vertrue, Inc.*		64,209
	9,500	Volt Information Sciences, Inc.*		279,205
				6,232,310
		Instruments — 4.9%
	0	AngioDynamics, Inc. (b)*		1
	7,000	Badger Meter, Inc.		209,650
	8,500	Bausch & Lomb, Inc.		547,910
	100	Bio-Logic Systems Corp.*		910
	900	Bruker BioSciences Corp.*		3,627
	9,900	Checkpoint Systems, Inc.*		178,695
	16,300	Datascope Corp.		646,947
	18,500	Edwards Lifesciences Corp.*		763,310
	8,200	Esterline Technologies Corp.*		267,730
	6,500	Invacare Corp.		300,690
	2,300	K-Tron International, Inc.*		61,192
	1,840	Kewaunee Scientific Corp.		16,744
	400	LeCroy Corp.*		9,336
	100	Mesa Laboratories, Inc.		1,276
	20,400	Mine Safety Appliances Co.		1,034,279
	3,390	Molecular Devices Corp.*		68,139
	3,000	Ocular Sciences, Inc.*		147,030
	592	Raven Industries, Inc.		12,616
	200	Respironics, Inc.*		10,872
	8,100	Sola International, Inc.*		223,074
	1,800	Span-America Medical Systems, Inc.		22,464
	500	Vicon Industries, Inc.*		2,350
				4,528,842
		Insurance — 4.3%
	200	American National Insurance Co.		20,832
	4,900	American Safety Insurance Holdings Ltd.*		80,066
	2,700	AmerUs Group Co.		122,310
	18,200	Aon Corp.		434,252
	11,600	Crawford & Co., Class B		87,000
	1,400	Delphi Financial Group, Inc., Class A		64,610
	9,500	Everest Re Group Ltd.		850,820
	30,260	Fidelity National Financial, Inc.		1,381,974

75

Statement of Portfolio Investments continued

Laudus Rosenberg Value Long/ Short Equity Fund

Shares			Value
		Common Stock, Insurance continued
	10,400	FPIC Insurance Group, Inc.*	$	367,952
	11,100	Horace Mann Educators Corp.		211,788
	700	National Western Life Insurance Co., Class A*		116,627
	10,500	Old Republic International Corp.		265,650
	400	Selective Insurance Group, Inc.		17,696
				4,021,577
		IT Hardware — 3.6%
	400	Avocent Corp.*		16,208
	7,700	Cobra Electronics Corp.*		62,447
	400	Cree, Inc.*		16,032
	16,300	Crown Castle International Corp.*		271,232
	12,750	Diodes, Inc.*		288,533
	2,700	DuPont Photomasks, Inc.*		71,307
	1,500	EMS Technologies, Inc.*		24,930
	600	Espey Manufacturing & Electronics Corp.		15,720
	200	Globecomm Systems, Inc.*		1,272
	17,100	Harris Corp.		1,056,608
	2,400	inTEST Corp.*		10,560
	25,100	Marvell Technology Group Ltd.*		890,297
	800	Merrimac Industries, Inc.*		7,212
	2,100	Microsemi Corp.*		36,456
	4,300	Peak International Ltd.*		17,604
	8,300	Photronics, Inc.*		136,950
	8,600	Plantronics, Inc.		356,642
	100	SMTEK International, Inc.*		1,410
	25	Spectrum Control, Inc.*		182
	1,300	Stoneridge, Inc.*		19,669
	300	Symmetricom, Inc.*		2,913
	1,600	Trans-Lux Corp.		11,984
	4,200	Video Display Corp.		53,550
	200	Virage Logic Corp.*		3,714
				3,373,432
		Land & Water Transportation — 5.1%
	19,000	Alexander & Baldwin, Inc.		805,980
	3,800	Celadon Group, Inc.*		84,550
	12,300	EGL, Inc.*		367,647
	21,000	General Maritime Corp.		838,950
	19,575	Marten Transport Ltd.*		444,940
	6,500	Overseas Shipholding Group, Inc.		358,800
	12,000	Ryder Systems, Inc.		573,240
	20,200	Teekay Shipping Corp.		850,622
	800	Total Logistics, Inc.*		21,567
	8,496	U.S. Xpress Enterprises, Inc., Class A*		248,933
	6,400	USA Truck, Inc.*		108,800
				4,704,029
		Metal Products & Machinery — 1.5%
	300	Bonso Electronics International, Inc.		1,587
	500	Evans & Sutherland Computer Corp.*		3,485
	100	Federal Screw Works		3,315
	200	Gehl Co.*		4,670
	5,200	Gerber Scientific, Inc.*		39,572
	600	Hardinge, Inc.		8,100
	1,600	International Aluminum Corp.		54,160
	1,300	Kennametal, Inc.		64,701
	7,200	Lennox International, Inc.		146,520
	12,100	MagneTek, Inc.*		83,490
	700	P & F Industries, Inc.*		10,660
	200	Penn Engineering & Manufacturing Corp., Class A		3,000
	1,098	Powell Industries, Inc.*		20,302
	2,125	Q.E.P. Co., Inc.*		31,726
	6,300	Regal-Beloit Corp.		180,180
	4,500	Robbins & Myers, Inc.		107,235
	1,400	Standard Motor Products, Inc.		22,120
	5,600	Standex International Corp.		159,544
	209	Tecumseh Products Co., Class B		9,513
	11,200	Timken Co.		291,424
	1,600	Toro Co.		130,160
	200	Twin Disc, Inc.		5,110
				1,380,574
		Miscellaneous Finance — 1.4%
	15,300	A.G. Edwards, Inc.		661,113
	5,000	Affiliated Managers Group, Inc.*		338,700
	300	Raymond James Financial, Inc.		9,294
	7,866	Stifel Financial Corp.*		164,793
	1,500	T. Rowe Price Group, Inc.		93,300
				1,267,200
		Oil & Coal Resources — 2.1%
	5,500	Brigham Exploration Co.*		49,500
	6,500	Carrizo Oil & Gas, Inc.*		73,450
	29,300	Chesapeake Energy Corp.		483,450
	6,200	Denbury Resources, Inc.*		170,190
	5,900	Energy Partners Ltd.*		119,593
	11,800	Magnum Hunter Resources, Inc.*		152,220
	9,899	Resource America, Inc., Class A		321,718
	12,500	Ultra Petroleum Corp.*		601,625
				1,971,746
		Oil Distribution — 0.9%
	1,600	Ashland, Inc.		93,408
	9,300	Sunoco, Inc.		759,903
				853,311
		Oil Drilling & Services — 1.6%
	1,700	Dawson Geophysical Co.*		37,145
	17,000	Grant Prideco, Inc.*		340,850
	554	Gulf Island Fabrication, Inc.		12,094
	1,400	Lufkin Industries, Inc.		55,871
	600	NATCO Group, Inc., Class A*		5,280
	4,600	Newpark Resources, Inc.*		23,690
	9,900	Oceaneering International, Inc.*		369,468
	200	Oil States International, Inc.*		3,858
	8,800	Tidewater, Inc.		313,368

76

Statement of Portfolio Investments continued

Laudus Rosenberg Value Long/ Short Equity Fund

Shares			Value
		Common Stock, Oil Drilling & Services continued
	2,800	Todco, Class A*	$	51,576
	2,100	Varco International, Inc.*		61,215
	9,800	W-H Energy Services, Inc.*		219,128
				1,493,543
		Photooptical, Micros & Office Machinery — 0.5%
	3,300	PAR Technology Corp.*		37,356
	300	Presstek, Inc.*		2,904
	10,400	Printronix, Inc.*		186,264
	5,042	RadiSys Corp.*		98,571
	400	SafeNet, Inc.*		14,696
	4,100	Storage Technology Corp.*		129,601
				469,392
		Publishing, Broadcasting & Cinema — 2.0%
	22,300	American Greetings Corp., Class A		565,305
	1,100	Cadmus Communications Corp.		14,080
	6,400	Media General, Inc., Class A		414,784
	5,200	Outlook Group Corp.		41,132
	9,100	Regent Communications, Inc.*		48,230
	2,600	Thomas Nelson, Inc.		58,760
	1,700	World Wrestling Entertainment, Inc.		20,621
	17,300	XM Satellite Radio Holdings, Inc., Class A*		650,826
				1,813,738
		Real Estate Development — 0.4%
	800	AMREP Corp.		18,400
	2,555	Avatar Holdings, Inc.*		122,896
	700	Bluegreen Corp.*		13,881
	1,500	ILX Resorts, Inc.		15,285
	2,700	J.W. Mays, Inc.*		38,570
	4,100	Patriot Transportation Holding, Inc.*		184,454
	200	Tarragon Corp.*		3,570
				397,056
		Real Estate Investment Trusts — 4.9%
	1,600	Bedford Property Investors, Inc.		45,456
	6,900	Boykin Lodging Co.*		63,204
	13,200	Brandywine Realty Trust		387,948
	2,200	Capital Automotive REIT		78,155
	4,400	Correctional Properties Trust		127,072
	6,800	CRT Properties, Inc.		162,248
	23,300	Friedman, Billings, Ramsey Group, Inc., Class A		451,787
	52,200	HRPT Properties Trust		669,726
	20,500	iStar Financial, Inc.		927,830
	1,800	Kramont Realty Trust		42,120
	5,600	LTC Properties, Inc.		111,496
	500	Mission West Properties, Inc.		5,320
	200	National Health Realty, Inc.		4,002
	99	Newcastle Investment Corp.		3,146
	2,300	Parkway Properties, Inc.		116,725
	4,100	PS Business Parks, Inc.		184,910
	7,900	SL Green Realty Corp.		478,345
	28,700	Trizec Properties, Inc.		543,004
	1,602	Urstadt Biddle Properties, Class A		27,314
	7,500	Winston Hotels, Inc.		88,575
				4,518,383
		Restaurants, Hotels & Theaters — 2.7%
	800	Aztar Corp.*		27,936
	9,300	CBRL Group, Inc.		389,205
	5,400	Dave & Buster’s, Inc.*		109,080
	5,000	Famous Dave’s of America, Inc.*		63,555
	4,900	Frisch’s Restaurants, Inc.		116,767
	8,400	Interstate Hotels & Resorts, Inc.*		45,024
	400	J. Alexander’s Corp.*		2,960
	1,900	Jack in the Box, Inc.*		70,053
	9,400	Landry’s Restaurants, Inc.		273,164
	6,100	Lone Star Steakhouse & Saloon, Inc.		170,800
	2,900	Luby’s, Inc.*		21,750
	9,900	Marcus Corp.		248,886
	800	Max & Erma’s Restaurants, Inc.*		10,360
	100	Nathan’s Famous, Inc.*		771
	1,363	Ryan’s Restaurant Group, Inc.*		21,017
	100	Sands Regent*		1,300
	100	Sonesta International Hotels Corp., Class A*		656
	13,800	Station Casinos, Inc.		754,584
	22,900	WestCoast Hospitality Corp.*		139,690
				2,467,558
		Retail — 6.0%
	1,600	Aeropostale, Inc.*		47,088
	5,100	American Eagle Outfitters, Inc.		240,210
	2,300	Blair Corp.		82,018
	24,300	Borders Group, Inc.		617,220
	30,900	Charming Shoppes, Inc.*		289,533
	200	Claire’s Stores, Inc.		4,250
	206	Dress Barn, Inc.*		3,626
	700	EZCORP, Inc., Class A*		10,787
	4,800	Finish Line, Inc., Class A		87,840
	100	Foodarama Supermarkets, Inc.*		3,975
	12,200	GameStop Corp., Class A*		272,792
	200	Gottschalks, Inc.*		1,778
	9,400	Guess?, Inc.*		117,970
	16,800	Insight Enterprises, Inc.*		344,736
	10,400	Longs Drug Stores Corp.		286,728
	3,300	Neiman Marcus Group, Inc., Class A		236,082
	38,300	Office Depot, Inc.*		664,888
	100	PC Mall, Inc.*		2,238
	200	RadioShack Corp.		6,576
	200	Retail Ventures, Inc.*		1,420
	1,700	REX Stores Corp.*		25,823
	100	S&K Famous Brands, Inc.*		1,631
	2,000	Shoe Carnival, Inc.*		26,000
	1,000	ShopKo Stores, Inc.*		18,680

77

Statement of Portfolio Investments continued

Laudus Rosenberg Value Long/ Short Equity Fund

Shares			Value
		Common Stock, Retail continued
	4,000	Sport Chalet, Inc.*	$	55,840
	4,600	Stage Store, Inc.		190,992
	4,000	SUPERVALU, Inc.		138,080
	200	Systemax, Inc.*		1,468
	300	The Bon-Ton Stores, Inc.		4,725
	900	The Men’s Wearhouse, Inc.*		28,764
	33,400	Toys “R” Us, Inc.*		683,698
	5,500	Trans World Entertainment Corp.*		68,585
	100	Urban Outfitters, Inc.*		4,440
	1,500	Village Super Market, Inc., Class A		56,895
	1,300	Weis Markets, Inc.		50,141
	28,400	Zale Corp.*		848,308
				5,525,825
		Soaps & Cosmetics — 0.1%
	2,900	Estee Lauder Cos., Inc., Class A		132,733
	100	Parlux Fragrances, Inc.*		2,248
				134,981
		Software — 3.9%
	26,423	Activision, Inc.*		533,216
	300	Acxiom Corp.		7,890
	3,300	American Software, Inc., Class A		19,899
	400	Ansoft Corp.*		8,080
	2,228	Applix, Inc.*		11,363
	7,800	Autodesk, Inc.		296,010
	8,600	Borland Software Corp.*		100,448
	3,400	Cerner Corp.*		180,778
	10,300	CIBER, Inc.*		99,292
	2,900	Cognizant Technology Solutions Corp., Class A*		122,757
	2,900	Edgewater Technology, Inc.*		14,210
	700	First American Corp.		24,598
	400	infoUSA, Inc.*		4,476
	4,100	Internet Security Systems, Inc.*		95,325
	4,610	Keynote Systems, Inc.*		64,171
	500	Moldflow Corp.*		7,950
	3,339	NetManage, Inc.*		21,537
	7,900	NetScout Systems, Inc.*		55,142
	900	NWH, Inc.		12,572
	29,269	Parametric Technology Corp.*		172,394
	7,500	Pegasus Solutions, Inc.*		94,500
	10,600	Perot Systems Corp., Class A*		169,918
	100	Phoenix Technologies Ltd.*		826
	7,000	PLATO Learning, Inc.*		52,150
	100	Progress Software Corp.*		2,335
	300	RSA Security, Inc.*		6,018
	2,500	S1 Corp.*		22,650
	4,600	SeaChange International, Inc.*		80,224
	7,900	Source Interlink Cos., Inc.*		104,912
	4	SPSS, Inc.*		63
	1,350	Superior Consultant Holdings Corp.*		11,394
	6,035	Sykes Enterprises, Inc.*		41,943
	300	TechTeam Global, Inc.*		3,051
	1,100	Tier Technologies, Inc., Class B*		10,175
	3,600	Tripos, Inc.*		19,188
	3,200	TSR, Inc.		27,168
	10,500	Tyler Technologies, Inc.*		87,780
	200	Ulticom, Inc*		3,206
	25,527	VeriSign, Inc.		855,665
	9,642	Witness Systems, Inc.*		168,349
				3,613,623
		Textiles & Apparel — 2.7%
	5,128	Ashworth, Inc.*		55,844
	3,500	Coach, Inc.*		197,400
	3,000	Culp, Inc.*		20,340
	98	Haggar Corp.		2,301
	600	Hallwood Group, Inc.*		63,900
	1,000	Jones Apparel Group, Inc.		36,570
	42,500	Phillips-Van Heusen Corp.		1,147,500
	6,700	Saucony, Inc., Class A		186,595
	5,500	Stride Rite Corp.		61,435
	4,600	Tandy Brands Accessories, Inc.		68,172
	4,900	Timberland Co., Class A*		307,083
	35,700	Tommy Hilfiger Corp.*		402,696
				2,549,836
		Wholesale — 1.9%
	19,300	Airgas, Inc.		511,643
	27,600	Arrow Electronics, Inc.*		670,680
	7,000	Delta Apparel, Inc.		169,750
	5,300	Department 56, Inc.*		88,245
	100	GTSI Corp.*		1,051
	500	Handleman Co.		10,740
	1,100	Hughes Supply, Inc.		35,585
	3,900	Insurance Auto Auctions, Inc.*		87,438
	1,000	Navarre Corp.*		17,600
	200	Noland Co.		9,200
	600	Nu Horizons Electronics Corp.*		4,788
	3,500	Spartan Stores, Inc.*		23,275
	2,900	Ventiv Health, Inc.*		58,928
	1,400	Watsco, Inc., Class B		49,140
				1,738,063
		Total Common Stock (Cost $57,954,727)		85,564,729

78

Statement of Portfolio Investments continued

Laudus Rosenberg Value Long/ Short Equity Fund

Principal			Value
		Common Stock, Wholesale continued
		Corporate Bonds — 0.0%
		Wholesale — 0.0%
$	872	Timco Aviation Services, Inc., 8.00%, 1/2/07 (c)	$	0
		Total Corporate Bonds (Cost $0)		0
		Repurchase Agreement — 7.6%
	7,015,903	Bear Stearns dated 12/31/04, due 1/3/05 at 1.50% with a maturity value of $7,016,780 (Fully collateralized by a U.S. Treasury Note)		7,015,903
		Total Repurchase Agreement (Cost $7,015,903)		7,015,903
		Total Investments (Cost $64,970,630) (d) — 99.7%	$	92,580,632

Percentages noted above are based on net assets as of December 31, 2004.

*	Non-income producing security.
(a)	All long positions are pledged as collateral for securities sold short.

(b)   Less than 1 share.

(c)   Bankrupt security/delisted; fair valued by management.

(d)   Represents cost for federal reporting purposes, is substantially the same as federal income tax purposes, and differs from value by net unrealized appreciation of securities as follows:

Unrealized appreciation	$	28,019,762
Unrealized depreciation		(409,760	)
Net unrealized appreciation	$	27,610,002

79

Laudus Trust

Laudus Rosenberg Value Long/ Short Equity Fund

Statement of Securities Sold Short as of 12/31/04 (Unaudited)

Shares			Value
		Common Stock — 91.4%
		Agriculture, Food & Beverage — 2.1%
	1,600	Bridgford Foods Corp.	$	14,400
	289	Coca-Cola Bottling Co.		16,490
	300	Coca-Cola Enterprises, Inc.		6,255
	45,900	Del Monte Foods Co.*		505,818
	10,300	Delta & Pine Land Co.		280,984
	19,200	Monterey Pasta Co.*		64,896
	29,500	Tootsie Roll Industries, Inc.		1,021,585
				1,910,428
		Airlines — 1.6%
	32,700	AirTran Holdings, Inc.*		349,890
	10,880	Frontier Airlines, Inc.*		124,141
	30,800	JetBlue Airways Corp.*		715,176
	31,300	Northwest Airlines Corp.*		342,109
				1,531,316
		Autos — 1.2%
	8,000	American Axle & Manufacturing Holdings, Inc.		245,280
	13,300	Collins & Aikman Corp.*		57,988
	2,900	Dana Corp.		50,257
	9,500	Delphi Corp.		85,690
	18,245	Gentex Corp.		675,430
	900	Quantum Fuel Systems Technologies Worldwide, Inc.*		5,418
				1,120,063
		Banks & Credit Institutions — 6.7%
	24,100	AmeriCredit Corp.*		589,245
	15,300	Astoria Financial Corp.		611,541
	8,300	Capitol Federal Financial		298,800
	10,300	Downey Financial Corp.		587,100
	42,200	E*TRADE Financial Corp.*		630,890
	600	Education Lending Group, Inc.*		9,306
	5,080	Hudson City Bancorp, Inc.		187,046
	16,400	Hudson United Bancorp		645,832
	45,800	New York Community Bancorp, Inc.		942,106
	19,668	Sovereign Bancorp, Inc.		443,513
	1,700	Student Loan Corp.		312,800
	100	The Banc Corp.*		824
	28,770	Valley National Bancorp		795,491
	2,400	Westamerica Bancorp		139,944
				6,194,438
		Basic Minerals & Metals — 1.4%
	11,200	American Superconductor Corp.*		166,768
	18,400	Apex Silver Mines Ltd.*		316,112
	15,200	Freeport-McMoRan Copper & Gold, Inc., Class B		581,096
	38,200	Hecla Mining Co.*		222,706
	2,100	Meridian Gold, Inc.*		39,837
				1,326,519
		Beer, Liquor & Tobacco — 0.4%
	15,400	DIMON, Inc.		103,488
	2,900	Standard Commercial Corp.		56,434
	2,100	Universal Corp.		100,464
	8,861	Vector Group Ltd.		147,358
				407,744
		Biotechnology — 2.7%
	19,800	Alexion Pharmaceuticals, Inc.*		498,960
	200	Applera Corp. — Celera Genomics Group*		2,750
	11,500	ARIAD Pharmaceuticals, Inc.*		85,445
	18,707	Avigen, Inc.*		60,985
	400	BioCryst Pharmaceuticals, Inc.*		2,312
	17,200	Cell Genesys, Inc.*		139,320
	2,393	CYTOGEN Corp.*		27,567
	57,700	Human Genome Sciences, Inc.*		693,554
	4,300	ICOS Corp.*		121,604
	7,300	Kosan Biosciences, Inc.*		50,589
	13,700	Lexicon Genetics, Inc.*		106,244
	16,300	Myriad Genetics, Inc.*		366,913
	3,100	Neurocrine Biosciences, Inc.*		152,830
	1,300	Novavax, Inc.*		4,225
	2,300	Onyx Pharmaceuticals, Inc.*		74,497
	12,700	Seattle Genetics, Inc.*		82,931
	100	Telik, Inc.*		1,914
				2,472,640
		Chemicals & Rubber — 0.5%
	9,100	BioSphere Medical, Inc.*		35,399
	7,060	North American Scientific, Inc.*		38,053
	3,400	Valspar Corp.		170,034
	6,800	WD-40 Co.		193,188
				436,674
		Communications Utilities — 1.3%
	33,633	Cablevision Systems Corp.*		837,462
	171	HickoryTech Corp.		1,828
	26,200	Level 3 Communications, Inc.*		88,818
	12,900	Net2Phone, Inc.*		43,860
	17,100	Time Warner Telecom, Inc., Class A*		74,556
	14,100	UnitedGlobalCom, Inc., Class A*		136,206
				1,182,730
		Construction & Homebuilding — 0.6%
	5,700	EMCOR Group, Inc.*		257,526
	7,500	MasTec, Inc.*		75,825
	600	Modtech Holdings, Inc.*		4,722
	29,200	Quanta Services, Inc.*		233,600
				571,673
		Construction Materials — 0.1%
	7,600	Nanophase Technologies Corp.*		67,435

80

Statement of Securities Sold Short continued

Laudus Rosenberg Value Long/ Short Equity Fund

Shares			Value
		Common Stock continued
		Consumer Durables — 0.9%
	28,600	Maytag Corp.	$	603,460
	2,800	Whirlpool Corp.		193,788
				797,248
		Drugs & Pharmaceuticals — 7.0%
	7,200	Able Laboratories, Inc.*		163,800
	23,400	Adolor Corp.*		232,128
	34,900	Alkermes, Inc.*		491,741
	23,112	Amylin Pharmaceuticals, Inc.*		539,896
	3,700	AtheroGenics, Inc.*		87,172
	600	Cellegy Pharmaceuticals, Inc.*		1,721
	5,800	Cubist Pharmaceuticals, Inc.*		68,614
	17,300	CuraGen Corp.*		123,868
	37,100	CV Therapeutics, Inc.*		853,301
	2,900	Dendreon Corp.*		31,262
	100	DepoMed, Inc.*		540
	8,200	Discovery Laboratories, Inc.*		65,026
	4,000	DOV Pharmaceutical, Inc.*		72,200
	8,300	Emisphere Technologies, Inc.*		33,615
	9,277	Enzo Biochem, Inc.*		180,623
	6,800	Epix Pharmaceuticals, Inc.*		121,788
	2,484	Guilford Pharmaceuticals, Inc.*		12,296
	1,800	Immunomedics, Inc.*		5,472
	15,500	Indevus Pharmaceuticals, Inc.*		92,380
	16,700	Inspire Pharmaceuticals, Inc.*		280,059
	68,000	Isis Pharmaceuticals, Inc.*		401,200
	7,400	Kos Pharmaceuticals, Inc.*		278,536
	6,600	Medicis Pharmaceutical Corp., Class A		231,726
	9,100	Neose Technologies, Inc.*		61,152
	38,100	NPS Pharmaceuticals, Inc.*		696,468
	10,200	Pain Therapeutics, Inc.*		73,542
	13,735	Penwest Pharmaceuticals Co.*		164,271
	2,300	Pharmacyclics, Inc.*		24,081
	2,200	Protein Design Labs, Inc.*		45,452
	2,400	Santarus, Inc.*		21,744
	300	SciClone Pharmaceuticals, Inc.*		1,110
	5	Tanox, Inc.*		76
	21,800	Transkaryotic Therapies, Inc.*		553,502
	32,300	Vertex Pharmaceuticals, Inc.*		341,411
	7,009	ZymoGenetics, Inc.*		161,207
				6,512,980
		Electric Utilities — 3.2%
	9,700	Allegheny Energy, Inc.*		191,187
	63,500	CenterPoint Energy, Inc.		717,550
	40,400	DPL, Inc.		1,014,444
	600	DTE Energy Co.		25,878
	2,000	Otter Tail Corp.		51,060
	200	Puget Energy, Inc.		4,940
	11,600	Sierra Pacific Resources*		121,800
	55,900	TECO Energy, Inc.		857,506
				2,984,365
		Financial Investments — 1.9%
	5,000	CapitalSource, Inc.*		128,350
	2,500	InterDigital Communications Corp.*		55,250
	39,027	Macrovision Corp.*		1,003,775
	1,200	Marlin Business Services, Inc.*		22,800
	25,400	Marvel Enterprises, Inc.*		520,192
	900	Royal Gold, Inc.		16,416
	300	SRS Labs, Inc.*		1,875
				1,748,658
		Forest Products & Paper — 2.1%
	2,800	Avery Dennison Corp.		167,916
	10,200	Bowater, Inc.		448,494
	27,200	Graphic Packaging Corp.*		195,840
	27,800	Plum Creek Timber Co.		1,068,632
	1,900	Sealed Air Corp.*		101,213
				1,982,095
		Furniture & Household Items — 2.6%
	400	Global-Tech Appliances, Inc.*		3,572
	24,168	Herman Miller, Inc.		667,762
	23,700	Leapfrog Enterprises, Inc.*		322,320
	2,100	Libbey, Inc.		46,641
	46,100	Mattel, Inc.		898,489
	400	Research Frontiers, Inc.*		2,552
	4,300	Rogers Corp.*		185,330
	3,200	Russ Berrie & Co., Inc.		73,088
	200	Select Comfort Corp.*		3,588
	7,700	Tempur-Pedic International, Inc.*		163,240
	3,300	Virco Manufacturing Corp.*		24,783
				2,391,365
		Gas & Other Public Utilities — 1.5%
	400	Aqua America, Inc.		9,836
	107,500	El Paso Corp.		1,118,000
	600	Kinder Morgan, Inc.		43,878
	5,500	Stericycle, Inc.*		252,725
				1,424,439
		Government Aircraft & Defense — 0.9%
	8,000	Alliant Techsystems, Inc.*		523,039
	3,414	Garmin Ltd.		207,708
	1,200	Kaman Corp., Class A		15,180
	1,742	KVH Industries, Inc.*		17,072
	6,300	Microvision, Inc.*		44,100
	6,700	Sturm, Ruger & Co., Inc.		60,501
				867,600
		Health Care & Hospital — 2.4%
	26,200	Array BioPharma, Inc.*		249,424
	378	Bio-Reference Labs, Inc.*		6,577
	4,000	Health Management Associates, Inc., Class A		90,880
	19,000	Lincare Holdings, Inc.*		810,350
	2,500	Odyssey Healthcare, Inc.*		34,200
	5,100	Specialty Laboratories, Inc.*		56,304
	81,700	Tenet Healthcare Corp.*		897,066
	1,400	U.S. Physical Therapy, Inc.*		21,588
	4,700	VistaCare, Inc., Class A*		78,161
				2,244,550

81

Statement of Securities Sold Short continued

Laudus Rosenberg Value Long/ Short Equity Fund

Shares			Value
		Common Stock continued
		Information & Services — 5.8%
	1,500	Administaff, Inc.*	$	18,915
	92	Amn Healthcare Services, Inc.*		1,464
	3,338	Arena Pharmaceuticals, Inc.*		22,331
	4,500	Clark, Inc.*		69,840
	26,800	Corinthian Colleges, Inc.*		505,046
	200	Corrections Corp. of America*		8,090
	900	deCODE genetics, Inc.*		7,029
	40,300	DeVry, Inc.*		699,608
	21,000	Education Management Corp.*		693,210
	7,900	Exact Sciences Corp.*		30,178
	31,500	Exelixis, Inc.*		299,250
	2,500	Hewitt Associates, Inc.		80,025
	280	Intersections, Inc.*		4,830
	2,700	iPayment Holdings, Inc.*		133,704
	16,300	Learning Tree International, Inc.*		218,420
	24,700	Maxygen, Inc.*		315,913
	2,000	MTC Technologies, Inc.*		67,140
	5,200	NetRatings, Inc.*		99,684
	14,682	PRG-Schultz International, Inc.*		73,850
	53	Princeton Review, Inc.*		326
	25,500	Regeneron Pharmaceuticals, Inc.*		234,855
	11,200	Shaw Group, Inc.*		199,920
	11,300	Sotheby’s Holdings, Inc., Class A*		205,208
	3,000	Strayer Education, Inc.		329,370
	11,500	Syntroleum Corp.*		92,345
	7,000	The Advisory Board Co.*		258,160
	3,900	Total System Services, Inc.		94,770
	2,700	Universal Technical Institute, Inc.*		102,924
	13,100	Weight Watchers International, Inc.*		538,017
				5,404,422
		Instruments — 4.1%
	6,895	Abaxis, Inc.*		99,909
	1,600	Aksys Ltd.*		8,896
	42,800	Applera Corp.		894,948
	500	ATS Medical, Inc.*		2,330
	14,574	Cepheid, Inc.*		144,866
	8,200	Cholestech Corp.*		66,756
	16,100	Ciphergen Biosystems, Inc.*		69,230
	3,000	Closure Medical Corp.*		58,500
	22,700	Conceptus, Inc.*		184,211
	8,700	Cyberonics, Inc.*		180,264
	300	Daxor Corp.*		6,846
	9,400	FEI Co.*		197,400
	11,078	FormFactor, Inc.*		300,657
	7,400	I-Flow Corp.*		134,902
	611	IDEXX Laboratories, Inc.*		33,354
	10,709	Illumina, Inc.*		101,521
	6,905	Ixia*		116,073
	9,091	Kyphon, Inc.*		234,184
	8,600	Luminex Corp.*		76,368
	600	Measurement Specialties, Inc.*		15,276
	201	Merit Medical Systems, Inc.*		3,071
	4,800	Millipore Corp.*		239,088
	1,300	Natus Medical, Inc.*		10,400
	17,700	Orasure Technologies, Inc.*		118,944
	3,600	OrthoLogic Corp.*		22,500
	6,288	Possis Medical, Inc.*		84,762
	7,700	Quidel Corp.*		39,116
	9,600	Regeneration Technologies, Inc.*		100,608
	3,900	ResMed, Inc.*		199,290
	4,400	Rita Medical Systems, Inc.*		17,028
	1,200	Spectranetics Corp.*		6,745
	7,900	STAAR Surgical Co.*		49,296
	200	TriPath Imaging, Inc.*		1,794
	1,000	Utah Medical Products, Inc.		22,470
				3,841,603
		Insurance — 2.3%
	1,500	Brown & Brown, Inc.		65,325
	18,700	ChoicePoint, Inc.*		860,013
	1,931	Citizens, Inc.*		12,303
	1,904	CorVel Corp.*		50,989
	400	Markel Corp.*		145,600
	2,400	PXRE Group Ltd.		60,504
	11,000	RenaissanceRe Holdings Ltd.		572,880
	400	Transatlantic Holdings, Inc.		24,732
	8,500	Willis Group Holdings Ltd.		349,945
				2,142,291
		IT Hardware — 5.7%
	15,000	Advanced Energy Industries, Inc.*		136,950
	1,680	Avici Systems, Inc.*		15,204
	11,000	C-COR, Inc.*		102,300
	5,600	California Micro Devices Corp.*		39,704
	600	Centillium Communications, Inc.*		1,458
	30,245	Cirrus Logic, Inc.*		166,650
	200	COMARCO, Inc.*		1,720
	300	EFJ, Inc.*		2,895
	13,600	Energy Conversion Devices, Inc.*		262,752
	141	Exar Corp.*		2,001
	85	Helix Technology Corp.		1,478
	10,100	Hutchinson Technology, Inc.*		349,157
	350	Ibis Technology Corp.*		1,295
	20,189	Integrated Circuit Systems, Inc.*		422,354
	7,300	Intervoice, Inc.*		97,455
	2,300	Metalink Ltd.*		12,972
	11,696	Micrel, Inc.*		128,890
	4,000	Micro Linear Corp.*		19,720
	17,074	Microchip Technology, Inc.		455,193
	12,400	NVIDIA Corp.*		292,144
	900	Parlex Corp.*		6,750
	17,800	Pericom Semiconductor Corp.*		167,854
	20,400	PMC-Sierra, Inc.*		229,500
	39,900	Rambus, Inc.*		917,700
	18,900	RF Micro Devices, Inc.*		129,276
	38,000	Semtech Corp.*		831,060
	4,100	Sigmatel, Inc.*		145,673
	2,400	Supertex, Inc.*		52,080
	8,300	Technitrol, Inc.*		151,060
	200	Universal Display Corp.*		1,800
	500	Vyyo, Inc.*		4,305
	14,400	Westell Technologies, Inc.*		97,920
				5,247,270

82

Statement of Securities Sold Short continued

Laudus Rosenberg Value Long/ Short Equity Fund

Shares			Value
		Common Stock continued
		Land & Water Transportation — 0.5%
	300	GulfMark Offshore, Inc.*	$	6,681
	12,814	Kansas City Southern*		227,192
	11,100	Pacer International, Inc.*		235,986
				469,859
		Mainframe & Minicomputers — 0.2%
	27,415	Cray, Inc.*		127,754
	7,123	Omnicell, Inc.*		78,353
				206,107
		Metal Products & Machinery — 1.9%
	2,700	Aaon, Inc.*		43,389
	1,400	American Power Conversion Corp.		29,960
	14,000	Donaldson Co., Inc.		456,120
	11,000	Fedders Corp.		39,820
	7,200	Federal Signal Corp.		127,152
	27,000	FuelCell Energy, Inc.*		267,300
	13,200	Global Power Equipment Group, Inc.*		129,888
	5,100	Intevac, Inc.*		38,556
	500	Material Sciences Corp.*		8,995
	300	Maxwell Technologies, Inc.*		3,042
	1,300	Paragon Technologies, Inc.*		12,870
	200	Paul Mueller Co.		6,021
	4,200	SPX Corp.		168,252
	200	TransTechnology Corp.*		1,462
	13,200	Trinity Industries, Inc.		449,856
	100	Wilson Greatbatch Technologies, Inc.*		2,242
				1,784,925
		Miscellaneous Finance — 2.0%
	4,138	Ameritrade Holding Corp.*		58,842
	56,900	Janus Capital Group, Inc.		956,489
	1,200	Jefferies Group, Inc.		48,336
	20,000	W.P. Stewart & Co., Ltd.		473,200
	12,500	Waddell & Reed Financial, Inc., Class A		298,625
	1,700	Westwood Holdings Group, Inc.		33,490
				1,868,982
		Oil & Coal Resources — 0.1%
	400	Cheniere Energy, Inc.*		25,480
	1,000	Energen Corp.		58,950
				84,430
		Oil Distribution — 0.3%
	8,700	Headwaters, Inc.*		247,950
		Photooptical, Micros & Office Machinery — 1.3%
	1,000	Avid Technology, Inc.*		61,750
	82,200	Brocade Communications Systems, Inc.*		628,008
	2,700	Dot Hill Systems Corp.*		21,168
	7,700	Fargo Electronics, Inc.*		115,415
	8,500	Immersion Corp.*		61,965
	4,900	Interlink Electronics, Inc.*		46,354
	5,400	LaserCard Corp.*		56,646
	7,000	Maxtor Corp.*		37,100
	14,500	McDATA Corp., Class B*		81,635
	800	Mobility Electronics, Inc.*		6,864
	60	Qualstar Corp.*		285
	7,300	Western Digital Corp.*		79,132
				1,196,322
		Publishing, Broadcasting & Cinema — 2.9%
	400	Central European Media Enterprises Ltd., Class A*		15,593
	4,321	Crown Media Holdings, Inc., Class A*		37,161
	11,800	Dow Jones & Co., Inc.		508,108
	2,026	Fisher Communications, Inc.*		99,031
	19,200	Journal Register Co.*		371,136
	1,400	McClatchy Co., Class A		100,534
	8,810	Pixar*		754,224
	2,100	Quixote Corp.		42,693
	54	Salem Communications Corp., Class A*		1,347
	21,800	Valassis Communications, Inc.*		763,218
				2,693,045
		Real Estate Development — 0.9%
	10,900	Forest City Enterprises, Inc., Class A		627,295
	800	Griffin Land & Nurseries, Inc.*		20,600
	200	Kennedy-Wilson, Inc.*		1,550
	4,700	Tejon Ranch Co.*		191,760
				841,205
		Real Estate Investment Trusts — 5.1%
	1,900	Boston Properties, Inc.		122,873
	14,700	BRE Properties, Inc., Class A		592,557
	5,900	Camden Property Trust		300,900
	200	Catellus Development Corp.		6,120
	16,700	CenterPoint Properties Trust		799,763
	3,000	Crescent Real Estate Equities Co.		54,780
	300	Essex Property Trust, Inc.		25,140
	12,000	Federal Realty Investment Trust		619,800
	4,700	FelCor Lodging Trust, Inc.*		68,855
	1,000	Gables Residential Trust		35,790
	5,500	General Growth Properties, Inc.		198,880
	5,000	Health Care REIT, Inc.		190,750
	9,500	Shurgard Storage Centers, Inc., Class A		418,095
	4,800	Sun Communities, Inc.		193,200
	5,600	Tanger Factory Outlet Centers, Inc.		148,176
	37,300	United Dominion Realty Trust, Inc.		925,040
	1,000	Weingarten Realty Investors		40,100
				4,740,819
		Restaurants, Hotels & Theaters — 2.7%
	1,420	Champps Entertainment, Inc.*		12,240
	276	Churchill Downs, Inc.		12,337
	11,640	Gaylord Entertainment Co.*		483,409
	27,500	Krispy Kreme Doughnuts, Inc.*		346,500

83

Statement of Securities Sold Short continued

Laudus Rosenberg Value Long/ Short Equity Fund

Shares			Value
		Common Stock, Restaurants, Hotels & Theaters continued
	1,000	Lakes Entertainment, Inc.*	$	16,290
	9,700	P.F. Chang’s China Bistro, Inc.*		546,595
	39,200	Six Flags, Inc.*		210,504
	24,643	The Cheesecake Factory, Inc.*		800,159
	1,300	Westwood One, Inc.*		35,009
				2,463,043
		Retail — 6.3%
	15,400	99 Cents Only Stores*		248,864
	46	A.C. Moore Arts & Crafts, Inc.*		1,325
	32,400	Carmax, Inc.*		1,006,020
	2,700	Cost Plus, Inc.*		86,751
	13,700	Dillard’s, Inc., Class A		368,119
	21,400	Dollar Tree Stores, Inc.*		613,752
	100	Family Dollar Stores, Inc.		3,123
	300	Gaiam, Inc.*		1,845
	4,100	Great Atlantic & Pacific Tea Co.*		42,025
	4,600	Kirkland’s, Inc.*		56,534
	538	Mothers Work, Inc.*		7,325
	50	O’Reilly Automotive, Inc.*		2,253
	28,100	Payless ShoeSource, Inc.*		345,630
	32,600	Pier 1 Imports, Inc.		642,220
	5,600	PriceSmart, Inc.*		42,336
	31,609	Ross Stores, Inc.		912,552
	46,900	Saks, Inc.		680,519
	22,600	Tiffany & Co.		722,522
	4,800	ValueVision Media, Inc., Class A*		66,768
	4,700	Whitehall Jewellers, Inc.*		37,553
				5,888,036
		Soaps & Cosmetics — 0.2%
	600	Katy Industries, Inc.*		3,108
	21,300	Playtex Products, Inc.*		170,187
				173,295
		Software — 6.1%
	3,400	Captiva Software Corp.*		34,680
	19,500	Citrix Systems, Inc.*		478,335
	8,700	Corillian Corp.*		42,804
	300	Digital Insight Corp.*		5,520
	13,500	DST Systems, Inc.*		703,620
	8,600	Fair Isaac Corp.		315,448
	13,100	Harris Interactive, Inc.*		103,490
	115,725	Identix, Inc.*		854,051
	1,400	Imergent, Inc.*		21,210
	900	Manhattan Associates, Inc.*		21,492
	27,800	Mercury Interactive Corp.*		1,266,290
	1,500	Merge Technologies, Inc.*		33,375
	6,900	Nassda Corp.*		47,610
	14,425	National Instruments Corp.		393,081
	2,600	Netiq Corp.*		31,746
	25,000	Reynolds & Reynolds Co., Class A		662,750
	7,600	Secure Computing Corp.*		75,848
	60	SEI Investments Co.		2,516
	400	SM&A*		3,412
	12,600	SupportSoft, Inc.*		83,916
	1,300	Tradestation Group, Inc.*		9,126
	24,100	TriZetto Group, Inc.*		228,950
	1,800	Unisys Corp.*		18,324
	15,000	VitalWorks, Inc.*		66,750
	5,400	WebEx Communications, Inc.*		128,412
				5,632,756
		Textiles & Apparel — 0.7%
	6,003	Columbia Sportswear Co.*		357,839
	6,000	Mossimo, Inc.*		20,886
	5,000	OshKosh B’Gosh, Inc., Class A		107,000
	3,600	Oxford Industries, Inc.		148,680
				634,405
		Wholesale — 1.2%
	13,600	AmerisourceBergen Corp.		798,048
	1,706	D & K Healthcare Resources, Inc.		13,784
	4,700	HealthExtras, Inc.*		76,610
	3,576	Henry Schein, Inc.*		249,033
				1,137,475
		Total Common Stock (Proceeds $81,210,238)		84,873,200
		Rights — 0.0%
		Retail — 0.0%
	5,600	PriceSmart, Inc.		2,091
		Total Rights (Proceeds $0)		2,091
		Total Securities Sold Short (Proceeds $81,210,238) — 91.4%	$	84,875,291

Percentages noted above are based on net assets as of December 31,2004.

*   Non-income producing security.

84

Item 2. Controls and Procedures.

(a)	Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
	The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are reasonably effective to ensure that information required to be disclosed by the registrant on Form N-Q is (i) accumulated and communicated to the investment company’s management, including its certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b)	Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
	There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)        Laudus Trust  

By (Signature and Title)*        /s/ Troy A. Sheets, CFO            Troy A. Sheets  

Date        February 22, 2005  

     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 (Signature and Title)*        /s/ Troy A. Sheets, CFO            Troy A. Sheets  

Date        February 22, 2005  

By (Signature and Title)*        /s/ Jana D. Thompson, President            Jana D. Thompson  

Date        February 22, 2005  

* Print the name and title of each signing officer under his or her signature.