annual report march 31 2005 us equity funds laudus rosenberg large capitalization fund growth discovery small international long short mid global value each of the is a series trust which an open end management investment company offering diversified portfolios with different objectives and strategies charles schwab inc adviser to axa llc sub command performance l13665_laudus_annualcover 5 05 11 25 am page 3 notice about duplicate mailings in order reduce expenses incurred connection mailing prospectuses prospectus supplements semi reports multiple shareholders at same address may future deliver one copy prospec tus supplement or single investor sharing street post
