Mutual Fund Summary Prospectus (497k)
October 04 2013 - 5:01AM
Edgar (US Regulatory)
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Summary Prospectus
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October 4, 2013
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Laudus U.S. Large Cap Growth Fund
(formerly Laudus Growth Investors U.S. Large Cap Growth Fund)
Ticker Symbol: LGILX
Before you invest, you may want to review the
funds prospectus, which contains more information about the fund and its risks. You can find the funds prospectus, Statement of Additional Information (SAI) and other information about the fund online at
www.laudus.com/prospectus.
You can also obtain this information at no cost by calling
1-866-414-6349
or by sending an email request to
orders@mysummaryprospectus.com.
If you purchase or hold fund shares through a financial intermediary, the funds prospectus, SAI, and other information about the fund are available from your financial intermediary.
The funds prospectus dated July 29, 2013, as supplemented September 10, 2013 and October 4, 2013, and SAI dated July 29, 2013,
as supplemented October 4, 2013, include a more detailed discussion of fund investment policies and the risks associated with various fund investments. The prospectus and SAI are incorporated by reference into the summary prospectus, making
them legally a part of the summary prospectus.
Investment objective
The fund seeks long-term capital appreciation.
Fund fees and expenses
This table describes the fees and expenses you may pay if you buy and hold shares of the fund.
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Shareholder fees
(fees paid
directly from your investment)
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Redemption fee (as a % of the amount sold or exchanged within 30 days of purchase)
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2.00
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Annual fund operating expenses
(expenses that you pay each year
as a % of the value of your investment)
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Management fees
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0.66
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Distribution and shareholder service (12b-1) fees
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None
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Other expenses
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0.16
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Total annual fund operating expenses
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0.82
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Less expense reduction
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(0.05
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Total annual fund operating expenses after expense reduction
1
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0.77
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1
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The investment adviser has contractually agreed to limit total annual fund operating expenses (exclusive of interest, taxes and certain non-routine expenses) of
the fund to 0.77% until at least July 30, 2015. During this term, the agreement may only be amended or terminated with the approval of the funds Board of Trustees. Any amounts waived or reimbursed in a particular fiscal year will be
subject to reimbursement by the fund to the investment adviser during the next two fiscal years to the extent that the repayment will not cause the funds total annual fund operating expenses to exceed the limit (as stated in the agreement)
during the respective year. The investment adviser may, but is not required to, extend the agreement for additional years.
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This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time
periods indicated and then redeem all of your shares at the end of those time periods. The example also assumes that your investment has a 5% return each year and that the funds operating expenses remain the same. The one-year figure is based
on total annual fund
operating expenses after expense reduction. The expenses would be the same whether you stayed in the fund or sold your shares at the end of each period. Your actual costs may be higher or lower.
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Expenses on a $10,000 investment
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1 year
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3 years
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5 years
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10 years
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$79
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$252
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$445
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$1,006
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The fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may
result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the funds performance. During the most recent fiscal year, the
funds portfolio turnover rate was 76% of the average value of its portfolio.
Principal investment strategies
Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings for investment purposes, if any) in equity securities of
U.S. large capitalization companies. The fund defines large capitalization companies as those with a market capitalization of at least $3 billion at the time of investment. In addition, up to 20% of the funds net assets may be
invested in foreign equity securities. Investments in equity securities include common stock and preferred stock. The fund may, but is not required to, use derivative instruments for risk management purposes or as part of the funds investment
strategies.
In selecting securities, the subadviser seeks to invest in companies that possess dominant market positions or franchises, a major
technological edge, or a unique competitive advantage. To this end, the subadviser considers earnings revision trends, expected earnings growth rates, sales acceleration, price earnings multiples and positive stock price momentum, when selecting
securities. The subadviser expects that these companies can sustain an above average return on invested capital at a higher level and over a longer period of time than is reflected in the current market prices.
In deciding whether an investment is tied to the U.S., the subadviser considers a number of factors
including whether the investment is issued or guaranteed by the U.S. government or any of its agencies; the investment has its primary trading market in the U.S.; the issuer is organized under the laws of, derives at least 50% of its revenues
from, or has at least 50% of its assets in, the U.S.; the investment is included in an index representative of the U.S.; and the investment is exposed to the economic fortunes and risks of the U.S.
For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the fund may invest up to 100% of its assets in
cash, money market instruments, repurchase agreements and other short-term obligations. When the fund engages in such activities, it may not achieve its investment objective.
Principal risks
The fund is subject to risks, any of which could cause an investor to lose
money. The funds principal risks include:
Market Risk.
Stock markets rise and fall daily. As with any investment whose
performance is tied to these markets, the value of your investment in the fund will fluctuate, which means that you could lose money.
Management Risk.
As with all actively managed funds, the strategies of the funds subadviser may not achieve their desired results. Poor
stock selection or a focus on securities in a particular sector may cause the fund to underperform its benchmark or other funds with a similar investment objective.
Equity Risk.
The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole.
In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.
Large-Cap
Risk.
The fund will principally invest in large-cap segments of the U.S. stock market. Large-cap stocks tend to go in and out of favor based on market and economic conditions. During a period when large-cap U.S. stocks fall behind
other types of investments mid-or small-cap stocks, for instance the funds large-cap holdings could reduce performance.
Growth Investing Risk.
Growth stocks can be volatile. Growth companies usually invest a high portion of earnings in their businesses and may lack the dividends of value stocks that can cushion
stock prices in a falling market. The prices of growth stocks are based largely on projections of the issuers future earnings and revenues. If a companys earnings or revenues fall short of expectations, its stock price may fall
dramatically. Growth stocks may also be more expensive relative to their earnings or assets compared to value or other stocks.
Foreign
Investment Risk.
The funds investments in securities of foreign issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in
foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); differing accounting, auditing, financial reporting and
legal standards and practices; differing securities market structures; and higher transaction costs.
Derivatives Risk.
The funds use of derivative instruments involves risks different from,
or possibly greater than, the risks associated with investing directly in securities and other traditional investments and could cause the fund to lose more than the principal amount invested. In addition, investments in derivatives may involve
leverage, which means a small percentage of assets invested in derivatives can have a disproportionately larger impact on the fund.
Leverage Risk.
Certain fund transactions, such as derivatives, may give rise to a form of leverage and may expose the fund to greater risk.
Leverage tends to magnify the effect of any increase or decrease in the value of the funds portfolio securities.
Liquidity
Risk.
A particular investment may be difficult to purchase or sell. The fund may be unable to sell illiquid securities at an advantageous time or price.
Securities Lending Risk.
Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral if the borrower fails to return the security loaned or
becomes insolvent.
Your investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency.
For more information on the risks of investing in the fund please see the
Fund
details
section in the prospectus.
Performance
The bar chart below shows how the funds investment results have varied from year to year, and the following table shows how the funds average annual total returns for various periods compared
to that of an index. This information provides some indication of the risks of investing in the fund. All figures assume distributions were reinvested. Keep in mind that future performance (both before and after taxes) may differ from past
performance. For current performance information, please see
www.laudus.com/prospectus
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On July 13, 2009, the fund commenced
operations as a member of Laudus Trust by acquiring all of the assets and liabilities of the UBS U.S. Large Cap Growth Fund (UBS Fund) in a tax-free reorganization. The fund has investment objectives, strategies, and policies substantially
similar to those of the UBS Fund. The performance history of the fund prior to July 13, 2009 is that of the Class Y Shares of the UBS Fund.
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Annual total returns
(%) as of 12/31
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Best quarter: 19.21% Q1 2012
Worst quarter: (22.54%) Q4 2008
Year-to-date performance
(non-annualized and before taxes) as of 6/30/2013: 9.71%
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2 of 4
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Laudus U.S. Large Cap Growth Fund
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Average annual total returns
(%) as of 12/31/12
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One year
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Five years
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Ten years
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Before taxes
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18.16
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%
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4.97
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10.20
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After taxes on distributions
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17.74
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%
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4.79
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%
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10.08
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After taxes on distributions and sale of shares
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12.16
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%
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4.23
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%
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9.09
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Comparative Index (reflects no deduction for expenses or taxes)
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Russell 1000 Growth Index
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15.26
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%
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3.12
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%
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7.52
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%
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The after-tax figures reflect the highest individual federal income tax rates in effect during the period and do not
reflect the impact of state and local taxes. Your actual after-tax returns depend on your individual tax situation. In addition, after-tax returns are not relevant if you hold your fund shares through a tax-deferred arrangement, such as a 401(k)
plan, IRA or other tax-advantaged account.
Investment adviser
Charles Schwab Investment Management, Inc.
Subadviser
BlackRock Investment Management, LLC (BlackRock)
Portfolio manager
Lawrence G. Kemp, CFA,
Managing Director of BlackRock, has been portfolio manager of the fund since October 4, 2013, and was previously portfolio manager of the fund and its predecessor from
2002 until November 2012 while at the funds prior subadviser.
Purchase and sale of fund shares
The fund is open for business each day that the New York Stock Exchange is open. The minimum initial investment for the fund is $100. The minimum may be
waived for certain investors or in the funds sole discretion.
You may invest directly in the fund by placing purchase, exchange and
redemption orders through the funds transfer agent. Investors must contact the transfer agent by phone or in writing to obtain an account application. Investors may contact the transfer agent:
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by telephone at 1-800-447-3332; or
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by mail in writing at Boston Financial Data Services, Attn: Laudus Trust, P.O. Box 8032, Boston, MA 02266.
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When you place orders to purchase, exchange or redeem fund shares through an account at Charles Schwab & Co., Inc. (Schwab) or another financial
intermediary, you must follow Schwabs or the other financial intermediarys transaction procedures.
Tax information
Dividends and capital gains distributions received from the fund will generally be taxable as ordinary income or capital gains, unless you
are investing through an IRA, 401(k) or other tax-advantaged account.
Payments to financial intermediaries
If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and
related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial
intermediarys website for more information.
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3 of 4
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Laudus U.S. Large Cap Growth Fund
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REG56729FLD-12 00104971
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Laudus U.S. Large Cap Growth Fund; Ticker Symbol: LGILX
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4 of 4
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Laudus U.S. Large Cap Growth Fund
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