1701 Market Street Morgan, Lewis Philadelphia, PA 19103-2921 & Bockius LLP 215.963.5000 Counselors at Law Fax: 215.963.5001 January 14, 2009 Laudus Trust 101 Montgomery Street San Francisco, CA 94104 Re: Registration Statement filed on Form N-14 under the Securities Act of 1933 We hereby consent to the reference to our Firm in the Registration Statement filed on Form N-14 under the Prospectus/Information Statement heading "Information about the Reorganization - Federal Income Tax Consequences." In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations promulgated thereunder. Very truly yours, /s/ Morgan, Lewis and Bockius LLP ------------------------------------- Morgan, Lewis and Bockius LLP