Charles Schwab Focus List TM
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- Derick Mosley
- 6 years ago
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1 Charles Schwab Focus List TM
2 Table of contents Selection Criteria... 2 Large Cap... 3 Mid Cap... 4 Small Cap... 5 Foreign Large Cap... 6 Emerging Markets... 6 Target Date Intermediate-Term Bond Government Bond Short-Term Bond Inflation-Protected Bond World Bond High Yield Bond Real Estate Disclosures & Index Definitions At a glance Fund Removals Category Brandes Emerging Markets Value Diversified Emerging Markets
3 How funds are selected To build the Charles Schwab Focus List, the Retirement Investment Services Team starts by analyzing the actively managed funds tracked by Morningstar using quantitative and qualitative selection criteria described below. Then, based on its analysis, the Research Team builds the Charles Schwab Focus List by selecting the most favorably evaluated funds within each Morningstar category. Step 1 Morningstar Mutual Fund universe Defined contribution plan focus Step 2 Perform quantitative analysis Analyze key qualitative factors Step 3 Focus List due diligence committee Construct and monitor list ( funds) Eligibility Requirements Each Focus List fund must: Be open and available to new retirement plans at Schwab Retirement Plan Services, Inc. ( SRPS ) Have at least $100 million in assets. To meet this requirement, assets in multiple share classes of the same fund may be aggregated. Have a minimum three-year performance track record under current management and/or current investment objectives and strategy. To meet this requirement, institutional composite records may be considered. Selection Criteria Actively managed funds that meet the initial eligibility requirements are then evaluated based on performance (generally above median over 3, 5, and 10-year periods), and expenses (must be better than the relevant Morningstar category average). Additional quantitative and qualitative factors may include, but are not limited to, risk, diversification, assets under management, asset flows, the fund s investment strategy or philosophy, portfolio manager tenure, portfolio composition, performance consistency, and style consistency. Constructing the List and Ongoing Monitoring The Charles Schwab Focus List typically consists of funds, with 3-8 funds per category. An investment committee meets at a minimum on a quarterly basis to monitor current Focus List funds, and also to consider potential fund additions and removals. A note about fees SRPS receives shareholder servicing fees and similar remuneration from fund companies and/or their affiliates, for record keeping, shareholder services, and other administrative services. The amount of remuneration SRPS or its affiliates receive from funds is not considered in the Focus List selection, nor does any fund pay SRPS to be included on the Charles Schwab Focus List. Eligible funds are selected based solely on the quantitative and qualitative criteria described above. The range of shareholder servicing fees and similar remuneration are notated on the Charles Schwab Focus List in the column labeled Fee Offset Tier. The tiers are as follows: Tier 1 ( %), Tier 2 ( %), and Tier 3 (0.35% and above). Charles Schwab Focus List 2 of 17
4 DATA AS OF MARCH 31, 2018 LARGE CAP VALUE YTD AVERAGE ANNUALIZED & CATEGORY RISK CAT % RANK ANN RET CAT % RANK 1 CAT % 5 YRS 5 YRS CAT % 10 YRS 10 YRS SINCE RISK LEVEL 2 SHARPE RATIO 3 3 YEAR STD DEV. 4 MGR TENURE AT FUND ASSETS ($MM) NET EXPENSE RATIO FEE OFFSET TIER 5 TICKER Large Cap Value (funds in MSTR category) ` 1,263 1, Morningstar Category Average Russell 1000 Value TR USD S&P 500/Citi Value TR American Beacon Large Cap Value Instl (07/17/87) , ,3 AADEX Delaware Value R6 (05/02/16) , ,2,3 DDZRX Hartford Dividend and Growth R6 (11/07/14) , ,2,3 HDGVX Invesco Comstock R6 (09/24/12) , ,2,3 ICSFX Invesco Growth and Income R6 (09/24/12) , ,2,3 GIFFX JHancock Disciplined Value R6 (09/01/11) , ,3 JDVWX JPMorgan Equity Income R6 (01/31/12) , ,2,3 OIEJX Sound Shore Institutional (12/09/13) , ,3 SSHVX LARGE CAP GROWTH Large Cap Growth (funds in MSTR category) 1,376 1,213 1, Morningstar Category Average Russell 1000 Growth TR USD S&P 500/Citi Growth TR Harbor Capital Appreciation Instl (12/29/87) , ,2,3 HACAX JPMorgan Large Cap Growth R6 (11/30/10) , ,2,3 JLGMX Laudus US Large Cap Growth (10/14/97) , LGILX MainStay Large Cap Growth R6 (06/17/13) , ,3 MLRSX MFS Growth R6 (08/26/11) , ,3 MFEKX Pioneer Fundamental Growth K (12/20/12) , ,2 PFGKX T. Rowe Price Blue Chip Growth I (12/17/15) , ,3 TBCIX Charles Schwab Focus List 3 of 17 Performance quoted is past performance and is no guarantee of future results. Current performance information may be higher or lower. Investment value will fluctuate, and shares, when redeemed may be worth more or less than original cost
5 DATA AS OF MARCH 31, 2018 MID CAP VALUE YTD AVERAGE ANNUALIZED & CATEGORY RISK CAT % RANK ANN RET CAT % RANK 1 CAT % 5 YRS 5 YRS CAT % 10 YRS 10 YRS SINCE RISK LEVEL 2 SHARPE RATIO 3 3 YEAR STD DEV. 4 MGR TENURE AT FUND ASSETS ($MM) NET EXPENSE RATIO FEE OFFSET TIER 5 TICKER Mid Cap Value (funds in MSTR category) Morningstar Category Average Russell Mid Cap Value TR USD S&P MidCap 400/Citi Value TR AB Discovery Value Z (10/15/13) , ,3 ABSZX Columbia Mid Cap Value Inst2 (11/08/12) , ,2,3 CVERX Vanguard Selected Value Inv (02/15/96) , VASVX Wells Fargo Special Mid Cap Value R6 (06/28/13) , ,3 WFPRX MID CAP GROWTH Mid Cap Growth (funds in MSTR category) Morningstar Category Average Russell Mid Cap Growth TR USD S&P MidCap 400/Citi Growth TR Carillon Eagle Mid Cap Growth R6 (08/15/11) , ,3 HRAUX JPMorgan Mid Cap Growth R6 (11/01/11) , ,3 JMGMX MassMutual Select Mid Cap Growth I (11/15/10) , ,2,3 MEFZX Neuberger Berman Mid Cap Growth Inst (04/19/07) , ,2,3 NBMLX Voya MidCap Opportunities R6 (05/31/13) , ,2,3 IMOZX Charles Schwab Focus List 4 of 17 Performance quoted is past performance and is no guarantee of future results. Current performance information may be higher or lower. Investment value will fluctuate, and shares, when redeemed may be worth more or less than original cost
6 DATA AS OF MARCH 31, 2018 SMALL CAP VALUE YTD AVERAGE ANNUALIZED & CATEGORY RISK CAT % RANK ANN RET CAT % RANK 1 CAT % 5 YRS 5 YRS CAT % 10 YRS 10 YRS SINCE RISK LEVEL 2 SHARPE RATIO 3 3 YEAR STD DEV. 4 MGR TENURE AT FUND ASSETS ($MM) NET EXPENSE RATIO FEE OFFSET TIER 5 TICKER Small Cap Value (funds in MSTR category) Morningstar Category Average Russell 2000 Value TR USD S&P SmallCap 600/Citi Value TR Delaware Small Cap Value R6 (05/02/16) , ,2,3 DVZRX DFA US Targeted Value I (02/23/00) , ,2 DFFVX Northern Small Cap Value (03/31/94) , NOSGX Victory Integrity Small-Cap Value R6 (06/01/12) , ,2,3 MVSSX SMALL CAP GROWTH Small Cap Growth (funds in MSTR category) Morningstar Category Average Russell 2000 Growth TR USD S&P SmallCap 600/Citi Growth TR Baron Small Cap Instl (05/29/09) , ,3 BSFIX Conestoga Small Cap Institutional (08/13/14) , ,3 CCALX Carillon Eagle Small Cap Growth R6 (08/15/11) , ,2,3 HSRUX Janus Henderson Venture N (05/31/12) , ,3 JVTNX Nationwide Geneva Small Cap Gr R6 (09/18/13) ,3 NWKCX Principal SmallCap Growth I Instl (12/06/00) , ,3 PGRTX Charles Schwab Focus List 5 of 17 Performance quoted is past performance and is no guarantee of future results. Current performance information may be higher or lower. Investment value will fluctuate, and shares, when redeemed may be worth more or less than original cost
7 DATA AS OF MARCH 31, 2018 FOREIGN LARGE CAP VALUE YTD AVERAGE ANNUALIZED & CATEGORY RISK CAT % RANK ANN RET CAT % RANK 1 CAT % 5 YRS 5 YRS CAT % 10 YRS 10 YRS SINCE RISK LEVEL 2 SHARPE RATIO 3 3 YEAR STD DEV. 4 MGR TENURE AT FUND ASSETS ($MM) NET EXPENSE RATIO FEE OFFSET TIER 5 TICKER Foreign Large Cap Value (funds in MSTR category) Morningstar Category Average MSCI EAFE NR USD MSCI EAFE Value NR USD American Beacon International Eq Instl (08/07/91) , ,3 AAIEX Causeway International Value Instl (10/26/01) , ,3 CIVIX DFA International Value I (02/15/94) , ,2 DFIVX FOREIGN LARGE CAP BLEND Foreign Large Cap Blend (funds in MSTR category) Morningstar Category Average MSCI EAFE NR USD Hartford International Opportunities R6 (11/07/14) , ,2,3 IHOVX Oakmark International Institutional (11/30/16) , ,3 OANIX T. Rowe Price Overseas Stock I (08/28/15) , TROIX Schwab International Core Equity (05/30/08) , SICNX FOREIGN LARGE CAP GROWTH Foreign Large Cap Growth (funds in MSTR category) Morningstar Category Average MSCI EAFE NR USD MSCI EAFE Growth NR USD American Funds Europacific Growth R6 (05/01/09) , ,3 RERGX Oppenheimer International Growth I (03/29/12) , ,2,3 OIGIX DIVERSIFIED EMERGING MARKETS Diversified Emerging Markets (funds in MSTR category) ,941 Morningstar Category Average MSCI EM USD Aberdeen Emerging Markets Instl (05/11/07) , ,3 ABEMX DFA Emerging Markets Core Equity I (04/05/05) , DFCEX Hartford Schroders Emerging Mkts Eq Y (10/24/16) , HHHYX Charles Schwab Focus List 6 of 17 Performance quoted is past performance and is no guarantee of future results. Current performance information may be higher or lower. Investment value will fluctuate, and shares, when redeemed may be worth more or less than original cost
8 TARGET DATE^ FUND NAME STRATEGY DATE MUTUAL FUND "MF" OR COLLECTIVE UNDERLYING FUNDS INVESTMENT TRUST PROPRIETARY/NON- "CIT" PROPRIETARY UNDERLYING FUNDS ACTIVELY/INDEX MANAGED # OF ASSET CATEGORIES GLIDE PATH TYPE ("TO" OR "THROUGH" RETIREMENT) ROLLDOWN PERIOD GLIDE PATH TACTICAL OR STRATEGIC BlackRock LifePath Index Funds Instl May MF Proprietary Index 8 To - Strategic 40.0% SSGA Target Retirement Collective Trust Series Apr CIT Proprietary Index 11 Through 5 years Strategic 47.5% Schwab Indexed Retirement Trust Funds Jan CIT Non-Proprietary Index 10 Through 20 years Strategic 40.0% Vanguard Target Retirement Funds Jun MF Proprietary Index 5 Through 7 years Strategic 50.0% EQUITY AT RETIREMENT 100 Equity Glide Path Comparison^ 90 Equity Allocation % (5) (10) (15) (20) (25) (30) Years Before Retirement (Years After Retirement) BlackRock Life Path Index Funds Schwab Indexed Retirement Trust Funds SSGA Target Retirement Funds Vanguard Target Retirement Funds The values of the target fund will fluctuate up to and after the target date. There is no guarantee the funds will provide adequate income at or through retirement. Charles Schwab Focus List 7 of 17
9 DATA AS OF MARCH 31, 2018 TARGET DATE YTD AVERAGE ANNUALIZED & CATEGORY RISK CAT % RANK ANN RET CAT % RANK 1 CAT % 5 YRS 5 YRS CAT % 10 YRS 10 YRS SINCE RISK LEVEL 2 SHARPE RATIO 3 3 YEAR STD DEV. 4 MGR TENURE AT FUND ASSETS ($MM) NET EXPENSE RATIO FEE OFFSET TIER 5 TICKER Target Date (funds in MSTR category) 2,396 1,864 1, Category Average: Retirement Income Category Average: Target Date Category Average: Target Date Category Average: Target Date Category Average: Target Date Category Average: Target Date Category Average: Target Date /40 - S&P 500 Idx / BarCap Agg Idx BlackRock LifePath Index Retire K (05/31/11) , ,2 LIRKX BlackRock LifePath Index 2020 K (05/31/11) , ,2 LIMKX BlackRock LifePath Index 2030 K (05/31/11) , ,2 LINKX BlackRock LifePath Index 2040 K (05/31/11) , ,2 LIKKX BlackRock LifePath Index 2050 K (05/31/11) , ,2 LIPKX BlackRock LifePath Index 2060 K (02/29/16) ,2 LIZKX Schwab Indexed Retirement Tr Fd 2010 I (01/05/09) Schwab Indexed Retirement Tr Fd 2020 I (01/05/09) Schwab Indexed Retirement Tr Fd 2030 I (01/05/09) Schwab Indexed Retirement Tr Fd 2040 I (01/05/09) Schwab Indexed Retirement Tr Fd 2050 I (01/05/09) Schwab Indexed Retirement Tr Fd 2060 I (12/21/15) State Street Target Retirement Income Non-Lending Series Fund Class K (09/30/13) , ,2 -- State Street Target Retirement 2020 Non-Lending Series Fund Class K (09/30/13) , ,2 -- State Street Target Retirement 2030 Non-Lending Series Fund Class K (09/30/13) , ,2 -- State Street Target Retirement 2040 Non-Lending Series Fund Class K (09/30/13) , ,2 -- State Street Target Retirement 2050 Non-Lending Series Fund Class K (09/30/13) , ,2 -- State Street Target Retirement 2060 Non-Lending Series Fund Class K (04/01/15) ,2 -- Vanguard Target Retirement Income Inv (10/27/03) , VTINX Vanguard Target Retirement 2010 Inv (06/07/06) , Vanguard Target Retirement 2020 Inv (06/07/06) , VTWNX Vanguard Target Retirement 2030 Inv (06/07/06) , VTHRX Vanguard Target Retirement 2040 Inv (06/07/06) , VFORX Vanguard Target Retirement 2050 Inv (06/07/06) , VFIFX Vanguard Target Retirement 2060 Inv (01/19/12) , VTTSX The values of the target fund will fluctuate up to and after the target date. There is no guarantee the funds will provide adequate income at or through retirement. Charles Schwab Focus List 8 of 17 Performance quoted is past performance and is no guarantee of future results. Current performance information may be higher or lower. Investment value will fluctuate, and shares, when redeemed may be worth more or less than original cost
10 TARGET DATE^ FUND NAME STRATEGY DATE MUTUAL FUND "MF" OR COLLECTIVE INVESTMENT TRUST "CIT" UNDERLYING FUNDS PROPRIETARY/NON- PROPRIETARY UNDERLYING FUNDS ACTIVELY/INDEX MANAGED # OF ASSET CATEGORIES GLIDE PATH TYPE ("TO" OR "THROUGH" RETIREMENT) ROLLDOWN PERIOD GLIDE PATH TACTICAL OR STRATEGIC American Century One Choice Funds Aug MF Proprietary Active 8 To - Strategic 45.0% JPMorgan SmartRetirement Funds May MF Proprietary Active ** 11 To - Strategic 37.5% Principal Trust Target Funds Jul CIT Both Active ** 13 Through 15 years Strategic 43.0% Schwab Managed Retirement Trust Funds Oct CIT Non- Proprietary Active ** 12 Through 20 years Strategic 40.0% T.Rowe Price Target Retirement Sep MF Proprietary Active ** 11 Through 30 years Strategic 55.0% EQUITY AT RETIREMENT Equity Glide Path Comparison^ 80 Equity Allocation % (5) (10) (15) (20) (25) (30) Years Before Retirement (Years After Retirement) American Century One Choice Funds JPMorgan SmartRetirement Funds Principal Trust Target Funds Schwab Managed Retirement Trust Funds T.Rowe Price Target Retirement The values of the target fund will fluctuate up to and after the target date. There is no guarantee the funds will provide adequate income at or through retirement. ** For these managers that are categorized as "active", the underlying funds consists of a mix of active and index based funds. Charles Schwab Focus List 9 of 17
11 DATA AS OF MARCH 31, 2018 TARGET DATE YTD AVERAGE ANNUALIZED & CATEGORY RISK CAT % RANK ANN RET CAT % RANK 1 CAT % 5 YRS 5 YRS CAT % 10 YRS 10 YRS SINCE RISK LEVEL 2 SHARPE RATIO 3 3 YEAR STD DEV. 4 MGR TENURE AT FUND ASSETS ($MM) NET EXPENSE RATIO FEE OFFSET TIER 5 TICKER Target Date (funds in MSTR category) 2,396 1,864 1, Category Average: Retirement Income Category Average: Target Date Category Average: Target Date Category Average: Target Date Category Average: Target Date Category Average: Target Date Category Average: Target Date /40 - S&P 500 Idx / BarCap Agg Idx American Century One Choice In Ret R6 (07/31/13) , ,2,3 ARDTX American Century One Choice 2020 R6 (07/31/13) , ,2,3 ARBDX American Century One Choice 2030 R6 (07/31/13) , ,2,3 ARCUX American Century One Choice 2040 R6 (07/31/13) , ,2,3 ARDUX American Century One Choice 2050 R6 (07/31/13) , ,2,3 ARFEX American Century One Choice 2060 R6 (09/30/15) ,2,3 ARGDX JPMorgan SmartRetirement Income R6 (11/03/14) ,2,3 JSIYX JPMorgan SmartRetirement 2020 R6 (11/03/14) , ,2,3 JTTYX JPMorgan SmartRetirement 2030 R6 (11/03/14) , ,2,3 JSMYX JPMorgan SmartRetirement 2040 R6 (11/03/14) , ,2,3 SMTYX JPMorgan SmartRetirement 2050 R6 (11/03/14) ,2,3 JTSYX JPMorgan SmartRetirement 2060 R6 (08/31/16) ,2,3 JAKYX Principal LifeTime Hybrid Income CIT Z5 (07/07/09) Principal LifeTime Hybrid 2010 CIT Z5 (07/07/09) Principal LifeTime Hybrid 2020 CIT Z5 (07/07/09) Principal LifeTime Hybrid 2030 CIT Z5 (07/07/09) Principal LifeTime Hybrid 2040 CIT Z5 (07/07/09) Principal LifeTime Hybrid 2050 CIT Z5 (07/07/09) Principal LifeTime Hybrid 2060 CIT Z5 (01/02/14) The values of the target fund will fluctuate up to and after the target date. There is no guarantee the funds will provide adequate income at or through retirement. Charles Schwab Focus List 10 of 17 Performance quoted is past performance and is no guarantee of future results. Current performance information may be higher or lower. Investment value will fluctuate, and shares, when redeemed may be worth more or less than original cost
12 DATA AS OF MARCH 31, 2018 TARGET DATE YTD AVERAGE ANNUALIZED & CATEGORY RISK CAT % RANK ANN RET CAT % RANK 1 CAT % 5 YRS 5 YRS CAT % 10 YRS 10 YRS SINCE RISK LEVEL 2 SHARPE RATIO 3 3 YEAR STD DEV. 4 MGR TENURE AT FUND ASSETS ($MM) NET EXPENSE RATIO FEE OFFSET TIER 5 TICKER Target Date (funds in MSTR category) 2,396 1,864 1, Category Average: Retirement Income Category Average: Target Date Category Average: Target Date Category Average: Target Date Category Average: Target Date Category Average: Target Date Category Average: Target Date /40 - S&P 500 Idx / BarCap Agg Idx Schwab Managed Retirement Tr Fd Inc IV (01/05/10) ,2,3 -- Schwab Managed Retirement Tr Fd 2020 IV (01/05/10) , ,2,3 -- Schwab Managed Retirement Tr Fd 2030 IV (01/05/10) , ,2,3 -- Schwab Managed Retirement Tr Fd 2040 IV (01/05/10) , ,2,3 -- Schwab Managed Retirement Tr Fd 2050 IV (01/05/10) , ,2,3 -- Schwab Managed Retirement Tr Fd 2060 IV (09/21/15) ,2,3 -- T. Rowe Price Retirement 2010 (09/30/02) , ,3 TRRAX T. Rowe Price Retirement 2020 (09/30/02) , ,3 TRRBX T. Rowe Price Retirement 2030 (09/30/02) , ,3 TRRCX T. Rowe Price Retirement 2040 (09/30/02) , ,3 TRRDX T. Rowe Price Retirement 2050 (12/29/06) , ,3 TRRMX T. Rowe Price Retirement 2060 (06/23/14) ,3 TRRLX The values of the target fund will fluctuate up to and after the target date. There is no guarantee the funds will provide adequate income at or through retirement. Charles Schwab Focus List 11 of 17 Performance quoted is past performance and is no guarantee of future results. Current performance information may be higher or lower. Investment value will fluctuate, and shares, when redeemed may be worth more or less than original cost
13 DATA AS OF MARCH 31, 2018 INTERMEDIATE-TERM BOND YTD AVERAGE ANNUALIZED & CATEGORY RISK CAT % RANK ANN RET CAT % RANK 1 CAT % 5 YRS 5 YRS CAT % 10 YRS 10 YRS SINCE RISK LEVEL 2 SHARPE RATIO 3 3 YEAR STD DEV. 4 MGR TENURE AT FUND ASSETS ($MM) NET EXPENSE RATIO FEE OFFSET TIER 5 TICKER Intermediate-Term Bond (funds in MSTR category) Morningstar Category Average BarCap US Agg Bond TR USD BBgBarc US Universal TR USD CORE Baird Aggregate Bond Inst (09/29/00) , ,2 BAGIX Wells Fargo Core Bond R6 (11/30/12) , ,3 WTRIX CORE PLUS Baird Core Plus Bond Inst (09/29/00) , ,2 BCOIX BlackRock Total Return K (12/07/01) , ,3 MPHQX Dodge & Cox Income (01/03/89) , DODIX Metropolitan West Total Return Bd Plan (07/29/11) , ,3 MWTSX Pioneer Bond K (12/20/12) , ,3 PBFKX Western Asset Core Plus Bond IS (08/04/08) , ,3 WAPSX INTERMEDIATE GOVERNMENT BOND Intermediate Government (funds in MSTR category) Morningstar Category Average BarCap US Govt Interm TR USD American Century Government Bond R5 (03/01/10) ,2,3 ABTIX Goldman Sachs Government Income Instl (08/15/97) ,3 GSOIX Voya GNMA Income I (01/07/02) , ,3 LEINX SHORT-TERM BOND Short-Term Bond (funds in MSTR category) Morningstar Category Average BarCap US Govt/Credit 1-3 Yr TR USD BlackRock Low Duration Bond K (06/03/97) , ,3 CLDBX JPMorgan Short Duration Bond R6 (02/22/05) , ,2 JSDUX Principal Short-Term Income Inst (07/25/96) , ,3 PSHIX TIAA-CREF Short-Term Bond Inst (03/31/06) , ,2 TISIX Charles Schwab Focus List 12 of 17 Performance quoted is past performance and is no guarantee of future results. Current performance information may be higher or lower. Investment value will fluctuate, and shares, when redeemed may be worth more or less than original cost
14 DATA AS OF MARCH 31, 2018 INFLATION-PROTECTED BOND YTD AVERAGE ANNUALIZED & CATEGORY RISK CAT % RANK ANN RET CAT % RANK 1 CAT % 5 YRS 5 YRS CAT % 10 YRS 10 YRS SINCE RISK LEVEL 2 SHARPE RATIO 3 3 YEAR STD DEV. 4 MGR TENURE AT FUND ASSETS ($MM) NET EXPENSE RATIO FEE OFFSET TIER 5 TICKER Inflation-Protected Bond (funds in MSTR category) Morningstar Category Average Barclays US Treasury US TIPS TR USD BlackRock Inflation Protected Bond K (06/28/04) , ,3 BPLBX DFA Inflation-Protected Securities I (09/18/06) , DIPSX PIMCO Real Return Instl (01/29/97) , ,2,3 PRRIX WORLD BOND World Bond (funds in MSTR category) Morningstar Category Average Barclays Global Aggregate Hdg TR USD Barclays Global Aggregate TR USD Dreyfus/Standish Global Fixed Income I (12/31/93) , SDGIX BrandywineGLOBAL Global Opp Bond IS (11/01/06) , ,3 GOBSX PIMCO Foreign Bond (USD-Hedged) Instl (12/02/92) , ,2,3 PFORX Templeton Global Bond R6 (05/01/13) , ,3 FBNRX HIGH YIELD BOND High Yield Bond (funds in MSTR category) Morningstar Category Average Credit Suisse HY USD BlackRock High Yield Bond K (11/19/98) , ,3 BRHYX Eaton Vance Income Fund of Boston R6 (07/01/14) , ,3 EIBRX Federated Instl High Yield Bond Instl (11/01/02) , FIHBX JPMorgan High Yield R6 (02/22/05) , ,3 JHYUX REAL ESTATE Real Estate (funds in MSTR category) Morningstar Category Average FTSE NAREIT Equity REITs TR Cohen & Steers Realty Shares (07/02/91) , ,3 CSRSX Deutsche Real Estate Securities S (05/02/05) , ,3 RRREX Principal Real Estate Securities Inst (03/01/01) , ,2,3 PIREX Virtus Duff & Phelps Real Estate Secs R6 (11/12/14) ,2,3 VRREX 2016 Schwab Retirement Plan Services, Inc. All rights reserved. Charles Schwab Focus List 13 of 17 Performance quoted is past performance and is no guarantee of future results. Current performance information may be higher or lower. Investment value will fluctuate, and shares, when redeemed may be worth more or less than original cost
15 Disclosures The information provided above is obtained from generally accepted industry sources however its accuracy cannot be guaranteed. Errors and omissions can occur. None of the information constitutes a recommendation by Schwab Retirement Plan Services, Inc. ( SRPS ) or a solicitation of an offer to buy or sell any securities. Except as noted, all data provided by Morningstar, Inc by Morningstar, Inc. All rights reserved. The information contained herein is the proprietary information of Morningstar, Inc., and may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. The information contained herein is not represented or warranted to be accurate, correct, complete or timely. Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from use of this information. Past performance is no guarantee of future performance. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of SRPS provides information and tools to assist Employer in selecting and monitoring investment options to be offered under the Plan. Employer is solely responsible for selecting and monitoring investment options offered under the Plan. SRPS is not a fiduciary to the Plan and does not have any fiduciary responsibility with regard to the administration of the Plan or the management of Plan assets. Schwab Retirement Plan Services, Inc. is not an investment adviser nor is registered as such. Providing the Charles Schwab Focus List does not constitute the rendering of investment advice or the exercise of discretionary authority or control with respect to Plan assets by SRPS. SRPS will not and does not make recommendations as to the advisability of any particular investment options under Plan, apart from any factual or empirical information provided hereunder (none of which shall constitute investment advice), the services rendered hereunder will not constitute or be relied upon by the Employer as the principal or primary basis for Employer investment decisions. This communication and any included investment materials are intended for the Plan Sponsor only. Neither Schwab Retirement Plan Services, Inc. ( SRPS ) nor its affiliates are undertaking or providing impartial investment advice or giving advice in a fiduciary capacity. SRPS s platform, from which an independent plan fiduciary may select and/or monitor investment alternatives, is offered without regard to the individualized needs of any specific plan, its plan participants, or beneficiaries. Such platform includes access to one or more third party investment advisory firms ( third party advice services ) that a Plan Sponsor or plan participant may use to assist in selecting specific investment alternatives from the available alternatives. The Charles Schwab Focus List is developed and maintained by Schwab Retirement Plan Services, Inc. Other Charles Schwab affiliates may publish lists of funds which differ from the Charles Schwab Focus List. Funds shown are available to Schwab Retirement Plan Services, Inc. clients at the time of printing but are subject to change. The universe of eligible mutual funds includes third party mutual funds available through Charles Schwab & Co., Inc. ("CS&Co.") and mutual funds managed by Charles Schwab Investment Management, Inc. ( CSIM ), an affiliate of CS&Co and CSIA ( Schwab Funds ). CS&Co. and its affiliates, including SRPS, receive remuneration from fund companies participating in the Mutual Fund OneSource service for record keeping and shareholder services and other administrative services. CS&Co. and its affiliates also may receive remuneration from transaction fee fund companies for certain administrative and related services. CS&Co. currently has two affiliated mutual fund families (collectively, Affiliate Funds ), including Schwab Funds. CS&Co. s affiliate, CSIM, serves as investment advisor to both fund families and receives investment advisory or management fees. These Affiliate Funds pay CSIM a fee for investment advisory services, the amount of which is described in the funds prospectuses. All Schwab Funds are part of CS&Co. s Mutual Fund OneSource platform. Consequently, like third-party mutual funds, these funds pay SRPS and/or CS&Co. an asset-based fee for the shareholder services that SRPS provides. The amount of fees SRPS receives for record keeping and shareholder services and other administrative services was not a factor for consideration when creating the Charles Schwab Focus List. Schwab Funds are distributed by CS&Co. SRPS and its affiliates may have a financial interest in the investment alternatives and/or third party advice services selected by the applicable plan fiduciary for the Plan depending on the recordkeeping service fee arrangements determined by the Plan Sponsor. Investment alternatives in the Plan may have shareholder and administrative service fees paid to Charles Schwab & Co., Inc. and its affiliates, including Charles Schwab Bank, which are paid or credited to SRPS and/or Charles Schwab Bank, as a result of Plan's assets being placed into such investment alternatives. Additional financial interest can be reviewed in the Explanation of Fees and Services Disclosures and/or the Disclosure Brochures for the applicable third party advice services. To request a copy of the latest Explanation of Fees and Services Disclosures and/or the Disclosure Brochures, please contact a SRPS representative. Schwab Retirement Plan Services, Inc. created this communication for retirement plan sponsors and retirement plan consultants, advisors, and other retirement plan service providers and fiduciaries only. Schwab Retirement Services, Inc. is not a fiduciary to retirement plans or participants and only provides recordkeeping and related services. Trust, custody, and deposit products and services are available through Charles Schwab Bank. The values of the target fund will fluctuate up to and after the target date. There is no guarantee the funds will provide adequate income at or through retirement. Diversification and asset allocation strategies do not ensure a profit and cannot protect against losses in a declining market. The Funds are subject to market volatility and risks associated with the underlying investments. Risks include exposure to international and emerging markets, small company and sector equity securities, and fixed income securities subject to changes in inflation, interest rates, market valuations, liquidity, prepayments, and early redemption. The funds are built for investors who expect to start gradual withdrawals of fund assets on the target date, to begin covering expenses in retirement. The principal value of the funds is not guaranteed at any time, and will continue to fluctuate up to and after the target date. The Schwab Managed Retirement Trust Funds and Schwab Institutional Trust Funds are collective trust funds maintained by Charles Schwab Bank ("Schwab Bank"), as trustee of the Funds. They are available for investment only by eligible retirement plans and entities. Schwab Bank Collective Trust Funds ("Funds") are not insured by FDIC or any other type of deposit insurance; are not deposits or other obligations of, and are not guaranteed by Schwab Bank or any of its affiliates; and involve investment risks, including possible loss of principal invested. The Funds are not mutual funds and are exempt from registration and regulation under the Investment Company Act of 1940 ("1940 Act"), and their units are not registered under the Securities Act of 1933, or applicable securities laws of any state or other jurisdiction. Unit holders of the Funds are not entitled to the protections of the 1940 Act. The decision to invest in the Funds should be carefully considered. The Funds' unit values will fluctuate and may be worth more or less when redeemed, so unit holders may lose money. The Funds are not sold by prospectus and are not available for investment by the public; Fund prices are not quoted in newspapers. Charles Schwab Focus List 14 of 17
16 The Manning & Napier RT CITs are collective trust funds and are not a registered investment company product. In addition to the fees described above, SRPS may earn additional compensation from certain mutual funds for the administrative services SRPS provides in connection with various marketing opportunities. The amount of such fees varies depending on the type and number of opportunities in which the fund participates. For more information about these particular fees, please read more about on schwab.com. Adjusted historical returns are provided for some funds if the share class in the plan has been available for less than 10 years and there is another older share class of the same fund. Morningstar provides extended performance for returns, ranks, and ratings for eligible open-end mutual funds when the share class does not have a 3-, 5-, or 10-year actual performance history. Extended performance is an estimate based on the performance of the fund s oldest share class, adjusted for fees but net of any fee or expense limitations or waivers. If the share class shown had been available during any period prior to its inception, the performance shown may have been different. Indices are unmanaged, do not incur management fees, transaction fees, or any other related expenses, and cannot be invested in directly. Stable Value, Money Market, and other capital preservation funds are not included on the Charles Schwab Focus List. 1) Morningstar Category Rank (3, 5 and 10 year) This is the fund s total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a Morningstar Category will always receive a rank of 1. The Morningstar Category Rank, and the Annualized Performance, does not reflect any front-end or deferred loads. Other expenses, such as 12b-1 fees, are included. 2) Morningstar Category Risk A statistic that evaluates a fund's downside volatility relative to the other funds in its Morningstar Category. To calculate Morningstar Category Risk score, Morningstar concentrates on those months during which the fund underperformed the 90-day T-bill return. The amounts by which the fund fell short of the Treasury bill's return are summed and divided by the result by the total number of months in the rating period. The fund's average monthly underperformance is then compared with the average monthly underperformance for the fund's Morningstar Category. The resulting risk rating expresses how risky the fund is relative to the average fund in the Morningstar Category. The 10% of funds with the least risk in each Morningstar Category earn a Low Morningstar Category Risk, the next 22.5% Below Average, the middle 35% Average, the next 22.5% Above Average, and the top 10% High. Morningstar Category Risk reflects historical volatility and may not be indicative of the future risks of investing in the fund. 3) The Sharpe Ratio, developed by Nobel Laureate William Sharpe, is a risk-adjusted measure calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund s historical risk-adjusted performance. The Sharpe ratio is calculated for the past 36-month period by dividing a fund s annualized excess returns by the standard deviation of a fund's annualized excess returns. Since this ratio uses standard deviation as its risk measure, it is most appropriately applied when analyzing a fund that is an investor s sole holding. The Sharpe Ratio can be used to compare two funds directly on how much risk a fund had to bear to earn excess return over the risk-free rate. 4) 3 year Standard Deviation, a statistical measurement of dispersion about an average, which, for a mutual fund, depicts how widely the returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that are most likely for a given fund. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility. 5) Fee Offset Tier refers to shareholder servicing fees and similar remuneration received from fund companies and/or their affiliates for record keeping, shareholder services, and other administrative services rendered in connection with servicing the Plan and investments. The proceeds are used to offset costs associated with Company and/or Trust administrative services. The tiers are as follows: Tier 1: %, Tier 2: %, Tier 3: 0.35% and above. Charles Schwab Focus List 15 of 17
17 Index definitions Note: The indexes listed below are not available for purchase. Charles Schwab Focus List TM 60% S&P 500 Idx/ 40% BC Aggregate Bond A combined index representing 60% of the S&P 500 Index and 40% of the Barclays Capital Aggregate Bond Index. BBgBarc US Agg Bond Composed of the Barclays Capital Government/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. The returns we publish for the index are total returns, which include reinvestment of dividends. BBgBarc US Govt Interm Includes those indexes found in the Barclays Capital Government Index which have a maturity of one to three years. The returns we publish for the index are total returns, which include reinvestment of dividends. BBgBarc US Govt/Credit 1-3 Yr -- Represents a combination of the Government and Corporate Bond indices for bonds with maturities between one and three years. The returns we publish for the index are total returns, which include reinvestment of dividends. BBgBarc Global Aggregate -- Comprised of three major regional aggregate components: the US Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Index. In addition to securities from these three benchmarks, the Global Aggregate Index also includes investment grade Eurodollar, Euro-Yen, Canadian, and 144A Index-eligible securities not already in the three regional aggregate indices. BBgBarc US Treasury US TIPS BarCap U.S. Treasury TIPS is an unmanaged market index made up of U.S. Treasury Inflation Linked Index securities. The rules to be included in the index are as follows: all bonds must have cash flows linked to an inflation index, the minimum amounts outstanding will be 100 million U.S. dollars, all bonds must be sovereign issues and be denominated in the relevant national currency, and all bonds must have more than one year to maturity. Credit Suisse High Yield An unmanaged, trader priced index constructed to mirror the characteristics of the high yield bond market. The index includes issues rated BB and below by S&P or Moody s with par amounts greater than $75 million. Preferred issues, US dollar denominated foreign issues and 144A securities meeting the above condition are also included. Morningstar receives and publishes this figure as a monthly total return. The FTSE NAREIT US Real Estate Index Series The index is designed to provide the most comprehensive assessment of overall industry performance, and includes all tax-qualified real estate investment trusts (REITs) that are listed on the New York Stock Exchange, the American Stock Exchange or the NASDAQ National Market List. MSCI Emerging Markets A free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. MSCI EAFE The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US & Canada. As of April 2002 the MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. MSCI EAFE VALUE - The MSCI EAFE Value Weighted Index is based on a traditional market cap weighted parent index, MSCI EAFE, which includes large and mid-cap stocks across Developed Markets countries around the world excluding the US and Canada. The MSCI EAFE Value Weighted Index reweights each security of the parent index to emphasize stocks with lower valuations. MSCI EAFE GROWTH - The MSCI EAFE Growth Weighted Index is based on a traditional market cap weighted parent index, MSCI EAFE, which includes large and mid-cap stocks across Developed Markets countries around the world excluding the US and Canada. The MSCI EAFE Growth Weighted Index reweights each security of the parent index to emphasize stocks with higher growth rates. Russell 1000 Growth (Value) Market-capitalization weighted index of those firms in the Russell 1000 with higher (lower) price-to-book ratios and higher (lower) forecasted growth values. The Russell 1000 includes the largest 1000 firms in the Russell 3000, which represents approximately 98% of the investable US equity market. Russell 2000 Growth (Value) Market-weighted total return index that measures the performance of companies within the Russell 2000 Index having higher (lower) price-to-book ratios and higher (lower) forecasted growth values. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 3000 Index represents 98% of the of the investable US equity market. Russell Midcap Growth (Value) Market-weighted total return index that measures the performance of companies within the Russell Midcap Index having higher (lower) price-to-book ratios and higher (lower) forecasted growth values. The Russell Midcap Index includes firms 201 through 1000, based on market capitalization, from the Russell 3000 Index. The Russell 3000 Index represents 98% of the of the investable US equity market. Standard & Poor's 500 A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market. It measures the movement of the largest issues. Standard and Poor's chooses the member companies for the 500 based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. S&P 500/Citi Growth & Value The S&P 500/Citi Growth and Value indices are market cap-weighted indices that cover the complete market cap of the S&P 500 index. All S&P 500 index stocks are represented in both and/or each Growth and Value index. The growth factors used to determine a stock s growth score are 5-year earnings per share growth rate, 5-year sales per share growth rate and 5-year internal growth rate (ROE * earnings retention rate). The value factors used to determine a stock s value score are book value to price ratio, cash flow to price ratio, sales to price ratio and dividend yield. Charles Schwab Focus List 16 of 17
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