Schwab Managed Retirement Trusts
The Schwab Managed Retirement Trusts™ (SMRTs) are Collective Investment Trusts (CITs) maintained by Charles Schwab Trust Bank (Schwab Trust Bank or CSTB).
Seeking to provide total return for investors at or near a particular target retirement date.*
SMRTs are comprehensive investment portfolios that adjust asset allocations over time to better match the assumed changing risk tolerances and return objectives of investors over time. The only exception is the Schwab Managed Retirement Trust Income Fund, which is designed as a single investment portfolio that maintains a policy allocation intended to remain static and does not seek to distribute income.
SMRTs employ both active and passive strategies and are diversified through exposure to a variety of asset classes that may include, but are not limited to, U.S. and international equity, emerging markets equity, global real estate, short-term bond, intermediate-term bond, inflation-protected bond (U.S. TIPS), global bond, and cash equivalents.
The SMRT glide path.
With the goal of becoming more conservative over time, the Trust is reallocated annually to reduce equity and increase fixed income and cash equivalents allocations. The starting allocation of 97% equity and 3% fixed income and cash equivalents changes over time until it reaches 44% equity and 56% fixed income and cash equivalents at the target retirement date. At this time, the Trust will continue to reduce its allocation to equity investments for an additional 20 years, reaching its most conservative policy allocation of 28% equity and 72% fixed income and cash equivalents. At this point, the allocation is intended to remain static. At the target retirement date, it is assumed that investors will no longer contribute assets to the trust and, dependent upon each individual’s financial circumstances, will begin to gradually withdraw assets invested in the trust over time.
The values of the Trusts will fluctuate up to and after the target date. There is no guarantee the Trusts will provide adequate income at or through retirement.
Schwab Managed Retirement Trusts
|
Target Date |
Unit Class I | Unit Class II | Unit Class III | Unit Class IV | Unit Class V1 | Unit Class VI2 |
|---|---|---|---|---|---|---|
| Income |
Inception Date: 12/17/2004 Expense Ratio: 0.86%
|
Inception Date: 09/02/2005 Expense Ratio: 0.66%
|
Inception Date: 01/03/2007 Expense Ratio: 0.51%
|
Inception Date: 01/05/2010 Expense Ratio: 0.42%
|
Inception Date: 06/19/2014 Expense Ratio: 0.32%
|
Inception Date: 09/25/2018 Expense Ratio: 0.27%
|
|
2010 |
Inception Date: 10/01/2002 Expense Ratio: 0.86% |
Inception Date: 09/02/2005 Expense Ratio: 0.66% |
Inception Date: 01/03/2007 Expense Ratio: 0.51% |
Inception Date: 01/05/2010 Expense Ratio: 0.42% |
Inception Date: 06/19/2014
Expense Ratio: 0.32% |
Inception Date: 09/25/2018 Expense Ratio: 0.27% |
|
2015 |
Inception Date: 08/02/2007 Expense Ratio: 0.86% |
Inception Date: 10/02/2007 Expense Ratio: 0.66% |
Inception Date: 08/30/2007 Expense Ratio: 0.51% |
Inception Date: 04/05/2010 Expense Ratio: 0.42% |
Inception Date: 06/19/2014
Expense Ratio: 0.32% |
Inception Date: 09/25/2018 Expense Ratio: 0.27%
|
|
2020 |
Inception Date: 10/01/2002 Expense Ratio: 0.86% |
Inception Date: 09/02/2005 Expense Ratio: 0.66% |
Inception Date: 01/03/2007 Expense Ratio: 0.51% |
Inception Date: 01/05/2010 Expense Ratio: 0.42% |
Inception Date: 06/19/2014
Expense Ratio: 0.32% |
Inception Date: 09/25/2018
Expense Ratio: 0.27% |
|
2025 |
Inception Date: 08/02/2007 Expense Ratio: 0.86% |
Inception Date: 10/02/2007 Expense Ratio: 0.66% |
Inception Date: 08/30/2007 Expense Ratio: 0.51% |
Inception Date: 04/05/2010 Expense Ratio: 0.42% |
Inception Date: 06/19/2014
Expense Ratio: 0.32% |
Inception Date: 09/25/2018
Expense Ratio: 0.27% |
|
2030 |
Inception Date: 10/01/2002 Expense Ratio: 0.86% |
Inception Date: 09/02/2005 Expense Ratio: 0.66% |
Inception Date: 01/03/2007 Expense Ratio: 0.51% |
Inception Date: 01/05/2010 Expense Ratio: 0.42% |
Inception Date: 06/19/2014
Expense Ratio: 0.32% |
Inception Date: 09/25/2018
Expense Ratio: 0.27% |
|
2035 |
Inception Date: 08/02/2007 Expense Ratio: 0.86% |
Inception Date: 10/02/2007 Expense Ratio: 0.66% |
Inception Date: 08/28/2007 Expense Ratio: 0.51% |
Inception Date: 04/05/2010 Expense Ratio: 0.42%
|
Inception Date: 06/19/2014 Expense Ratio: 0.32%
|
Inception Date: 10/01/2018
Expense Ratio: 0.27% |
|
2040 |
Inception Date: 10/18/2002 Expense Ratio: 0.86% |
Inception Date: 09/02/2005
Expense Ratio: 0.66% |
Inception Date: 01/03/2007 Expense Ratio: 0.51% |
Inception Date: 01/05/2010 Expense Ratio: 0.42% |
Inception Date: 06/19/2014
Expense Ratio: 0.32% |
Inception Date: 09/25/2018
Expense Ratio: 0.27% |
|
2045 |
Inception Date: 08/02/2007 Expense Ratio: 0.86%
|
Inception Date: 10/02/2007 Expense Ratio: 0.66% |
Inception Date: 08/30/2007 Expense Ratio: 0.51% |
Inception Date: 04/05/2010 Expense Ratio: 0.42% |
Inception Date: 06/19/2014 Expense Ratio: 0.32% |
Inception Date: 09/27/2018 Expense Ratio: 0.27% |
|
2050 |
Inception Date: 02/20/2007 Expense Ratio: 0.86% |
Inception Date: 01/08/2007 Expense Ratio: 0.66% |
Inception Date: 01/03/2007 Expense Ratio: 0.51% |
Inception Date: 01/05/2010 Expense Ratio: 0.42% |
Inception Date: 06/19/2014 Expense Ratio: 0.32% |
Inception Date: 09/25/2018 Expense Ratio: 0.27% |
|
2055 |
Inception Date: 05/03/2013 Expense Ratio: 0.86% |
Inception Date: 11/21/2012 Expense Ratio: 0.66% |
Inception Date: 07/02/2013 Expense Ratio: 0.51% |
Inception Date: 12/10/2012 Expense Ratio: 0.42% |
Inception Date: 06/19/2014 Expense Ratio: 0.32% |
Inception Date: 09/26/2018 Expense Ratio: 0.27% |
| 2060 |
Inception Date: 12/31/2015 Expense Ratio: 0.86% |
Inception Date: 11/23/2015 Expense Ratio: 0.66% |
Inception Date: 10/28/2015 Expense Ratio: 0.51% |
Inception Date: 9/21/2015 Expense Ratio: 0.42% |
Inception Date: 12/7/2015 Expense Ratio: 0.32% |
Inception Date: 09/27/2018 Expense Ratio: 0.27% |
| 2065 |
Inception Date: -- Expense Ratio: 0.86% |
Inception Date: 09/23/2021 Expense Ratio: 0.66% | Inception Date: 08/24/2021 Expense Ratio: 0.51% | Inception Date: 06/10/2021 Expense Ratio: 0.42% | Inception Date: 04/13/2021 Expense Ratio: 0.32% | Inception Date: 01/26/2021 Expense Ratio: 0.27% |
The expense ratio for all unit classes of SMRTs were reduced by 3 bps effective February 1, 2024.
1 To invest in SMRT Unit Class V, a plan must either invest a minimum of $100 million or have plan assets greater than $400 million.
2 To invest in SMRT Unit Class VI, by a plan either custodied or not custodied with Charles Schwab Trust Bank, a minimum initial investment of $350 million or plan assets greater than $1 billion is required.
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