Subject: Mutual Fund Performance Summary for April 2006 (RegIRA 4134-7376)

From: Schwab Alerts <[email-masked]>
Date: Mon, 15 May 2006 15:31:06 -0600 (MDT)

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| My Mutual Funds Monthly Performance Summary Alert | April 2006

Performance Review and Perspectives

Supported by a strong global economy, all diversified domestic and international stock categories delivered positive performance in April. Here are some of the month's highlights:

Value funds outperform
Large-cap value (2.3%) and mid-cap value (1.35%) were the top performers among diversified domestic equities in April. Growth categories lagged as information technology and health care stocks returned weak results. With fears of increased tensions over Iran's nuclear programs, specialty precious metals (12.37%) and natural resources (6.16%) experienced significant gains, while concerns over rising interest rates led to negative performance in specialty real estate (-3.01%).

Boosted by weakness in the U.S. dollar, foreign fund categories enjoyed particularly strong returns. With interest rate cuts by the Brazilian and Mexican central banks, Latin American stock funds went from worst in the category (-0.83%) in March to best (8.03%) in April. Diversified emerging markets funds rose 6.77%.

Still neutral on U.S. equities (as of 5/5/06)
With solid earnings, attractive valuations, and hope for a near-term pause by the Federal Reserve, U.S. equities have been performing quite well. Yet headwinds facing stocks remain, such as monetary policy uncertainty, rising interest rates, and elevated inflationary pressures. Add the risk of a weakening dollar and the typically weak seasonal period for stocks -- and we believe a neutral weight exposure to U.S. equities is warranted.

In part due to elevated energy prices and a softening housing market, we recently lowered our recommended exposure to the consumer discretionary sector, with an off-setting increase to industrials.

Outside of the United States, the solid non-inflationary global growth story is quite compelling. We have a more bullish view on international equities -- both developed and emerging markets -- but caution investors to pare back outsized emerging markets allocations resulting from strong recent returns.

For Schwab's current market perspectives and the view over the next six to 12 months, please visit the "Market Insight" section of schwab.com.

Prepared by the Schwab Center for Investment Research®

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Distributor: ALPS Distributors, Inc.

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Data as of 04/30/2006

Actual Return

Average Annual Total Return

Symbol - Fund Name
(Inception Date)

1 Mo

1 Yr

3 Yr

5 Yr

10 Yr

Since Inception

Morningstar Category: Large Blend

Category Average

-0.30

15.23

14.28

2.37

7.84

N/A

Standard&Poor's 500

1.34

15.41

14.67

2.70

8.94

7.27

FMAGX - Fidelity Magellan
(05/02/1963)

1.91

20.60

13.63

1.77

8.00

18.66

Morningstar Category: Large Growth

Category Average

-1.43

16.97

12.68

-0.44

6.26

N/A

Standard&Poor's 500

1.34

15.41

14.67

2.70

8.94

7.27

FDGRX - Fidelity Growth Company
(01/17/1983)

-0.60

30.34

21.04

2.93

9.99

14.52

Morningstar Category: Specialty-Health

Category Average

-5.64

10.89

13.15

3.11

9.37

N/A

Standard&Poor's 500

1.34

15.41

14.67

2.70

8.94

7.27

FBIOX - Fidelity Select Biotechnology
(12/16/1985)

-6.20

21.67

13.33

-0.85

9.75

13.29

Morningstar Category: Small Value

Category Average

-0.88

25.97

25.06

14.31

12.76

N/A

Russell 2000

-0.02

33.47

25.67

10.90

9.58

13.52

TMVSX - Tamarack Micro Cap Value S
(09/10/1987)

1.11

31.76

31.06

17.92

15.01

11.61

Morningstar Category: Foreign Large Blend

Category Average

2.58

33.35

26.65

7.49

6.89

N/A

MSCI EAFE NDTR_D

4.78

33.49

29.10

9.19

6.68

10.77

UMBWX - UMB Scout WorldWide
(09/14/1993)

1.98

36.23

26.78

10.39

11.42

11.53

Performance data not available for the following funds:
SHSTX

Total returns are adjusted for sales charges and assume reinvestment of dividends and capital gains.

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Performance data quoted is past performance and is no guarantee of future results. Total return assumes reinvestment of all dividends and capital gains. Current performance may be lower or higher. Visit Schwab.com for month-end performance information. Investment value will fluctuate, and shares, when redeemed, may be worth more or less than original cost.

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S&P500® Index: Includes common stocks of the largest publicly traded U.S. companies. (S&P is a registered trademark of McGraw-Hill Co., Inc.)

Russell 2000® Index: The Russell 2000 Index is designed to measure the performance of the small-cap market. It consists of the 2,000 smallest companies in the Russell 3000® Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization.

Morgan Stanley Capital International EAFE® Index: An index of foreign stock prices of the Europe, Australasia, and Far East exchanges. Total return is calculated in US dollars.

Indices are unmanaged, do not incur management fees, costs and expenses, and cannot be invested in directly.

Investment risks: Note that small cap funds, healthcare funds, and technology funds may be subject to greater volatility than those in other asset categories with a greater degree of diversification. International investments are subject to additional risks such as currency fluctuation, political instability and the potential for illiquid markets. Some funds may have achieved high returns in the past, which may have been a result of investments in IPOs and the funds may not be able to maintain such returns.

The monthly Performance Review was compiled from sources believed to be reliable; however, Charles Schwab & Co., Inc. makes no representations or guarantees that the information is accurate, complete or timely. Additionally, Schwab makes no warranties to you regarding any results from using the information. Charles Schwab & Co., Inc. member NASD/SIPC & certain regional exchanges. The Schwab Center for Investment Research ("SCIR") is a part of Charles Schwab & Co., Inc. The information contained herein is obtained from sources believed to be reliable, but its accuracy or completeness is not guaranteed. This report is for informational purposes only and is not a solicitation, or a recommendation that any particular investor should purchase or sell any particular security. Schwab does not assess the suitability or the potential value of any particular investment. The Charles Schwab Corporation and its officers, directors, employees, consultants and/or members of their families may have a position in, and may from time to time, purchase or sell any of the mentioned or related securities including derivatives in such securities. Additionally, Schwab (or persons related thereto) or consultants may perform or solicit investment banking or other business from any company mentioned in this report. ©2006 Charles Schwab & Co., Inc.

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