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Important disclosures

Source: Schwab Center for Financial Research.

Sectors are based on the Global Industry Classification Standard (GICS®), developed by MSCI and Standard & Poor’s.

This is a hypothetical illustration of a typical business cycle; not all cycles follow the same pattern or progress in the same sequence. Often, phases can be identified only in retrospect.

Past performance is no guarantee of future results

(0116-BUF5)

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