CALPINE CORPORATION RETIREMENT SAVINGS PLAN Investment Model Portfolios

Investment options of CALPINE CORPORATION RETIREMENT SAVINGS PLAN

Total Available Funds: 17

Asset Class

Ticker

Description

INTERNATIONAL EQUITY
Foreign Large Blend	JETIX	Artio Global Investment Funds: Artio International Equity Fund II; Class I Shares
Foreign Large Blend	FSIIX	Fidelity Concord Street Trust: Spartan International Index Fund; Investor Class Shares
Foreign Large Blend	JETAX	Artio Global Investment Funds: Artio International Equity Fund II; Class A Shares

US EQUITY
Small Growth	BCSSX	Brown Capital Management Mutual Funds: Brown Capital Management Small Company Fund; Institutional Share
Mid-Cap Growth	MGOYX	Munder Series Trust: Munder Mid-Cap Core Growth Fund; Class Y Shares
LARGE VALUE	MSYSX	Managers AMG Funds: Systematic Value Fund; Institutional Class Shares
LARGE BLEND	FXSIX	Fidelity Concord Street Trust: Spartan 500 Index Fund; Institutional Class Shares
SMALL VALUE	VSCVX	Munder Series Trust: Munder Veracity Small-Cap Value Fund; Class A Shares
LARGE GROWTH	RGAEX	Growth Fund of America
LARGE GROWTH	RGAFX	Growth Fund of America

Others
ROOT	FRTXX	Fidelity Money Market Trust: Retirement Money Market Portfolio
Target Date 2000-2010	FFKCX	Fidelity Aberdeen Street Trust: Fidelity Freedom K 2010 Fund
Moderate Allocation	FBAKX	Fidelity Puritan Trust: Fidelity Balanced Fund; Class K Shares
Retirement Income	FFKAX	Fidelity Aberdeen Street Trust: Fidelity Freedom K Income Fund
Moderate Allocation	FBALX	Fidelity Puritan Trust: Fidelity Balanced Fund
Target Date 2000-2010	FFKBX	Fidelity Aberdeen Street Trust: Fidelity Freedom K 2000 Fund

FIXED INCOME
Intermediate-Term Bond	MWTRX	Metropolitan West Funds: Total Return Bond Fund; Class M Shares

Investment model portfolios

We provide two types of investment model portfolios for CALPINE CORPORATION RETIREMENT SAVINGS PLAN participants. You can customize and follow a model portfolio in your plan account.

Types of portfolio strategies

Strategic asset allocation portfolio: It invests in a diversified portfolio of multiple assets, buy-and-hold without frequently changing the asset allocation weights.
- Suitable: For long-term (more than 15 years, preferably more than 20 years), want to be tax efficient and can withstand interim drawdown or loss as high as 50% or more.
- Pros:
  - Less error-prone
  - Infrequent rebalancing or transactions
  - Tax efficient for taxable brokerage investments
- Cons:
  - Interim loss or drawdown can be substantial
  - Possible low returns for an extended period, such as 10 years or longer
Tactical asset allocation portfolio: it invests in a diversified portfolio of multiple assets, dynamically adjust stock and bond allocations to minimize losses during market stress.
- Suitable: For long-term (more than 10 years or preferably longer) capital. Investors are willing to rebalance as frequent as monthly.
- Pros:
  - Reduce large interim loss or drawdown
  - Less sensitive to investment entry point
  - Likely to improve returns
- Cons
  - Demand more frequent rebalancing or transactions
  - Less tax efficient — more suitable in a tax-deferred account such as 401(k) or IRA
  - Can experience a period of lower returns compared to a broad-based strategic allocation or a buy-and-hold benchmark, especially in some bull markets

These portfolios are proactively monitored and rebalanced on a monthly basis when needed, ensuring it remains in line with its target allocation.

Let us know (Email us) if you need help to create a custom model portfolio for your plan.

Customize a model portfolio now

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