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† As stated in the prospectus, the investment adviser and its affiliates have agreed to limit the total annual portfolio operating expenses (excluding interest, taxes and certain non-routine expenses) of each of the portfolios to 0.50% for so long as the investment adviser serves as the adviser to the portfolio. This agreement may only be amended or terminated with the approval of the portfolio’s Board of Trustees. The agreement to limit the total annual portfolio operating expenses is limited to the portfolio’s direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect expenses incurred by the portfolio through its investments in the underlying funds.

Investment returns will fluctuate and are subject to market volatility, so that an investor’s shares, when redeemed or sold, may be worth more or less than their original cost.

Fundamental Index is a registered trademark of Research Affiliates LLC. Charles Schwab & Co., Inc. and Research Affiliates are unaffiliated entities.


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