This tool is for illustrative purposes only and is intended to demonstrate potential outcomes based on assumed interest rates and NAV fluctuations. These scenarios are purely hypothetical and do not represent the performance of any specific investment.

There is no guarantee that the hypothetical investment scenarios shown will be realized.

This webpage and the information provided constitute general communications intended solely for informational and educational purposes. This content is not impartial and does not constitute an offer, solicitation, or recommendation to buy or sell any security or to adopt any specific investment strategy. It does not take into account any individual investor’s circumstances and should not be considered investment, tax, accounting, legal, or regulatory advice. Investors should seek independent legal and financial counsel, including advice on tax implications, before making any investment decisions.

The hypothetical scenarios presented are based on user-provided inputs and do not consider specific investor circumstances. They should not be construed as investment, tax, accounting, legal, or regulatory advice. Investors are strongly encouraged to consult independent professionals before making any financial decisions.

• Income calculations are based on simple interest, assuming dividends are paid out in cash rather than reinvested.
• Net Asset Value (NAV) represents the per-share value of a mutual fund, calculated by subtracting fund liabilities from total assets and dividing by the number of shares outstanding. NAV is determined at the close of each business day.
• Breakeven Compared to Zero calculates the number of days needed to recover from an NAV fluctuation to achieve at least $0.00 in investment earnings.
• Breakeven Compared to a Stable NAV Investment calculates the number of days needed to recover from an NAV fluctuation to generate returns exceeding those of a Stable NAV investment.

Stable NAV Funds

Investing in the Fund carries risk, including potential loss of principal. While the Fund seeks to maintain a $1.00 per share value, there is no guarantee it will do so. The Fund may impose liquidity fees or temporarily suspend redemptions if liquidity levels drop below required minimums due to market conditions or other factors. Investments are not insured or guaranteed by the FDIC or any government agency. The Fund’s sponsor has no legal obligation to provide financial support, and investors should not assume such support will be provided.

Floating NAV Funds

Investing in the Fund carries risk, including potential loss of principal. Unlike Stable NAV Funds, the share price of Floating NAV Funds will fluctuate, meaning shares may be worth more or less than the purchase price at the time of sale. The Fund may impose liquidity fees or temporarily suspend redemptions if liquidity levels fall below required minimums due to market conditions or other factors. Investments are not insured or guaranteed by the FDIC or any government agency. The Fund’s sponsor has no legal obligation to provide financial support, and investors should not assume such support will be provided.

Please review the investment objectives, risks, charges, and expenses of the portfolios carefully before investing.

For complete details, refer to the prospectus, which is available at www.caltrust.org/funds or by calling XXX-XXX-XXXX. Please read the prospectus carefully before investing.