Updated June 26, 2020

Item 1. Introduction
Form CRS is a new requirement for SEC-registered firms to provide a summary of key information regarding the financial services offered to retail investors and is designed to facilitate comparisons of financial professionals in a simple easy-to-read format.

Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) is an investment management firm registered with the SEC as an investment adviser. Barrow Hanley is not a broker-dealer. Brokerage fees are different from investment advisory service fees, and it is important for retail investors to understand the differences. Free and simple tools are available to research firms and financial professionals at www.investor.gov/CRS, which also provides educational materials about broker dealers, investment advisers, and investing.

Item 2. Relationships and Services
What investment services and advice can you provide me?
Barrow Hanley provides advisory services to the following types of clients including retail investors:

Barrow Hanley offers prospective clients a selection of traditional value investment strategies based on fundamental investment analysis. A menu of the firm’s investment strategies and fee schedules is provided in Form ADV Part 2A, Item 5. From our list of strategies, the client selects a strategy that fits its needs. The majority of Barrow Hanley’s clients are institutional. Whether the client is retail or institutional, the client selects the strategy from our offerings, and we manage their assets within the strategy’s guidelines and within the client’s guidelines. A material limitation is that Barrow Hanley only manages assets within its traditional value investment strategies. Meaning, we would not deviate from those strategies, so clients who prefer investments that do not fit our traditional value strategies should not hire us. Barrow Hanley does not offer custody services, so clients who seek custodial services along with asset management should not hire us.

Item 3. Fees, Costs, Conflicts, and Standard of Conduct
What fees will I pay?
Barrow Hanley charges each client a fee based on the total assets in the account we manage. In addition, the client pays a brokerage commission on each equity trade we execute in your account. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time.

Barrow Hanley makes money from the investment management fees described above. Investment management is the firm’s only line of business. Please make sure you understand what fees and costs you are paying.

What are your legal obligations to me when acting as my investment adviser? How else does your firm make money and what conflicts of interest do you have?
When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Here are some examples to help you understand what this means:

How do your financial professionals make money?
Barrow Hanley’s investment professionals discussed here are portfolio managers of the firm who are responsible for investment selection for clients’ accounts. Our investment professionals are paid a salary and a bonus, and they have equity in our firm. Their compensation is tied to their overall contribution to the success of Barrow Hanley. In addition to base salary, all portfolio managers are eligible to participate in a bonus pool. The amount of bonus compensation is based on quantitative and qualitative factors and may be substantially higher than an investment professional's base compensation. Portfolio managers are evaluated on the value each adds to the overall investment process, as well as their contributions in other areas, such as meetings with clients and consultants. The final component of compensation of key employees, including portfolio managers, is their interest in the firm's equity plan. Each quarter, equity owners receive a share of the firm's profits in the form of a dividend, which is related to the performance of the entire firm.

Item 4. Disciplinary History
Do you or your financial professionals have legal or disciplinary history?
No. Visit www.investor.gov/CRS for a free and simple search tool to research Barrow Hanley and our financial professionals.

Item 5. Additional Information
Additional information about Barrow Hanley is also available on the firm’s website, www.barrowhanley.com, or on the SEC’s website at www.adviserinfo.sec.gov, using the firm’s CRD number 105519 to search. To request up-to-date information and a copy of the client relationship summary, please contact Patricia Barron, Chief Compliance Officer, at our toll free number, (833) 432-3687, or bhmscompliance@barrowhanley.com.