(PUB) Investing 2015

January 2 015

Morningstar FundInvestor

5

Data through December 31, 2014 Causeway International Value Inv

Ticker

Status Yield Total Assets

Mstar Category Foreign Large Blend

CIVVX Open

2.3% $6,292 mil

Morningstar Analyst Rating 12-18-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Above Avg Above Avg

98% 99% 98% 99% 95% 99% 96% 95% 94%

Œ

Manager Change Partial Manager Change

14.0 18.0 22.8 28.4

Morningstar Pillars Process Performance

Growth of $10,000

§ ∞ ∞ ∞ ∞

Positive Positive Positive Positive Negative

Investment Values of Fund Investment Values of MSCI WexUS

People Parent Price

10.0

NAV Total Return % +/-MSCI WexUS +/-MSCI WexUS Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 12-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

9.36

13.36 26.31

16.17 7.87 -8.75 -8.75 2.08 5.79

16.52 25.74 -0.91 -0.91

19.70

16.67

8.65

11.25

12.43

10.73 24.23

13.08 23.90

14.69 -6.50 -2.63 -2.63 2.11 -8.61

45.53

-42.06 7.64

32.01 -9.44 -9.44

-10.79 11.98

4.70 4.70 1.73

5.40 5.40 1.78

-9.01 -9.01 2.06

3.47 3.47 2.88

0.83 0.83 1.44

2.92 2.92 2.85

7.40 7.40 2.33

8.61 8.61 1.01

1.12

1.93

43.80

24.53

24.62

-44.94 5.58

30.08

-13.64 10.54

21.90

22.89

17

13

95

57

67

41

36

12

21

2

15

73

Pillar Spectrum Positive ∞

0.07 0.04 0.51 1.77

0.16 0.09 0.49 2.77 128

0.24 0.45 0.45 3.17

0.34 0.58 0.47 4.18

0.19 0.89 0.47 4.95

0.41 4.00 0.48 4.27

0.48 0.45 0.49 2.61 105

0.17 0.00 0.55 2.25

0.16 0.00 0.60 2.15

0.35 0.00 0.63 1.52

0.25 0.00 0.75 1.27 105

0.34 0.00 1.16 2.55

§ Negative

¶ Neutral

Performance 12-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

56 43

51 34

49 26

54 16

88 15

45 13

58 11

27

. 64

2010 2011 2012 2013 2014

3.64 -13.81 17.11 7.03 -10.79 5.87 1.67 -22.12 6.41 24.23 15.56 -7.02 8.50 6.55 23.90 1.38 2.56 11.99 6.41 -6.50 0.00 1.87 -3.42 . .

52

17

9

831

Portfolio Analysis 09-30-14 Share change since 06-14 Total Stocks:61 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Dreyfus Cash Management

United States Netherlands

5.70 3.35 3.20 3.17 3.13 3.06 2.72 2.62 2.58 2.52 2.35 2.21 2.11 2.07 2.02 2.00 1.97 1.93 1.86 1.81

.

1 Yr 3 Yr 5 Yr

-6.50 12.90

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Akzo Nobel NV Reed Elsevier NV

Basic Mat

Return% WexUS WexUS

Cat

$10,000

+Avg High

Avg High +Avg

Cnsmr Cyc Netherlands Hlth care France Hlth care Switzerland

3 Mo 6 Mo 1 Yr

-4.96 -1.09 -8.21 0.72 -6.50 -2.63 12.90 3.91 7.53 3.10 4.85 -0.28

-1.09 0.72 -2.63 3.91 3.10 -0.28

88 9,504 40 9,179 72 9,350 13 14,391 8 14,376

7.53 4.85 8.11

Sanofi

10 Yr Incept

Avg

Novartis AG KDDI Corp

Comm Svs Japan

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

British American Tobacco

Cnsmr Def

U.K.

Other Measures

Standard Index MSCI WexUS

Best Fit Index

SK Telecom Co Ltd

Comm Svs Korea

MSCI Eur

34 16,058 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Technip UBS AG

Energy

France

Alpha

4.1

2.6

Finan Svs Switzerland Comm Svs China Finan Svs France Finan Svs U.K. Hlth care Switzerland Finan Svs U.K. Technology France

Beta

0.94

0.84

China Mobile Ltd

R-Squared

88

92

BNP Paribas

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

12.15

9 6

0.66 0.72 1.42

36 55 84

Lloyds Banking Group PLC Roche Holding AG Dividen

Standard Deviation

13.08 12.90

6.76 3.36

Mean

Barclays PLC Legrand SA

43

Sharpe Ratio

0.99

Potential Capital Gain Exposure: -6% of assets

International Consolidat HSBC Holdings PLC

Industrl

Spain

Morningstar’s Take by Kevin McDevitt, CFA 12-18-14 This fund is lagging so far in 2014 but not because of the current correction. Although the fund has historically been more volatile than its average foreign large-blend peer, it’s faring slightly better than most during this downturn. Since June 19, the MSCI EAFE Index is down about 11.3%, but the fund has dropped 10.6%. That’s because the distressed companies the fund is known for sometimes holding are not as common these days given a dearth of attractive opportunities. Lead managers Harry Hartford and Sarah Ketterer keep the fund’s estimated prospective beta relative to EAFE at 1.0. The fund is still paying for its overweighting in the weak energy and materials sectors, two of this year’s worst-performing sectors. Despite cutting energy from 13.1% heading into this year to 9.1% in September, there’s still a 3.3 percentage point overweighting relative to EAFE. With oil down about 50% this year, these holdings have gotten whacked, especially French services company Technip, which is down nearly 40% after announcing an unanticipated acquisition. Partly

Finan Svs U.K. Technology Japan

Hitachi Ltd KT&G Corp

as a result of such positions, as well as underweightings in relatively strong health-care and utilities companies, it is on pace for its first bottom-half calendar-year finish since 2007. Usually a correction offers the silver lining of attractive valuations, but that’s not necessarily the case this time. That’s because the current correction owes almost entirely to the strong dollar. In local currency terms, EAFE has fallen less than 4%. As a result, Hartford and Ketterer have not been adding to the riskier companies that they’re known for. Indeed, much of the fund’s long-term success owes to their discipline in buying such names only when valuations are firmly in their favor, which isn’t the case currently. On the bright side, weakness in major currencies such as the euro and yen could help the earnings of export-oriented foreign companies. Investors should take the current underperformance in stride. This fund has been remarkably consistent over the years. The team’s current discretion is a reminder of the good judgment behind the record.

Cnsmr Def

Korea

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

WexUS High

Market Cap % Giant 65.9 Large 29.4 Mid 4.7 Small 0.0 Micro 0.0 Avg $mil: 40,768

Value Blnd Growth

Cyclical 44.46 BasicMat 11.01 CnsmrCyc12.97 FinanSvs 19.93 Real Est 0.55 Sensitive 37.41 CommSrvs10.00 Energy 8.63 Industrl 13.27 Technlgy 5.51 Defensive18.12 CnsmrDef 5.81 Hlthcare 10.68 Utilities 1.63

.

h r t y u j i o p a k s d f

Large Mid Small

. 11 8 . 14 11 . 21 17

1 1

. .

. 10 4 . 14 9 . 30 10

Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales

Rel Category

14.34 1.57 1.03 4.08 3.55

0.99 1.03 NMF 0.48 0.00 1.09 0.99 1.05 0.75 1.27

7 2

. . .

9 5

. 11 9

6 0

.

% Rel Category

10.96 2.92 -0.33

Regional Exposure UK/W. Europe 71 Japan 15 Asia X Japan 13

% Stock

7.82 0.22

N. America 1 Latn America 0 Other 0

Address:

Causeway Capital Management Trust Los Angeles, CA 90025 866-947-7000

Minimum Purchase: Min Auto Inv Plan:

$5000 $5000

Add: $0 IRA: $4000

Add: $100

Sales Fees:

No-load, 2.00%R 0.80%, 0.06%A

Composition - Net

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

www.causewayfunds.com

Management Fee:

Country Exposure

% Stock

Cash

5.7

Bonds Other

0.0 0.0

10-26-01

Actual Fees:

Mgt:0.80% Dist: .

U.K.

20 17 15

Switzerland 14 Netherlands 9

Causeway Capital Management LLC

Expense Projections: Income Distribution:

3Yr:$381 Annually

5Yr:$660 10Yr:$1455

Stocks

94.3

None

France Japan

Foreign

100.0

(% of Stock)

Fidelity Retail-NTF, CommonWealth NTF

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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