(PUB) Morningstar FundInvestor

4

Data through December 31, 2013 Causeway International Value Inv

Ticker

Status Yield Total Assets

Mstar Category Foreign Large Blend

CIVVX Open

0.8% $4,740 mil

Morningstar Analyst Rating 11-15-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating High High Above Avg

97% 98% 99% 98% 99% 95% 99% 96% 95%

Œ

Manager Change Partial Manager Change

14.0 18.0 22.8 26.8

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

7.0

§

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

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 12-13

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 ¨

10.66

9.36

13.36 45.53 24.62 24.62

16.17 26.31

16.52

19.70 25.74

16.67

8.65

11.25 32.01 20.86 20.86

12.43

10.73

16.07 23.90

-11.18 . -52.01 . -52.01 .

7.87

-42.06 7.64 -83.51 53.17 -83.51 53.17

-10.79 11.98 -27.62 25.69 -27.62 25.69

-18.78 9.69 -18.78 9.69

9.09 9.09 1.12

8.61 8.61 1.01

0.61

1.73

1.78

2.08 5.79 0.34 0.58 95

2.06

2.88

1.93

1.44

2.85

.

-11.79 .

43.80

24.53

24.62

-44.94 5.58

30.08

-13.64 10.54

22.89

36

17

13

57

67

41

36

12

21

2

Pillar Spectrum Positive ∞

.

0.01 0.00

0.07 0.04

0.16 0.09

0.24 0.45

0.19 0.89 1.48 -0.61

0.41 4.00 1.51 -0.89

0.48 0.45 1.55 -1.01

0.17 0.00 1.56 -1.06

0.16 0.00 1.61 -1.26

0.35 0.00 1.58 -0.58

0.13 0.00 1.20 1.84

§ Negative

¶ Neutral

1.47 1.52 . . . -0.90 -0.70 . . . 462 1178 . . .

Performance 12-31-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

591

381

244

304

202

234

22

2009 2010 2011 2012 2013

-15.61 25.34 22.73 1.68 -42.06 3.64 -13.81 17.11 7.03 32.01 5.87 1.67 -22.12 6.41 11.98 15.56 -7.02 8.50 6.55 -10.79 1.38 2.56 11.99 6.41 24.23

18 . .

53

16

34

12

43

63

30

32

742

Portfolio Analysis 09-30-13 Share change since 06-13 Total Stocks:63 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Akzo Nobel NV Reed Elsevier NV

Basic Mat

Netherlands

3.68 3.39 2.87 2.81 2.77 2.76 2.71 2.54 2.48 2.42 2.39 2.36 2.36 2.35 2.04 2.03 1.97 1.95 1.88 1.86

1 Yr 3 Yr 5 Yr

23.90 11.15 15.21

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Cnsmr Cyc Netherlands Comm Svs Japan

Return% WexUS WexUS

Cat

$10,000

High High +Avg

+Avg High High

KDDI Corp. Siemens AG

3 Mo 6 Mo 1 Yr

6.41 1.64 19.16 3.82 23.90 8.61 11.15 6.01 15.21 2.40 8.05 0.48

1.64 3.82 8.61 6.01 2.40 0.48

38 10,641 13 11,916 15 12,390 4 13,732 9 20,298

Industrl

Germany

10 Yr Incept

8.05 9.41

Toyota Motor Corp

Cnsmr Cyc Japan

Novartis AG

Hlth care Switzerland Hlth care France Cnsmr Cyc Germany Finan Svs U.K. Comm Svs U.K. Finan Svs France Finan Svs Switzerland Hlth care Switzerland Cnsmr Def U.K. Cnsmr Def U.K.

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

Sanofi

Other Measures

Standard Index MSCI WexUS

Best Fit Index

British American Tobacco

MSCI Eur

25 21,689 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Daimler AG

Alpha

5.6

1.9

HSBC Holdings PLC

Beta

1.02

0.91

Tesco PLC

R-Squared

92

95

Vodafone Group PLC

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

10.35 14.55

3 6

0.72 0.57 1.43

67 56 86

BNP Paribas

Standard Deviation

17.53 11.15

UBS AG

Mean

Roche Holding AG

6.51

32

Sharpe Ratio

0.69

JGC Corp. Total SA

Industrl Energy Energy

Japan France Canada

Potential Capital Gain Exposure: 8% of assets

Morningstar’s Take by Kevin McDevitt, CFA 11-15-13 Causeway International Value is showing that it can succeed in any environment. Consistently good stock selection continues to be this fund’s greatest strength. That’s apparent because of the portfolio-level weightings that should’ve hurt it. strikes against it. Relative to the MSCI EAFE Index, the portfolio has an underweighting in Japan, one of the better-performing big markets in 2013, with 12.8% of assets there versus EAFE’s 21.6%. Plus, the team’s bottom-up investment process has led it to overweight the struggling energy and materials sectors. But materials stocks have been the fund’s strongest source of returns in 2013. Top-holding chemical company Akzo Nobel has gained 40% through the 12 months ended Nov. 7, 2013. Notably, most of the fund’s materials holdings are industrial companies rather than floundering miners. Effectively managing risk has played just as large of a role in the fund’s year-to-year consistency. In 11 The fund is on pace for its fourth consecutive top-quartile calendar-year return despite several

Imperial Oil Ltd

Lloyds Banking Group PLC

Finan Svs U.K. Technology France

calendar years, the fund has landed in its category’s bottom quartile just once. Although the team’s contrarian nature ensures that the fund’s volatility will remain above average, it has done a masterful job of knowing when to dial risk up or down. Management’s risk assessments are based on expected returns and historical volatility for the stocks on its watchlist. As expected returns diminish, the team tends to reduce portfolio volatility as measured by beta. The team took the portfolio’s beta below 1.0 during the financial crisis in 2008 and increased it in early 2009 as valuations improved. With expected returns continuing to fall, the team has cut beta to about 1.0. Despite its consistency, the fund will go through stretches of poor performance. The team is happy to dial up risk and buy beleaguered stocks when expected returns are high. This can add to short-term volatility. There are few such holdings these days, but the portfolio does have a decidedly cyclical tilt. But this fund has shown over more than a decade that any extra volatility has been worth it.

Legrand SA

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

WexUS High

Market Cap % Giant 59.3 Large 35.0 Mid 5.7 Small 0.0 Micro 0.0 Avg $mil: 39,830

Value Blnd Growth

Cyclical 43.72 BasicMat 10.40 CnsmrCyc12.59 FinanSvs 20.73 Real Est 0.00 Sensitive 38.29 CommSrvs 6.17 Energy 13.98 Industrl 13.15 Technlgy 4.99 Defensive18.00 CnsmrDef 6.81 Hlthcare 9.33 Utilities 1.86

.

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

Large Mid Small

. 11 8 . 16 13 . 21 17 . . .

. .

6 3

. 14 7 . 31 13

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

9.30 2.17 0.93 -9.09 -4.07 13.57 1.60 0.95 4.76 2.87

0.84 0.77 0.10 NMF NMF 1.03 1.01 0.97 0.88 1.03

5 1

. . .

9 3

. 10 9

3 0

.

% Rel Category

Regional Exposure UK/W. Europe 77 Japan 13 Asia X Japan 7

% Stock

N. America 2 Latn America 0 Other 1

Address:

11111 Santa Monica Blvd Los Angeles, CA 90025 866-947-7000 www.causewayfunds.com

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:

Management Fee:

Country Exposure

% Stock

Cash

4.8

Bonds Other

0.0 0.0

10-26-01

Actual Fees:

Mgt:0.80% Dist: .

U.K.

26 13 13

Germany 11 Switzerland 11

Causeway Capital Management LLC

Expense Projections: Income Distribution:

3Yr:$393 Annually

5Yr:$681 10Yr:$1500

Stocks

95.2

None

Japan France

Foreign

100.0

(% of Stock)

Fidelity Retail-NTF, CommonWealth NTF

Mutual Funds ß ®

© 2013Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

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