(PUB) Investing 2016

5

April 2016

Morningstar FundInvestor

Data through March 31, 2016 FINRA members: For internal or institutional use only. Causeway Emerging Markets Investor

Ticker CEMVX

Yield 1.4%

Total Assets $2,687 mil

Mstar Category DiversifiedEmergingMkts

Benchmark 1: MSCI EM NR USD Benchmark 2: MSCI ACWI Ex USA NR USD Morningstar Analyst Rating 03-28-16 ´

Investment Style Equity

Historical Profile Return Risk Rating Average Above Avg QQQ Neutral

1 1 1 1 1 1 1 1

10.0 12.0 14.0 16.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ¶ Neutral ∞ Positive ∞ Positive

8.0

Performance

6.0

People Parent

Performance Quartile (within Category)

) & & * & ( & ( *

Price

History

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 03-16 . 13.31 5.40 9.86 12.18 9.88 12.15 11.73 11.70 9.66 10.04

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 „ ´ ‰ Á

NAV

. . . . . . . . . . . .

-58.52 87.93 26.09 -18.24 25.57 -2.78 1.83 -16.24 3.93 -5.19 9.43 7.21 0.19 7.35 -0.17 4.02 -1.32 -1.78 -12.99 46.48 14.93 -4.53 8.74 -18.06 5.70 -10.58 4.31 0.89 5.24 2.49 0.64 2.56 0.68 2.07 1.23 0.00 -59.41 82.69 23.60 -18.88 23.02 -3.45 -0.23 -17.46 3.93

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

83

12

13

35

8

57

9

70

46

§ Negative

¶ Neutral

. 0.20 0.12 0.28 0.25 0.08 0.25 0.08 0.24 0.14 0.00 . 0.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Performance 03-31-16 1st Qtr 2nd Qtr

. . . .

. . .

3.16 1.82 1.98 2.11 1.78 1.63 1.55 1.45 1.46 1.02 1.79 2.61 1.96 2.52 2.46 1.69 1.89 2.55

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

15.79 -7.95 6.93 10.18 25.57 0.16 -9.61 6.55 0.79 -2.78 0.43 8.06 -2.59 -3.67 1.83 2.91 0.58 -16.93 -2.58 -16.24

77

100

92

83 15

95 29

74 37

95 46

112

100 538

8

2

5

57

502

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 12-31-15 Total Stocks: 128 Share change since 09-30-15 T Samsung Electronics Co Lt T China Construction Bank C Y China Mobile Ltd ADR T Hon Hai Precision Ind Co Korea Electric Power Corp T China Petroleum & Chemica

3.93

— — — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

Country

% Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Technology South Korea

3.43 3.08 2.97 2.34 2.24 2.13 2.13 1.85 1.84 1.80 1.70 1.60 1.52 1.51 1.44 1.41 1.27 1.27 1.21 1.16

1 Yr 3 Yr 5 Yr

-15.40

3 Mo 6 Mo

3.93 -1.78 4.31 1.25 -5.16 -1.61 -15.40 -3.37 -6.21 -4.88 -0.38 -5.20 -2.90 1.23 -3.21

46 10,393 86 10,125 86 8,460 53 8,605 32 8,630

Finan Svcs China Comm Svcs China Technology Taiwan

+Avg QQQ +Avg QQQ

-4.88 -2.90

Avg Avg

1 Yr

10 Yr Incept

— — — —

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

Utilities Energy

South Korea

2.19

China

— — — — — — — — — —

Tencent Holdings Ltd

Technology China

Other Measures

Standard Index

Best Fit Index

T Kia Motors Corp

Cnsmr Cyc South Korea

Alpha

-5.0 1.10

-1.3 1.02

T Taiwan Semiconductor Manu Technology Taiwan

Beta

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

PICC Property and Casualt Bank Of China Ltd. H Shar Polski Koncern Naftowy Or

Finan Svcs China Finan Svcs China

R-Squared

80

97

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

-5.46 -3.45

50 31

0.61 0.56

62 61

Standard Deviation

16.76 -4.88 -0.22

Energy

Poland

— — — —

Mean

Pegatron Corp

Technology Taiwan

Sharpe Ratio

T Ptt PLC

Energy Energy

Thailand

Potential Capital Gain Exposure: -22% of assets

Turkiye Petrol Rafinerile

Turkey

Morningstar's Take by Russel Kinnel 03-28-16 Causeway Emerging Markets has done a fine job applying quantitative models to emerging markets, earning it a Morningstar Analyst Rating of Bronze. Emerging markets throw up a number of hurdles for quantitative fund managers. Macroeconomic events can swamp company fundamentals, accounting rules are different, and value traps abound, with state-owned enterprises a particular threat. But Causeway’s quantitative team has an answer for each of those challenges, and it has come through with strong performance. Causeway’s quantitative team is largely separate from the fundamental team that runs well-known Causeway International Value CIVVX. The team is headed by Arjun Jayaraman. MacDuff Kuhnert has comanaged the fund with Jayaraman since its March 2007 inception. The team has built an array of models that generally have helped steer it on the right path. First and foremost are valuation models that give the fund a clear value tilt relative to most emerging-markets funds. The emphasis on modest valuations is tempered with earnings quality as well as share price and analyst rating momentum in

Y NetEase Inc ADR

Technology China

Y Firstrand Ltd

Finan Svcs South Africa

order to keep the fund out of value traps. These models account for 75% of the model weighting. The other 25% are top-down models that factor in macroeconomic and currency data to avoid moving into markets that look cheap but face huge headwinds. The fund also adjusts position sizing in order to get maximum return for minimum risk. This group of models was given greater weight in lightofthe fund’sextremeperformance in2008and2009. At that time, the fund’s valuation emphasis led it to some cheapbutvulnerablestocksthatgotcrushed in2008then rebounded to huge gains in 2009. Since the risk/return models were dialed up, the fund’s risk profile has moderated so that it is more in line with the typical emerging-markets funds’ risk/return profile. Since its 2007 inception, the fund has modestly outperformed peers and benchmark on a total return and risk-adjusted basis. It seems a good bet for continued long-term results.

T Sberbank of Russia PJSC A Finan Svcs Russia

Y KB Financial Group Inc

Finan Svcs South Korea

JBS SA

Cnsmr Def

Brazil

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 47.1 Large 31.4 Mid 18.0 Small 3.5 Micro 0.0 Avg $mil: 14,022

Value Blend Growth

Large Mid Small

35.65 0.79 6.07 0.78 5.60 0.57 21.67 0.89 2.31 0.76 47.54 1.15 6.10 0.89 11.62 1.63 7.86 1.45 21.96 1.01 16.81 1.21 8.42 1.07 4.75 1.76 3.64 1.10

Value Measures Price/Earnings

Rel Category

8.59 1.13 0.57

0.69 0.67 0.44 0.67 1.09 0.99 3.87 -1.78 -0.42 4.74

Price/Book Price/Sales

Price/Cash Flow 3.80 Dividend Yield % 3.61

Growth Measures

% Rel Category

Long-Term Erngs 11.95

Regional Exposure % Stock UK/W. Europe 0 N. America 0 Japan 0 Latn America 10 Asia X Japan 72 Other 18

Book Value

5.56 3.97 1.91

Sales

Address:

Causeway Capital Management Trust

Minimum Purchase: Min Auto Inv Plan:

$5000 $5000

Add: — IRA: $4000

Cash Flow

Los Angeles CA 90025

Add: $100

Historical Erngs -22.95

866-947-7000

Sales Fees:

No-load, 2.00%R 1.00%, 0.06%A

Country Exposure 26 South Korea 20 Taiwan 12 China

% Stock

Web Address:

www.causewayfunds.com

Management Fee:

Composition - Net Cash

India Brazil

9 5

Inception:

03-30-07

Actual Fees:

Mgt:1.00% Dist:—

0.1 Bonds

0.0 2.9

Advisor:

Causeway Capital Management LLC

Expense Projections: Income Distribution:

3Yr:$468 5Yr:$808 10Yr:$1768

Stocks 97.1 Other

Subadvisor:

None

Annually

Foreign (% of Stock)

100.0

A

ß ® Mutual Funds

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