The Causeway Concentrated International Value Composite was created on May 31, 2004. The Concentrated Composite includes all international value equity, U.S. dollar denominated, discretionary accounts, which contain typically 20 to 35 holdings, include investments in South Korean companies after January 2005, and are not constrained by socially responsible investment restrictions. The concentrated international value strategy seeks long-term growth of capital and income through investment primarily in equity securities of companies in developed countries located outside the U.S. New accounts are included in the Concentrated Composite after the first full month under management. Terminated accounts are included in the Concentrated Composite through the last full month under management. Account returns are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The Composite is calculated monthly by weighting monthly account returns by the beginning market value. Past performance is no guarantee of future performance. Valuations and returns are computed and stated in U.S. Dollars. Returns include the reinvestment of interest, dividends and any capital gains, and are calculated gross of withholding taxes on dividends, interest and capital gains. Gross performance is before management fees but after trading expenses. Net performance is after management fees and trading expenses.

The MSCI EAFE® Index is an unmanaged index consisting of a market-value-weighted average of the performance of international securities listed on exchanges in Europe, Australasia and the Far East. The Fund’s value disciplines may prevent or restrict investment in major stocks in the benchmark index. It is not possible to invest directly in an index.