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International Value NextShares

NAV (as of 18 Apr 2019)

$9.10, -0.07

INCEPTION

12 Apr 2018

TICKER/CUSIP

CIVEC/14949V106

Prospectus

Fund Profile

The Fund's investment objective is to seek long-term growth of capital and income. The Fund invests primarily in common stocks of companies in developed countries outside the United
States. Normally, the Fund invests at least 80% of its total assets in stocks of companies in a number of foreign countries, and invests the majority of its total assets in companies that pay
dividends or repurchase their shares. A company may reduce or eliminate its dividend, causing losses to the fund.

Sales ChargeNone
Net Expense Ratio1.05%
Gross Expense Ratio6.02%
Dividend FrequencyAnnual
Capital Gain FrequencyAnnual
BenchmarkMSCI EAFE

Performance

Fund Since Inception
NAV Total Return -7.47%
Market Price -8.05%
MSCI EAFE -5.11%

Portfolio

Asset Allocation as of 31 Mar 2019

Stocks 97.5%
Cash 2.5%

A “Weighted Average” measures a characteristic by the market capitalization of each stock. Price/Book Ratio is the weighted average of the price/book ratios of all the stocks in a portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company’s per-share book value. The Price/Earnings Ratio is the weighted average of the price/earnings ratios of the stocks in a portfolio. The FY2 P/E ratio is a forward P/E ratio using a next-twenty four months EPS estimate in the denominator.

SECTOR WEIGHTS as of 31 Mar 2019

Financials21.98%
Industrials15.19%
Communication Services10.75%
Materials10.45%
Health Care10.11%
Energy9.18%
Consumer Discretionary7.14%
Information Technology5.78%
Consumer Staples4.46%
Utilities2.50%
Real Estate0.00%

(VS. Benchmark)

Financials18.91%
Industrials14.36%
Communication Services5.42%
Materials7.46%
Health Care11.27%
Energy5.85%
Consumer Discretionary10.96%
Information Technology6.33%
Consumer Staples11.84%
Utilities3.73%
Real Estate3.87%
Financials
Industrials
Communication Services
Materials
Health Care
Energy
Consumer Discretionary
Information Technology
Consumer Staples
Utilities
Real Estate
Other

TOP 10 COUNTRIES as of 31 Mar 2019

United Kingdom32.79%
Germany13.90%
Japan12.85%
Switzerland8.33%
Canada6.55%
China5.66%
France4.84%
South Korea4.27%
Netherlands3.52%
Italy3.47%
Spain0.79%
Turkey0.32%
Ireland0.26%
Israel0.00%
New Zealand0.00%
Norway0.00%
Portugal0.00%
Singapore0.00%
Denmark0.00%
Finland0.00%
Hong Kong0.00%
Australia0.00%
Austria0.00%
Belgium0.00%
Sweden0.00%
0.00%
0.00%
0.00%

(VS. Benchmark)

United Kingdom17.08%
Germany8.57%
Japan23.96%
Switzerland8.90%
Canada0.00%
China0.00%
France11.26%
South Korea0.00%
Netherlands3.57%
Italy2.36%
Spain2.99%
Turkey0.00%
Ireland0.54%
Israel0.54%
New Zealand0.24%
Norway0.72%
Portugal0.16%
Singapore1.33%
Denmark1.79%
Finland1.02%
Hong Kong4.12%
Australia6.94%
Austria0.24%
Belgium1.01%
Sweden2.64%
0.00%
0.00%
0.00%
United Kingdom
Germany
Japan
Switzerland
Canada
China
France
South Korea
Netherlands
Italy
Spain
Turkey
Ireland
Israel
New Zealand
Norway
Portugal
Singapore
Denmark
Finland
Hong Kong
Australia
Austria
Belgium
Sweden
Other

TOP 10 HOLDINGS as of 31 Mar 2019

Security Country Industry % of Total
Takeda Pharmaceutical Co., Ltd. Japan Pharmaceuticals & Biotechnology 3.9
Volkswagen AG Germany Automobiles & Components 3.8
UniCredit S.p.A. Italy Banks 3.5
Linde Plc Germany Materials 3.4
British American Tobacco plc United Kingdom Food Beverage & Tobacco 3.3
Prudential Plc United Kingdom Insurance 3.3
BASF SE Germany Materials 3.0
China Mobile Ltd. China Telecommunication Services 3.0
ABB Ltd. Switzerland Capital Goods 2.8
Royal Dutch Shell Plc United Kingdom Energy 2.7

Holdings are subject to change.

Approach

Causeway International Value NextShares Fund is constructed from an equity universe spanning primarily developed international markets. Emerging markets investments may also be included. Eligible companies have market capitalizations generally greater than $1 billion. The investment process is comprised of three stages: quantitative screening and initial analysis, fundamental research, and portfolio construction.

Our international investment philosophy is value-driven with a fundamentally based, bottom-up approach to stock selection. We believe that companies derive their value from the contribution of yield and profitable re-investment of earnings back into the company.

Our philosophy on risk management is simple. We believe risk is best measured by the volatility of a portfolio's returns, not its dispersion from a benchmark. In our view, investors are rewarded over the long term by a reduction in volatility. Our goal is to construct a portfolio that provides competitive long-term, risk-adjusted returns. There is no guarantee that risk can be managed successfully.

Causeway International Value Fund is a fully invested, typically 50-80 stock portfolio, typically with a value bias. Sector and regional weights are by-products of our bottom-up approach to stock selection.

Documents

Consent to Electronic Delivery

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Access to Online Documents

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Duration of Election and Consent

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Costs and Risks

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