Causeway Funds/Causeway Capital Management LLC

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as of 11/19/2008

(NAV, %change)
International Value Fund Investor Class (CIVVX) $7.83     -7.66%    
Institutional Class (CIVIX) $7.89     -7.73%    

Emerging Markets Fund Investor Class (CEMVX) $4.52     -6.42%    
Institutional Class (CEMIX) $4.52     -6.42%    

Global Value Fund Institutional Class (CGVIX) $4.24     -9.2%    
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Please click the link above for standardized and month-end performance.







History

Causeway Capital Management LLC is an international investment management firm which began operations in June 2001. With $11.3 billion in assets under management (at 9/30/08), Causeway has 49 employees- 18 of whom are investment professionals. Over half of our employees came to Causeway as a team from their prior employer where they were responsible for the international value strategy.


We recognize that our ability to deliver long-term, high quality portfolio management services for our clients is wholly dependent upon our employees. In order to maintain the continuity of our investment process we must have a stable organization. To that end, the employees of Causeway are also the majority owners of Causeway. We believe this leads to continuity of operations and consistent investment performance to which all investment management firms strive, but few actually attain.


Investing involves risk including loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not protect against loss.

To determine if the Funds are an appropriate investment for you, carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Funds' prospectus, which may be viewed and downloaded by clicking the link above or by calling 1-866-947-7000. Read it carefully before investing.

There is no guarantee that the Funds will meet their stated objective. The Funds are available to U.S. investors only. There is a 2% redemption fee on the original value of direct investments withdrawn within 90 days. This is to protect shareholders from short-term investors who can hurt performance for long-term shareholders. Many of the financial intermediaries through whom shareholders invest in the Funds also apply the Funds redemption fee or other frequent trading restrictions.

The Causeway Funds are distributed by SEI Investments Distribution Co. (SIDCO). SIDCO is not affiliated with Causeway Capital Management LLC.