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. Returns greater than one year are average annual total returns. Total returns assume reinvestment of dividends and capital gains distributions at net asset value when paid. All information is as of the date shown. Investment performance reflects fee waivers in effect. In the absence fo such fee waivers, total return would be reduced. The gross and net expense ratios for the Investor Shares are 3.72% and 1.60%, respectively. The gross and net expense ratios for the Institutional Shares are 3.47% and 1.35%. respectively. Diversification does not protect against loss.

The Fund offers two classes of shares. Investor Class shares have a shareholder services fee of up to 0.25% per annum of average daily net assets. Institutional Class shares have no shareholder services fee. For more information, please see the prospectus.

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 risk related to the same factors in addition to those associated with their relatively small size and lesser liquidity.

To determine if this Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Fund's 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 Fund will meet its stated objective. The Fund is 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 There is a 2% redemption fee on the original value of direct investments withdrawn within 90 days.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 Fund also apply the Fund's 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. Diversification does not protect against loss.