Causeway Funds/Causeway Capital Management LLC

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as of 9/8/2010

(NAV, %change)
International Value Fund Investor Class (CIVVX) $11.07     .54%    
Institutional Class (CIVIX) $11.14     .45%    

Emerging Markets Fund Investor Class (CEMVX) $10.37     .77%    
Institutional Class (CEMIX) $10.30     .78%    

Global Value Fund Institutional Class (CGVIX) $7.54     .66%    

International Opportunities Fund Investor Class (CIOVX) $9.98     .5%    
Institutional Class (CIOIX) $9.98     .5%    
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.







Why Invest Internationally

We believe there are several benefits to investing in international equity markets. In this section, we discuss the diversification benefits, performance of foreign markets and international opportunities. We believe the Causeway International Value Fund is an excellent way to invest in high quality companies overseas.


Opportunity Abroad

There are roughly 36,000 regularly traded companies around the world. Of those, approximately 13,000 are located in the United States. This means that approximately two-thirds of all companies are located outside the U.S. Therefore, investing in international stocks significantly broadens investment opportunities.




International funds open up the opportunity to invest in thousands of quality companies that may not be available in traditional domestic equity funds.


Diversification Benefits

In addition to offering increased opportunities, international investing can provide significant diversification to a portfolio. Most investors build a portfolio with an emphasis on both return and risk. Diversification in a portfolio is critical to help reduce risk. Adding international exposure to a portfolio can help reduce overall risk by reducing overall portfolio volatility.

Why is this the case? Over longer time periods, the returns and directions of foreign markets have not moved in step with the U.S. market. During any given year, some overseas markets have performed like the U.S. while others have performed significantly differently. This can work to an investor’s advantage. By combining various foreign markets with the U.S. market, an overall portfolio is more diversified and can be less volatile.


Summary

We never know which country’s stock market will be the best performer in a given year. Looking at just the last five years shows us why. The following chart details the best three and worst three performing countries in the developed international markets plus the U.S.



2005 2006 2007 2008 2009
Best Performers Canada
Norway
Japan 		Spain
Portugal
Ireland 		Finland
Hong Kong
Germany 		Japan
Switzerland
U.S.A. 		Norway
Australia
Singapore
Worst Performers Ireland
Portugal
Italy 		Japan
U.S.A
New Zealand 		Ireland
Japan
Belgium 		Ireland
Austria
Belgium 		Japan
Finland
Ireland

Source: MSCI



Clearly the opportunities outside the U.S. are significant. Couple that with the diversification benefits, and we believe most investors should have some allocation to the international markets.

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 prevent all investment losses.

To determine if a 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 here or by calling 1-866-947-7000. Read it carefully before investing.

There is no guarantee that the Causeway Funds will meet their stated objective. The Funds are available to U.S. investors only. There is a 2% redemption fee on the value of direct investments withdrawn within 60 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.