Form N-CSR CAUSEWAY CAPITAL MANAGEM For: Sep 30

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED
SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-10467

 

 

Causeway Capital Management Trust

(Exact name of registrant as specified in charter)

 

 

11111 Santa
Monica Boulevard, 15th Floor

c/o Causeway Capital Management LLC

Los Angeles, CA 90025

(Address
of principal executive offices) (Zip code)

 

 

The Corporation
Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington
DE, 19801

(Name and address of agent for service)

 

 

Registrant’s
telephone number, including area code: 1-866-947-7000

Date of fiscal year end: September 30, 2022

Date of reporting period: September 30, 2022

 

 

 

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Item 1.

Reports to Stockholders.

The registrant’s schedules as of the close of the reporting period, pursuant to Rule 30e-1 under the Investment
Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), are attached hereto.

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TABLE OF CONTENTS

 

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LETTER TO SHAREHOLDERS

 

For the fiscal year ended September 30, 2022, Causeway International Opportunities
Fund’s (the “Fund” or “Fund’s”) Institutional Class returned -25.18% and Investor Class returned -25.37% compared to the MSCI ACWI ex US Index (Gross) (“Index”) return of -24.79%. Since the Fund’s
inception on December 31, 2009, its average annual total returns are 3.12% for the Institutional Class and 2.87% for the Investor Class compared to the Index’s average annual total return of 3.28%. At fiscal year-end, the Fund had net
assets of $166.4 million.

Performance Review

Developed equity
markets depreciated during the fiscal year. Fourth quarter of 2021 economic data reflected pandemic-related restrictions but largely indicated resilient real gross domestic product growth globally. While 2022 began with a generally favorable
backdrop for global economic activity, it was upended in late February by Russia’s invasion of Ukraine and subsequent economic shock. Sanctions from the US and European countries on Russia, ongoing supply chain bottlenecks related to the
pandemic, and disruptions to energy and commodity markets exacerbated inflationary pressures. In the US, rampant inflation and a tight labor market compelled the Federal Reserve (“Fed”) to move more aggressively to raise interest rates.
Monetary tightening typically impacts the global economy with a lag; however, signs of economic softening have already emerged. The JP Morgan Global Composite Purchasing Managers’ Index (“PMI”) survey ended August at 49.3, in
contractionary territory for the first time since June 2020 when the Covid pandemic severely hampered economic activity. In Europe, the war in Ukraine and Russia’s curtailment of gas supplies continues to weigh on business and consumer
sentiment. In September, the Eurozone’s consumer confidence indicator fell to an all-time low since the series began. Economic data continued to point to a slowdown, including the Eurozone’s composite PMI falling into contraction territory
in the latter portion of the period. Despite the growth deceleration, inflationary pressures remain stubbornly high in Europe with both headline and core consumer price inflation increasing. As with the Fed, these developments should increase the
pressure on the European Central Bank to accelerate its pace of monetary tightening to fight inflation. In the UK, fiscal policy announcements attracted significant attention at the end of September 2022. A mini-budget, ostensibly to supercharge
economic growth, was greeted with derision and only succeeded in undermining the country’s fiscal position. Forced to intervene, the Bank of England (“BoE”) temporarily reversed course on quantitative tightening. UK consumer
confidence dropped to a record low in September and the composite PMI pointed to a meaningful downturn in manufacturing output and stalled service sector growth. With core and headline inflation remaining well-above target levels, we believe the BoE
will resume monetary tightening. In contrast to other developed market central banks, the Bank of Japan continues to buy Japanese government bonds, despite the yen depreciating to a 20-year low versus the US dollar. Japan is now one of the only
remaining sovereigns with negative-yielding debt, as most European yields are firmly in positive territory. In China, the zero-Covid policy continues to hurt the economy. The World Bank now forecasts that the Chinese economy will grow 2.8% in 2022,
down from expectations of 4.3% in June and 5.1% in December 2021. Amid a fragile economy and benign inflation environment, the People’s Bank of China lowered policy rates during the period. With two-year yields above 10-year yields, the US
yield curve is inverted. This has historically been a negative indicator for emerging markets (“EM”) assets as it signals weak global growth prospects. Relatively high yields in the US have also buoyed the US dollar relative to most other
currencies. EM currencies have generally depreciated relative to the US dollar, though EM currencies have fared better than many of their developed

 

2		Causeway International Opportunities Fund

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market counterparts as most EM central banks have been proactively raising interest rates in anticipation of a Fed rate hiking cycle. The energy, utilities, and consumer staples sectors were the
top performers for the trailing twelve-month period. The information technology, consumer discretionary, and communication services sectors lagged. The top performing markets in the Index were Indonesia, Qatar, and Kuwait. The weakest performing
markets were Russia, Hungary, and Poland.

For the fiscal year, Fund holdings in the pharmaceuticals & biotechnology, consumer durables &
apparel, and software & services industry groups, as well as an overweight position in the energy industry group and an underweight position in the media & entertainment industry group, contributed the most to the Fund’s
performance relative to the Index. Holdings in the capital goods, materials, transportation, automobiles & components, and utilities industry groups offset some of the outperformance. The largest contributor to absolute return was luxury
goods manufacturer & retailer, Compagnie Financiere Richemont SA (Switzerland). Additional top contributors included integrated oil & gas company, TotalEnergies SE (France), crude oil & natural gas company, BP Plc (United
Kingdom), energy supermajor, Shell Plc (United Kingdom), and retail bank, CaixaBank SA (Spain). The biggest detractor from absolute return was jet engine manufacturer, Rolls-Royce Holdings Plc (United Kingdom). Other notable detractors included
electric, gas & renewables power generation & distribution company, Enel SpA (Italy), life insurer, Prudential Plc (United Kingdom), rolling stock, signaling & services provider for the rail industry, Alstom SA (France),
and business software & services provider, SAP SE (Germany).

Significant Portfolio Changes

Our disciplined purchase and sale process for the developed markets portion of the Fund led the portfolio management team to reduce exposure to several
holdings that approached fair value in our view. The largest sales during the fiscal year included the full sales of diversified chemicals manufacturer, BASF SE (Germany), airline, Air Canada (Canada), and airliner manufacturer, Airbus SE (France),
as well as reduced exposure to integrated oil & gas company, TotalEnergies SE (France) and crude oil & natural gas company, BP Plc (United Kingdom). Significant purchases included five new additions to the Fund: industrial gas
provider, Air Liquide (France), freight rail operator, Canadian National Railway Co (Canada), global fashion retailer, Industria de Diseño Textil SA (Spain), communication services provider, Deutsche Telekom AG (Germany), and
metals & mining company, Rio Tinto Plc (United Kingdom).

The Fund’s weights relative to the Index in the household & personal
products, retailing, and health care equipment & services industry groups increased the most compared with the beginning of the fiscal year, while relative weights in the energy, capital goods, and pharmaceuticals & biotechnology
industry groups were the greatest decreases. From a regional perspective, the most notable weight changes relative to the Index included increased exposure to the Netherlands and the United Kingdom. The most significantly reduced relative country
weights included Switzerland and Germany. At the end of the fiscal year, the three largest industry group exposures from an absolute perspective for the Fund were to the banks, pharmaceuticals & biotechnology, and capital goods industry
groups.

 

		Causeway International Opportunities Fund			3

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Equity Allocation Model Update

A proprietary quantitative equity allocation model assists the portfolio managers in determining the weight of emerging versus developed markets in the Fund.
In constructing the model, we identified five primary factors as most indicative of the ideal allocation target: valuation, quality, macroeconomic, earnings growth, and risk aversion. Currently, we are underweight emerging markets relative to the
Index. Our valuation factor is currently neutral. Our quality metrics, which include such measures as profit margins and return on equity, are negative for emerging markets. Our earnings growth factor is negative for emerging markets, indicating
that the near-term earnings revisions profile of emerging markets is inferior to that of developed markets. Our macroeconomic factor, which measures the slope of the global yield curve, is negative on emerging markets. Our risk aversion factor,
which assesses the emerging markets bond yield spread over U.S. Treasuries, the CBOE Volatility Index (VIX), and the CBOE Emerging Markets ETF Volatility Index (VXEEM), indicates investors’ appetite for risk has decreased, a positive indicator
in our model.

Investment Outlook

The average Euro Stoxx
constituent is down 20% over the year to date period in euros, and 30% in US dollars. This makes cyclical stock laden Europe one of the worst performers of major stock market regions. Much of the pessimism surrounding Europe stems from concerns
about global economic slowing, a potentially painful energy crisis this winter and more economic drag from a delayed reopening of the Chinese economy. After growth indices and the US market trampled value and MSCI ACWI indices in the most torrid
part of this bull market over the past five years, it’s frustrating to see Europe lag in 2022’s bear markets. We believe that underperformance will close as the economic cycle bottoms and investors begin to anticipate economic (and
earnings) recovery. As a value investor, we look beyond the next 12 months to evaluate the magnitude of earnings rebound in many of these hardest hit stocks, focusing our developed markets efforts on those with, in our view, superior financial
strength. Weak domestic currencies in non-US markets are likely to offset – at least partially – the headwinds from economic slowing. We have identified developed markets companies overseas that trade at valuation discounts to US peers
that far exceed, in our view, the gap explainable by fundamental criteria such as return on capital and earnings growth. We believe these types of investment opportunities in international developed markets, in industries such as enterprise
software, industrial automation, specialty chemicals and appliances, are rare and typically don’t persist. We want to own these stocks, as others abandon them, as we believe they have the potential to deliver greater returns over the next few
years than broad market averages.

Within the EM portion of the Fund, earnings growth upgrades for EM equities continue to lag those in developed markets
as many developed ex-US countries are benefitting more from improved currency competitiveness following steep declines in their currencies relative to the US dollar. The EM sectors with the weakest net upgrades were information technology, real
estate, and materials. Information technology reflects slowing global growth and a rebalancing of demand that was pulled forward during the Covid-19 pandemic. Real estate is primarily driven by slowing growth in the Chinese real estate sector, which
is less impactful for China overall as the relative size of the sector has declined. Materials reflects the falling commodity prices resulting from a slowing global economy. The sectors with the strongest net upgrades were energy, consumer
discretionary, and financials. Energy stocks have benefitted from relative strength in oil, coal, and natural gas prices. Consumer discretionary stocks reflect the strength in

 

4		Causeway International Opportunities Fund

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Chinese online consumer companies and financials have been buoyed by rising interest rates. From a country perspective, South Korea, South Africa, and Taiwan had the weakest net upgrades. The
South Korean and Taiwanese economies are technology-oriented and have been impacted by the slowdown in that sector. South Africa is a commodity-oriented economy and reflects falling commodity prices. Turkey, Saudi Arabia, and Indonesia have
experienced positive net upgrades. While we incorporate growth expectations into our multi-factor investment process, we continue to emphasize valuation in our approach. With a balance of favorable valuation, growth, and price momentum
characteristics relative to the Index, we believe the EM portfolio offers attractive risk-adjusted return potential looking forward.

We thank you for your
continued confidence in Causeway International Opportunities Fund.

September 30, 2022

 

Brian Cho Portfolio Manager		Jonathan Eng Portfolio Manager		Joseph Gubler Portfolio Manager

 

Harry Hartford Portfolio Manager		Arjun Jayaraman Portfolio Manager		Sarah Ketterer Portfolio Manager

 

MacDuff Kuhnert Portfolio Manager		Ellen Lee Portfolio Manager		Conor Muldoon Portfolio Manager

 

Ryan Myers Portfolio Manager		Steven Nguyen Portfolio Manager		Alessandro Valentini Portfolio Manager

 

		Causeway International Opportunities Fund			5

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The above commentary expresses the portfolio managers’ views as of the date shown and should not be relied upon by
the reader as research or investment advice. These views are subject to change. There is no guarantee that any forecasts made will come to pass.

Holdings are
subject to change. Current and future holdings are subject to risk. Securities mentioned do not make up the entire portfolio and, in the aggregate, may represent a small percentage of the portfolio.

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.

A company may reduce or eliminate its dividend,
causing losses to the Fund.

 

6		Causeway International Opportunities Fund

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Comparison of Change in the Value of a $10,000 Investment in Causeway International Opportunities Fund, Investor Class
shares versus the MSCI ACWI ex USA Index (Gross) as of September 30, 2022

 

The performance in the above graph does not reflect the deduction of taxes the shareholder will pay on Fund
distributions or the redemptions of Fund shares.

* Inception is December 31, 2009.

The performance data represents past performance and is not an indication of future results. Investment return and the 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 higher or lower than the performance quoted. For performance data current to the most recent month end, please call
1-866-947-7000 or visit www.causewayfunds.com. Investment performance reflects expense reimbursements in effect during certain periods. In the absence of such expense reimbursements, total return would be reduced. The contractual expense limits are
in effect until January 31, 2024. Total returns assume reinvestment of dividends and capital gains distributions at net asset value when paid. Investor Class shares pay a shareholder service fee of up to 0.25% per annum of average daily
net assets. Institutional Class shares pay no shareholder service fee. Pursuant to the current January 27, 2022 prospectus, as supplemented most recently June 30, 2022, the Fund’s annualized gross ratios of expenses in relation to
average net assets were 0.99% and 1.24% for the Institutional Class and Investor Class, respectively, and the Fund’s annualized ratios of expenses in relation to net assets after fee waivers and reimbursements were 0.95% and 1.20% for the
Institutional Class and Investor Class, respectively. For more information, please see the prospectus.

The MSCI ACWI ex USA Index (Gross) (the
“Index”) is a free float-adjusted market capitalization weighted index, designed to measure the equity performance of developed and emerging markets excluding the U.S. market, consisting of 46 country indices. The Index is gross of
withholding taxes, assumes reinvestment of dividends and capital gains, and does not reflect the payment of transaction costs, fees and expenses associated with an investment in the Fund. It is not possible to invest directly in an index. There are
special risks in foreign investing (please see Note 5 in the Notes to Financial Statements).

MSCI has not approved, reviewed or produced this report, makes no
express or implied warranties or representations, and is not liable whatsoever for any data in this report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

 

		Causeway International Opportunities Fund			7

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SCHEDULE OF INVESTMENTS (000)*

September 30, 2022

 

Causeway International Opportunities Fund		Number of Shares				Value
COMMON STOCK
Belgium — 0.6%
Anheuser-Busch InBev S.A.			23,037			$	1,044
Brazil — 2.0%
Banco do Brasil SA			118,800				847
JBS SA			120,300				563
Marfrig Global Foods S.A.			90,000				165
Minerva SA			84,600				196
Petro Rio S.A. 1			39,500				202
Petroleo Brasileiro SA, Class A ADR			51,882				575
SLC Agricola S.A.			29,450				236
Suzano S.A.			24,700				204
Vale SA, Class B ADR			23,634				315
							3,303
Canada — 2.4%
Alimentation Couche-Tard Inc.			32,916				1,325
Canadian National Railway Co.			24,287				2,623
							3,948
China — 9.0%
360 DigiTech Inc. ADR			34,715				445
Alibaba Group Holding Ltd. ADR 1			15,009				1,201
Anhui Conch Cement Co. Ltd., Class H			138,177				437
Baidu Inc. ADR 1			2,375				279
Bank of China Ltd., Class H			1,238,000				404
BYD Co. Ltd., Class H			19,000				468
Chengxin Lithium Group Co. Ltd., Class A			24,600				162
China Construction Bank Corp., Class H			2,158,741				1,246
China Everbright Environment Group Ltd.			421,000				174
China Galaxy Securities Co. Ltd., Class H			367,000				169
China Lumena New Materials Corp. 1,2,3,4			4,900				—
China Petroleum & Chemical Corp., Class H			1,194,000				510
China Railway Group Ltd., Class H			818,000				402

 

The accompanying notes are an integral part of the financial statements.

 

8		Causeway International Opportunities Fund

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SCHEDULE OF INVESTMENTS (000)*
(continued)

September 30, 2022

 

Causeway International Opportunities Fund		Number of Shares				Value
China — (continued)
China Resources Pharmaceutical Group Ltd.			217,000			$	148
China Shenhua Energy Co. Ltd., Class H			214,500				638
China State Construction Engineering Corp. Ltd., Class A			359,593				260
CITIC Ltd.			374,000				352
COSCO SHIPPING Holdings Co. Ltd., Class H			440,950				513
Daqo New Energy Corp. ADR1			9,505				504
Dongfeng Motor Group Co. Ltd., Class H			366,000				196
FinVolution Group ADR			23,386				100
Ganfeng Lithium Co. Ltd., Class H			17,920				118
Guangzhou Automobile Group Co. Ltd., Class H			210,000				149
Guangzhou Tinci Materials Technology Co. Ltd., Class A			13,000				80
Industrial & Commercial Bank of China, Class H			1,082,000				508
Intco Medical Technology Co. Ltd., Class A			28,198				79
JD.com Inc. ADR			10,290				517
Jiangxi Copper Co. Ltd., Class H			198,000				229
Lenovo Group Ltd.			382,000				264
Meituan, Class B1			3,900				82
NetEase Inc. ADR			1,226				93
PetroChina Co. Ltd., Class H			1,616,000				661
PICC Property & Casualty Co. Ltd., Class H			706,000				730
Pinduoduo Inc. ADR1			7,750				485
Shanghai Pharmaceuticals Holding Co. Ltd., Class H			84,439				116
Sinopharm Group Co. Ltd., Class H			76,000				152
Skyworth Group Ltd.			212,000				85
Tencent Holdings Ltd.			42,431				1,433
Tongwei Co. Ltd., Class A			65,093				429
Zhejiang Expressway Co. Ltd., Class H			228,000				155
							14,973
France — 13.3%
Air Liquide SA			25,256				2,887
Alstom S.A.			122,397				1,980
ArcelorMittal S.A.			35,063				698

 

The accompanying notes are an integral part of the financial statements.

 

		Causeway International Opportunities Fund			9

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SCHEDULE OF INVESTMENTS (000)*
(continued)

September 30, 2022

 

Causeway International Opportunities Fund		Number of Shares				Value
France — (continued)
AXA SA			136,544			$	2,981
BNP Paribas SA			22,777				962
Carrefour SA			84,396				1,171
Danone SA			68,692				3,248
Pernod Ricard SA			9,146				1,678
Sanofi			32,141				2,447
TotalEnergies SE			29,694				1,393
Valeo			36,991				559
Vinci S.A.			25,095				2,029
							22,033
Germany — 6.1%
Bayer AG			37,336				1,720
Covestro AG			6,468				185
Deutsche Telekom AG			122,232				2,080
RWE AG			68,121				2,504
SAP SE			34,933				2,847
Siemens AG			8,367				818
							10,154
India — 4.1%
Axis Bank Ltd.			18,980				170
Bank of Baroda			252,729				407
Coal India Ltd.			134,444				349
GAIL India Ltd.			275,017				292
Hindalco Industries Ltd.			102,376				485
ICICI Bank Ltd. ADR			36,385				763
Info Edge India Ltd.			1,800				85
Infosys Ltd. ADR			20,242				343
Mahindra & Mahindra Ltd.			19,420				300
Maruti Suzuki India Ltd.			1,158				125
NTPC Ltd.			112,911				221
Oil & Natural Gas Corp. Ltd.			345,464				535

 

The accompanying notes are an integral part of the financial statements.

 

10		Causeway International Opportunities Fund

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SCHEDULE OF INVESTMENTS (000)*
(continued)

September 30, 2022

 

Causeway International Opportunities Fund		Number of Shares				Value
India — (continued)
REC Ltd.			250,048			$	288
SBI Cards & Payment Services Ltd.			16,143				180
Shriram Transport Finance Co. Ltd.			15,332				224
State Bank of India			26,870				174
Sun Pharmaceutical Industries Ltd.			47,613				553
Tata Steel Ltd.			459,058				554
Trent Ltd.			5,413				94
UPL Ltd.			45,721				375
Vedanta Ltd.			90,408				297
							6,814
Indonesia — 0.8%
Adaro Energy Indonesia Tbk PT			847,800				219
Astra International			417,400				181
Bank Mandiri Persero Tbk PT			412,200				253
Bukit Asam Tbk PT			322,100				88
Indo Tambangraya Megah Tbk PT			54,900				148
Indofood Sukses Makmur Tbk PT			252,300				100
Kalbe Farma Tbk PT			950,700				114
Telkom Indonesia Persero Tbk PT			313,200				91
United Tractors Tbk PT			61,700				132
							1,326
Ireland — 1.3%
Ryanair Holdings PLC ADR1			38,070				2,224
Italy — 5.3%
Enel SpA			821,230				3,368
UniCredit SpA			530,415				5,370
							8,738
Japan — 5.9%
FANUC Corp.			23,000				3,229
Murata Manufacturing Co. Ltd.			34,000				1,565

 

The accompanying notes are an integral part of the financial statements.

 

		Causeway International Opportunities Fund			11

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SCHEDULE OF INVESTMENTS (000)*
(continued)

September 30, 2022

 

Causeway International Opportunities Fund		Number of Shares				Value
Japan — (continued)
Sumitomo Mitsui Financial Group Inc.			59,800			$	1,658
Takeda Pharmaceutical Co. Ltd.			100,800				2,618
Tokyo Electron Ltd.			2,900				714
							9,784
Mexico — 0.2%
Alfa SAB de CV, Class A			223,300				142
Arca Continental SAB de CV			35,600				256
							398
Netherlands — 4.2%
Akzo Nobel NV			52,051				2,950
ING Groep NV			307,723				2,636
Koninklijke Philips NV			90,019				1,386
							6,972
Qatar — 0.2%
Industries Qatar QSC			73,529				340
Russia — 0.0%
Gazprom PJSC ADR1,2,3,4			165,932				—
LUKOIL PJSC ADR1,2,3,4			11,378				—
Sberbank of Russia PJSC ADR1,2,3,4			31,284				—
							—
Saudi Arabia — 1.5%
Abdullah Al Othaim Markets Co.			2,920				96
Arab National Bank			25,505				207
Bawan Co.			19,424				180
Etihad Etisalat Co.			10,991				104
Riyad Bank			16,423				138
SABIC Agri-Nutrients Co.			8,437				350
Sahara International Petrochemical Co.			23,924				262
Saudi Arabian Oil Co.			48,837				465
Saudi Electricity Co.			28,765				186

 

The accompanying notes are an integral part of the financial statements.

 

12		Causeway International Opportunities Fund

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SCHEDULE OF INVESTMENTS (000)*
(continued)

September 30, 2022

 

Causeway International Opportunities Fund		Number of Shares				Value
Saudi Arabia — (continued)
Saudi National Bank			18,309			$	306
Saudi Telecom Co.			18,351				191
							2,485
South Africa — 0.7%
Absa Group Ltd.			26,724				260
African Rainbow Minerals Ltd.			24,187				326
Sasol Ltd.			18,911				296
Sibanye Stillwater Ltd.			138,891				319
							1,201
South Korea — 3.5%
DB Insurance Co. Ltd.			3,088				118
DL E&C Co. Ltd.			4,504				107
GS Holdings Corp.			5,107				148
Hana Financial Group Inc.			20,105				494
Hanwha Corp.			9,327				158
Hyosung TNC Corp.			771				138
Hyundai Marine & Fire Insurance Co. Ltd.			6,706				137
KB Financial Group Inc.			17,740				536
Kia Corp.			14,830				738
LG Corp.			1,244				64
LG Innotek Co. Ltd.			1,410				266
LX INTERNATIONAL CORP			9,910				267
LX Semicon Co. Ltd.			2,611				137
Mirae Asset Securities Co. Ltd.			17,935				74
POSCO Holdings Inc.			2,735				399
Samsung Electronics Co. Ltd.			40,907				1,502
Samsung Securities Co. Ltd.			3,702				79
S-Oil Corp.			3,395				192
Woori Financial Group Inc.			13,688				101
Youngone Corp.			3,241				100
							5,755

 

The accompanying notes are an integral part of the financial statements.

 

		Causeway International Opportunities Fund			13

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SCHEDULE OF INVESTMENTS (000)*
(continued)

September 30, 2022

 

Causeway International Opportunities Fund		Number of Shares				Value
Spain — 5.3%
Aena SME S.A.1			16,990			$	1,763
Amadeus IT Group S.A.1			67,167				3,114
CaixaBank SA			83,477				269
Iberdrola S.A.			153,558				1,432
Industria de Diseno Textil S.A.			110,456				2,279
							8,857
Sweden — 1.2%
Electrolux AB, Class B			30,897				321
Swedbank AB			124,975				1,641
							1,962
Switzerland — 5.5%
Cie Financiere Richemont SA, Class A			3,627				342
Novartis AG			46,619				3,554
Roche Holding AG			11,693				3,807
Zurich Insurance Group AG			3,529				1,407
							9,110
Taiwan — 3.8%
Asia Vital Components Co. Ltd.			24,000				83
Asustek Computer Inc.			8,000				59
ChipMOS Technologies Inc.			49,000				46
Evergreen Marine Corp. Taiwan Ltd.			28,400				129
Fulgent Sun International Holding Co. Ltd.			23,000				115
Gigabyte Technology Co. Ltd.			64,000				177
Hon Hai Precision Industry Co. Ltd.			297,292				952
Lite-On Technology Corp.			129,896				260
MediaTek Inc.			9,000				155
Primax Electronics Ltd.			47,000				94
Sino-American Silicon Products Inc.			31,000				127
Sitronix Technology Corp.			30,000				154
Taiwan Semiconductor Manufacturing Co. Ltd.			2,000				27
Taiwan Semiconductor Manufacturing Co. Ltd. ADR			41,440				2,841

 

The accompanying notes are an integral part of the financial statements.

 

14		Causeway International Opportunities Fund

---

SCHEDULE OF INVESTMENTS (000)*
(continued)

September 30, 2022

 

Causeway International Opportunities Fund		Number of Shares				Value
Taiwan — (continued)
Unimicron Technology Corp.			58,000			$	212
United Microelectronics Corp.			386,000				432
Yang Ming Marine Transport Corp.			168,000				323
Zhen Ding Technology Holding Ltd.			52,000				173
							6,359
Thailand — 0.9%
Bangkok Chain Hospital PCL			363,500				171
Bangkok Dusit Medical Services PCL, Class F			289,200				225
Kasikornbank PCL			44,100				168
Kiatnakin Phatra Bank PCL			96,100				174
Krung Thai Bank PCL			614,100				271
PTT Exploration & Production PCL			97,800				417
Sri Trang Agro-Industry PCL			108,800				56
Thai Union Group PCL, Class F			165,100				82
							1,564
Turkey — 0.2%
KOC Holding AS			46,813				114
Turk Hava Yollari AO1			54,028				205
							319
United Arab Emirates — 0.8%
Abu Dhabi Commercial Bank PJSC			134,214				329
Abu Dhabi Ports Co. PJSC1			136,807				191
Aldar Properties PJSC			195,582				223
Dubai Islamic Bank PJSC			239,710				389
Fertiglobe PLC			151,901				236
							1,368
United Kingdom — 19.6%
AstraZeneca PLC			26,631				2,927
Balfour Beatty PLC			78,754				270
Barclays PLC			1,573,943				2,504

 

The accompanying notes are an integral part of the financial statements.

 

		Causeway International Opportunities Fund			15

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SCHEDULE OF INVESTMENTS (000)*
(continued)

September 30, 2022

 

Causeway International Opportunities Fund		Number of Shares				Value
United Kingdom — (continued)
Berkeley Group Holdings PLC			10,289			$	376
BP PLC			291,766				1,394
British American Tobacco PLC			45,319				1,625
Compass Group PLC			114,595				2,282
GSK PLC			80,984				1,170
Prudential PLC			370,464				3,626
Reckitt Benckiser Group PLC			50,093				3,320
RELX PLC (EUR)			69,815				1,701
RELX PLC (GBP)			66,612				1,628
Rio Tinto PLC			26,434				1,430
Rolls-Royce Holdings PLC1			4,233,224				3,242
Unilever PLC			83,714				3,679
WH Smith PLC1			113,768				1,500
							32,674
Total Common Stock
(Cost $209,935) — 98.4%							163,705
SHORT-TERM INVESTMENT
Invesco Short-Term Investment Trust: Government & Agency Portfolio, Institutional Class, 2.951%**			1,905,401				1,905
Total Short-Term Investment
(Cost $1,905) — 1.1%							1,905
Total Investments — 99.5%
(Cost $211,840)							165,610
Other Assets in Excess of Liabilities — 0.5%							747
Net Assets — 100.0%						$	166,357

 

**	The rate reported is the 7-day effective yield as of September 30, 2022.

1	Non-income producing security.

2	Level 3 security in accordance with fair value hierarchy.

3	Securities considered illiquid. The total market value of such securities as of September 30, 2022 was $— (000) and represented 0.0% of net assets.

4	Security fair valued using methods determined in good faith by the Fair Value Committee. The total market value of such securities as of September 30, 2022 was $— (000) and represented 0.0% of net assets.

 

The accompanying notes are an integral part of the financial statements.

 

16		Causeway International Opportunities Fund

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SCHEDULE OF INVESTMENTS (000)
(continued)

September 30, 2022

 

ADR	American Depositary Receipt

PJSC	Public Joint-Stock Company

Amounts designated as “—” are $0 or are rounded to $0.

The
table below sets forth information about the Levels within the fair value hierarchy at which the Fund’s investments are measured at September 30, 2022:

 

Investments in Securities		Level 1				Level 2				Level 3†				Total
Common Stock
Belgium		$	—			$	1,044			$	—			$	1,044
Brazil			3,303				—				—				3,303
Canada			3,948				—				—				3,948
China			3,624				11,349				—^				14,973
France			—				22,033				—				22,033
Germany			—				10,154				—				10,154
India			1,106				5,708				—				6,814
Indonesia			—				1,326				—				1,326
Ireland			2,224				—				—				2,224
Italy			—				8,738				—				8,738
Japan			—				9,784				—				9,784
Mexico			398				—				—				398
Netherlands			—				6,972				—				6,972
Qatar			—				340				—				340
Russia			—				—				—^				—
Saudi Arabia			—				2,485				—				2,485
South Africa			326				875				—				1,201
South Korea			—				5,755				—				5,755
Spain			—				8,857				—				8,857
Sweden			—				1,962				—				1,962
Switzerland			—				9,110				—				9,110
Taiwan			2,841				3,518				—				6,359
Thailand			—				1,564				—				1,564
Turkey			—				319				—				319
United Arab Emirates			—				1,368				—				1,368
United Kingdom			270				32,404				—				32,674
Total Common Stock			18,040				145,665				—				163,705
Short-Term Investment			1,905				—				—				1,905
Total Investments in Securities		$	19,945			$	145,665			$	—			$	165,610

 

The accompanying notes are
an integral part of the financial statements.

 

		Causeway International Opportunities Fund			17

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SCHEDULE OF INVESTMENTS (000)
(concluded)

September 30, 2022

 

†

A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

^	Security is fair valued at zero. Level 3 security in accordance with fair value hierarchy.

Amounts designated as “—” are $0 or are rounded to $0.

For more
information on valuation inputs, see Note 2 in the Notes to Financial Statements.

 

The accompanying notes are an integral part of the financial statements.

 

18		Causeway International Opportunities Fund

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SECTOR DIVERSIFICATION

 

As of September 30, 2022, the sector diversification was as follows
(Unaudited):

 

Causeway International Opportunities Fund		Common Stock				% of Net Assets
Financials			20.3%				20.3%
Industrials			15.7				15.7
Health Care			12.7				12.7
Consumer Staples			11.6				11.6
Information Technology			10.3				10.3
Materials			7.8				7.8
Consumer Discretionary			7.7				7.7
Utilities			4.8				4.8
Energy			4.6				4.6
Communication Services			2.8				2.8
Real Estate			0.1				0.1
Total			98.4				98.4
Short-Term Investment							1.1
Other Assets in Excess of Liabilities							0.5
Net Assets							100.0%

 

The accompanying notes are
an integral part of the financial statements.

 

		Causeway International Opportunities Fund			19

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STATEMENT OF ASSETS AND LIABILITIES (000)*

 

		CAUSEWAY INTERNATIONAL OPPORTUNITIES FUND
		9/30/22
ASSETS:
Investments at Value (Cost $211,840)		$	165,610
Cash			250
Foreign Currency (Cost $198)			198
Receivable for Investment Securities Sold			1,892
Receivable for Tax Reclaims			718
Receivable for Dividends			362
Receivable for Fund Shares Sold			2
Prepaid Expenses			12
Total Assets			169,044
LIABILITIES:
Payable for Fund Shares Redeemed			1,418
Payable for Investment Securities Purchased			984
Payable Due to Adviser			93
Accrued Foreign Capital Gains Tax on Appreciated Securities			30
Payable for Trustees’ Fees			4
Payable for Shareholder Service Fees — Investor Class			3
Payable Due to Administrator			3
Unrealized Depreciation on Spot Foreign Currency Contracts			2
Other Accrued Expenses			150
Total Liabilities			2,687
Net Assets		$	166,357
NET ASSETS:
Paid-in Capital (unlimited authorization — no par value)		$	212,692
Total Distributable Loss			(46,335	)
Net Assets		$	166,357
Net Asset Value Per Share (based on net assets of $151,612,488 ÷ 13,509,730 shares) — Institutional Class			$11.22
Net Asset Value Per Share (based on net assets of $14,744,908 ÷ 1,325,999 shares)—Investor Class			$11.12

 

*	Except for Net Asset Value Per Share data.

 

The accompanying notes are an integral part of the
financial statements.

 

20		Causeway International Opportunities Fund

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STATEMENT OF OPERATIONS (000)

 

		CAUSEWAY INTERNATIONAL OPPORTUNITIES FUND
		10/01/21 to 9/30/22
INVESTMENT INCOME:
Dividend Income (net of foreign taxes withheld of $1,166)		$	8,213
Interest Income			3
Total Investment Income			8,216
EXPENSES:
Investment Advisory Fees			2,020
Administration Fees			49
Shareholder Service Fees — Investor Class			48
Custodian Fees			110
Professional Fees			76
Transfer Agent Fees			63
Registration Fees			48
Printing Fees			25
Trustees’ Fees			15
Line of Credit			8
Other Fees			37
Total Expenses			2,499
Waiver of Investment Advisory Fees			(49	)
Total Waiver			(49	)
Net Expenses			2,450
Net Investment Income			5,766
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net Realized Loss on Investments			(885	)
Foreign Capital Gains Tax			(3	)
Net Realized Loss from Foreign Currency Transactions			(226	)
Net Change in Unrealized Depreciation on Investments			(69,792	)
Net Change in Accrued Foreign Capital Gains Tax on Appreciated Securities			206
Net Change in Unrealized Depreciation on Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currency			(84	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Transactions			(70,784	)
Net Decrease in Net Assets Resulting from Operations		$	(65,018	)

 

The accompanying notes are
an integral part of the financial statements.

 

		Causeway International Opportunities Fund			21

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STATEMENTS OF CHANGES IN NET ASSETS (000)

 

		CAUSEWAY INTERNATIONAL OPPORTUNITIES FUND
		10/01/21 to 9/30/22				10/01/20 to 9/30/21
OPERATIONS:
Net Investment Income		$	5,766			$	4,195
Net Realized Gain (Loss) on Investments			(885	)			20,543
Foreign Capital Gains Tax			(3	)			—
Net Realized Loss from Foreign Currency Transactions			(226	)			(4	)
Net Change in Unrealized Appreciation (Depreciation) on Investments			(69,792	)			34,015
Net Change in Accrued Foreign Capital Gains Tax on Appreciated Securities			206				(228	)
Net Change in Unrealized Depreciation on Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currency			(84	)			(29	)
Net Increase (Decrease) in Net Assets Resulting From Operations			(65,018	)			58,492
DISTRIBUTIONS:
Institutional Class			(4,160	)			(2,980	)
Investor Class			(266	)			(169	)
Total Distributions to Shareholders			(4,426	)			(3,149	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions(1)			(47,700	)			43,397
Total Increase (Decrease) in Net Assets			(117,144	)			98,740
NET ASSETS:
Beginning of Year			283,501				184,761
End of Year		$	166,357			$	283,501

 

(1)	See Note 7 in the Notes to Financial Statements.

 

The accompanying notes are an integral part of the
financial statements.

 

22		Causeway International Opportunities Fund

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FINANCIAL HIGHLIGHTS

For the Fiscal Years Ended September 30,

For a Share Outstanding Throughout the Fiscal Years

 

		Net Asset Value, Beginning of Year ($)				Net Investment Income  ($)†				Net Realized and Unrealized Gain (Loss)  on Investments ($)				Total from Operations ($)				Dividends from Net Investment Income ($)				Distributions from Capital Gains ($)				Total Dividends and Distributions ($)				Redemption Fees ($)
CAUSEWAY INTERNATIONAL OPPORTUNITIES FUND
Institutional
2022			15.24				0.32				(4.10	)			(3.78	)			(0.24	)			—				(0.24	)			—
2021			11.74				0.25				3.45				3.70				(0.20	)			—				(0.20	)			—
2020			12.61				0.21				(0.73	)			(0.52	)			(0.35	)			—				(0.35	)			—
2019			13.71				0.41				(1.19	)			(0.78	)			(0.29	)			(0.03	)			(0.32	)			—	(1)
2018			14.00				0.31				(0.39	)			(0.08	)			(0.21	)			—				(0.21	)			—	(1)
Investor
2022			15.11				0.30				(4.08	)			(3.78	)			(0.21	)			—				(0.21	)			—
2021			11.64				0.21				3.43				3.64				(0.17	)			—				(0.17	)			—
2020			12.52				0.18				(0.74	)			(0.56	)			(0.32	)			—				(0.32	)			—
2019			13.60				0.38				(1.17	)			(0.79	)			(0.26	)			(0.03	)			(0.29	)			—	(1)
2018			13.90				0.26				(0.37	)			(0.11	)			(0.19	)			—				(0.19	)			—	(1)

 

†	Per share amounts calculated using average shares method.

(1)	Amount represents less than $0.01 per share.

(2)	The expense ratio includes a one-time adjustment as a result of a management change in accrual estimate relating to shareholder service fees. Had this adjustment been excluded, the ratios would have been 1.30%, 1.30% and 1.82%, respectively.

Amounts designated as
“—” are $0 or round to $0.

 

The
accompanying notes are an integral part of the financial statements.

 

24		Causeway International Opportunities Fund

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Net Asset Value, End of Year ($)				Total Return (%)				Net Assets, End of Year ($000)				Ratio of Expenses to Average Net Assets (%)				Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimburse- ments) (%)				Ratio of Net Investment Income to Average Net Assets (%)				Portfolio Turnover Rate (%)
	11.22				(25.18	)			151,612				0.95				0.97				2.30				60
	15.24				31.61				264,723				0.95				0.99				1.67				45
	11.74				(4.52	)			173,273				0.95				1.02				1.71				55
	12.61				(5.43	)			182,720				1.05				1.06				3.25				43
	13.71				(0.61	)			163,508				1.05				1.05				2.17				35
	11.12				(25.37	)			14,745				1.20				1.22				2.14				60
	15.11				31.36				18,778				1.20				1.24				1.43				45
	11.64				(4.84	)			11,488				1.19				1.26				1.55				55
	12.52				(5.59	)			10,204				1.30				1.31				3.02				43
	13.60				(0.85	)			9,329				1.27	(2)			1.27	(2)			1.86	(2)			35

 

The accompanying notes are
an integral part of the financial statements.

 

		Causeway International Opportunities Fund			25

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NOTES TO FINANCIAL STATEMENTS

 

 

 

26		Causeway International Opportunities Fund

---

NOTES TO FINANCIAL STATEMENTS

(continued)

 

 

 

		Causeway International Opportunities Fund			27

---

NOTES TO FINANCIAL STATEMENTS

(continued)

 

 

 

28		Causeway International Opportunities Fund

---

NOTES TO FINANCIAL STATEMENTS

(continued)

 

 

 

		Causeway International Opportunities Fund			29

---

NOTES TO FINANCIAL STATEMENTS

(continued)

 

 

 

30		Causeway International Opportunities Fund

---

NOTES TO FINANCIAL STATEMENTS

(continued)

 

 

 

		Causeway International Opportunities Fund			31

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NOTES TO FINANCIAL STATEMENTS

(continued)

 

7.

Capital Shares Issued and Redeemed (000)

 

		Fiscal Year Ended September 30, 2022								Fiscal Year Ended September 30, 2021
			Shares				Value				Shares				Value
Institutional Class
Shares Sold			1,638				$22,911				3,113				$46,932
Shares Issued in Reinvestment of Dividends and Distributions			253				3,713				188				2,678
Shares Redeemed			(5,750)				(76,069)				(690)				(10,154)
Increase (Decrease) in Shares Outstanding Derived from Institutional Class Transactions			(3,859)				(49,445)				2,611				39,456
Investor Class
Shares Sold			374				5,422				376				5,674
Shares Issued in Reinvestment of Dividends and Distributions			18				266				12				169
Shares Redeemed			(309)				(3,943)				(132)				(1,902)
Increase in Shares Outstanding Derived from Investor Class Transactions			83				1,745				256				3,941
Net Increase (Decrease) in Shares Outstanding from Capital Share Transactions			(3,776)				$(47,700)				2,867				$43,397

 

 

 

32		Causeway International Opportunities Fund

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NOTES TO FINANCIAL STATEMENTS

(concluded)

 

 

 

		Causeway International Opportunities Fund			33

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Trustees of Causeway Capital Management Trust and Shareholders of the
Causeway International Opportunities Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Causeway International Opportunities Fund (one
of the funds constituting Causeway Capital Management Trust, referred to hereafter as the “Fund”) as of September 30, 2022, the related statement of operations for the year ended September 30, 2022, the statement of changes
in net assets for each of the two years in the period ended September 30, 2022, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2022 (collectively referred to as the
“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2022, the results of its operations for the year then ended, the
changes in its net assets for each of the two years in the period ended September 30, 2022 and the financial highlights for each of the five years in the period ended September 30, 2022 in conformity with accounting principles generally
accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these
financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to
error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with
the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

November 28, 2022

We have served as the auditor of one or
more investment companies in Causeway Capital Management Investment Company Complex since 2001.

 

34		Causeway International Opportunities Fund

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NOTICE TO SHAREHOLDERS (Unaudited)

 

The information set forth below is for the Fund’s fiscal year as required by
federal laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for
income tax purposes will be sent to them in early 2023. Please consult your tax adviser for proper treatment of this information.

For the fiscal year
ended September 30, 2022, the Fund is designating the following items with regard to distributions paid during the year:

 

(A)

(B)

(C)

(D)

(E)

Long Term Capital Gains Distributions (Tax Basis)

Ordinary Income Distributions (Tax Basis)

Tax Exempt Distributions (Tax Basis)

Total Distributions (Tax Basis)

Dividends (1) for Corporate Dividends Received Deduction (Tax Basis)

0.00%

100.00%

0.00%

100.00%

0.10%

(F)

(G)

(H)

(I)

Qualified Dividend Income

Interest Related Dividends

Qualified Short-Term Capital Gain Dividends

Qualified Foreign Tax Credit Pass Through

100.00%

0.07%

0.00%

15.91%

 

(1)	Qualified Dividends represent dividends which qualify for the corporate dividends received deduction.

Items (A), (B), (C) and (D) are based on a percentage of the Fund’s total distribution including pass-through as foreign tax credit.

Item (E) is based on a percentage of ordinary income distributions of the Fund.

Item (F) represents the amount of “Qualified Dividend Income” as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a
percentage of “Ordinary Income Distributions.” It is the Fund’s intention to designate the maximum amount permitted by the law up to 100%.

Item
(G) is the amount of “Interest Related Dividends” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid to
foreign investors.

Item (H) is the amount of “Qualified Short-Term Capital Gain Dividends” as created by the American Jobs Creation Act of 2004 and is
reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

Item (I) is the
amount of “Qualifying Foreign Taxes” as a percentage of ordinary distribution during the fiscal year ended September 30, 2022. The Fund accrued Foreign taxes during the fiscal year ended September 30, 2022, amounted to $837,286
and are expected to be passed through to shareholders as foreign tax credits on Form 1099 – Dividend for the year ended December 31, 2022. In addition, for the fiscal year ended September 30, 2022, gross income derived from sources
within foreign countries amounted to $6,524,137 for the Fund.

 

		Causeway International Opportunities Fund			35

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TRUSTEES AND OFFICERS INFORMATION (Unaudited)

 

Information pertaining to the Trustees and Officers of the Trust is set forth below.
Trustees who are not deemed to be “interested persons” of the Trust as defined in the 1940 Act are referred to as “Independent Trustees.” The Trust’s Statement of Additional Information (“SAI”) includes additional
information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-866-947-7000.

 

Name Address, Age1		Position(s) Held with the Company		Term of Office and Length of Time Served2		Principal Occupation(s) During Past Five Years		Number of Portfolios in Trust Complex Overseen by Trustee3		Other Directorships Held by Trustee4
INDEPENDENT TRUSTEES
John R. Graham Age: 61		Trustee; Chairman of the Board since 1/19		Trustee since 10/08; Audit Chairman 4/13-12/18		Film Composer (since 2005); Senior Vice President, Corporate Financial Development and Communications, The Walt Disney Company (2004-2005); Senior Vice President, Mergers and Acquisitions, Lehman Brothers Inc. (2000-2004).		6		None
Lawry J. Meister Age: 60		Trustee		Since 10/08		President, Steaven Jones Development Company, Inc. (real estate firm) (since 1995); President, Creative Office Properties (real estate firm) (since 2012).		6		None
Victoria B. Rogers Age: 61		Trustee		Since 4/13		President, Chief Executive Officer and Director, The Rose Hills Foundation (since 1996).		6		Director, TCW Funds, Inc. and TCW Strategic Income Fund, Inc.
Eric H. Sussman Age: 56		Trustee; Chairman of the Audit Committee since 1/19		Trustee since 9/01; Audit Chairman 10/04-4/12; Board Chairman 4/13-12/18		Adjunct Professor (since July 2017), Senior Lecturer (June 2011-July 2017) and Lecturer (1995-June 2011), Anderson Graduate School of Management, University of California, Los Angeles; President, Amber Capital, Inc. (real estate investment and financial planning firm) (since 1993); Managing Partner, Clear Capital, LLC (real estate investment firm)(since 2008).		6		None

 

36		Causeway International Opportunities Fund

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TRUSTEES AND OFFICERS INFORMATION (Unaudited)

(continued)

 

Name Address, Age1		Position(s) Held with the Company		Term of Office and Length of Time Served2		Principal Occupation(s) During Past Five Years		Number of Portfolios in Trust Complex Overseen by Trustee3		Other Directorships Held by Trustee4
OFFICERS
Gracie V. Fermelia 11111 Santa Monica Blvd., 15th Floor Los Angeles, CA 90025 Age: 61		President		Since 10/20		Chief Operating Officer and member of the Investment Adviser or the Investment Adviser’s parent (since 2001); Chief Compliance Officer of the Investment Adviser and the Trust (2005-2015).		N/A		N/A
Kurt J. Decko 11111 Santa Monica Blvd., 15th Floor Los Angeles, CA 90025 Age: 47		Chief Compliance Officer and Assistant Secretary		Since 1/15		Chief Compliance Officer of the Investment Adviser (since January 2015); General Counsel of the Investment Adviser (since October 2020); member of the Investment Adviser’s parent (since 2021).		N/A		N/A
Eric Olsen5 One Freedom Valley Drive Oaks, PA 19456 Age: 52		Treasurer		Since 3/21		Director, Fund Accounting, SEI Investments Global Funds Services (since 2021); Deputy Head of Fund Operations, Traditional Assets, Aberdeen Standard Investments (2013-2021).		N/A		N/A
Gretchen W. Corbell 11111 Santa Monica Blvd., 15th Floor Los Angeles, CA 90025 Age: 51		Secretary		Since 10/11		Deputy General Counsel of the Investment Adviser (since 2022). Senior Attorney of the Investment Adviser (2004-2021).		N/A		N/A
Matthew M. Maher5 One Freedom Valley Drive Oaks, PA 19456 Age: 47		Vice President and Assistant Secretary		Since 2/20		Corporate Counsel of the Administrator (since 2018).		N/A		N/A
Mindy Yu 11111 Santa Monica Blvd., 15th Floor Los Angeles, CA 90025 Age: 41		Anti-Money Laundering Compliance Officer		Since 8/22		Deputy General Counsel of the Investment Adviser (since 2022). Senior Attorney of the Investment Adviser (2020-2021). Associate Attorney of the Investment Adviser (2012-2019).		N/A		N/A

 

		Causeway International Opportunities Fund			37

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TRUSTEES AND OFFICERS INFORMATION (Unaudited)

(concluded)

 

1	Each Trustee may be contacted by writing to the Trustee c/o Causeway Capital Management Trust, One Freedom Valley Drive, Oaks, PA 19456.

 

2

Each Trustee holds office during the lifetime of the Trust or until his or her sooner resignation, retirement, removal, death or incapacity in accordance with the Trust’s Declaration of Trust. The president, treasurer, secretary and other officers each holds office at the pleasure of the Board of Trustees or until he or she sooner resigns in accordance with the Trust’s Bylaws.

 

3

The “Trust Complex” consists of all registered investment companies for which Causeway Capital Management LLC serves as investment adviser. As of September 30, 2022, the Trust Complex consisted of one investment company with six portfolios — International Value Fund, Emerging Markets Fund, Global Value Fund, International Opportunities Fund, International Small Cap Fund, and Concentrated Equity Fund.

 

4	Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the 1940 Act.

 

5	These officers of the Trust also serve as officers of one or more mutual funds for which SEI Investments Company or an affiliate acts as investment manager, administrator or distributor.

 

38		Causeway International Opportunities Fund

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DISCLOSURE OF FUND EXPENSES (Unaudited)

 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs,
including redemption fees, and (2) ongoing costs, including management fees, shareholder service fees, and other Fund expenses. It is important for you to understand the impact of these costs on your investment returns.

Ongoing operating expenses are deducted from a mutual fund’s gross income and directly reduce its final investment return. These expenses are expressed as
a percentage of a mutual fund’s average net assets; this percentage is known as a mutual fund’s expense ratio.

The following examples use the
expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in the Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the
period shown and held for the entire period (April 1, 2022 to September 30, 2022).

The table on the next page illustrates the Fund’s costs in
two ways:

Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that the Fund incurred over the period. The
“Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross
investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that
period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare the Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5%
return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5%
calculation. You can assess the Fund’s comparative cost by comparing the hypothetical result for the Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other
mutual funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT the Fund’s actual return — the account values
shown may not apply to your specific investment.

 

		Causeway International Opportunities Fund			39

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DISCLOSURE OF FUND EXPENSES (Unaudited)

(concluded)

 

		Beginning Account Value 4/01/22				Ending Account Value 9/30/22				Annualized Expense Ratios				Expenses Paid During Period*
Causeway International Opportunities Fund
Actual Fund Return
Institutional Class		$	1,000.00			$	795.70				0.95	%		$	4.28
Hypothetical 5% Return
Institutional Class		$	1,000.00			$	1,020.31				0.95	%		$	4.81
Actual Fund Return
Investor Class		$	1,000.00			$	794.90				1.20	%		$	5.40
Hypothetical 5% Return
Investor Class		$	1,000.00			$	1,019.05				1.20	%		$	6.07

 

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown).

 

40		Causeway International Opportunities Fund

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STATEMENT REGADING BASIS FOR RENEWAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)

 

At a meeting on August 8, 2022, the Trustees considered and
approved the renewal of the investment advisory agreement (the “Advisory Agreement”) between Causeway Capital Management Trust (the “Trust”) and Causeway Capital Management LLC (the “Adviser”) with respect to Causeway
International Opportunities Fund (the “Fund”) for a twelve-month period beginning September 20, 2022. Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”) requires the Board of Trustees (the
“Board”) of the Trust annually to approve continuance of the Advisory Agreement. Continuance of the Advisory Agreement must be approved by a majority of the Trustees and a majority of the independent Trustees (i.e., Trustees who are not
“interested persons” of the Trust as defined in the 1940 Act). The Board was comprised of four independent Trustees when the continuation of the Advisory Agreement was considered.

Information Received. At each regular quarterly meeting, the Board reviews a wide variety of materials relating to the nature, extent and quality of the
Adviser’s services, including information concerning the Fund’s performance. In addition, at a special meeting on June 22, 2022, the Trustees received and reviewed extensive quantitative and qualitative materials prepared by the
Adviser relating to the Advisory Agreement in response to information requested on the independent Trustees’ behalf by their independent legal counsel. At the June special meeting, the Trustees received and reviewed a report prepared by
Broadridge Financial Solutions, Inc. providing comparative expense and performance information about the Fund to assist with the annual review of the Advisory Agreement. Following that meeting, the Trustees requested additional information, and
received and reviewed further materials prepared by the Adviser relating to their consideration of the renewal of the Advisory Agreement at the August 8, 2022 meeting.

Factors Considered. In reviewing the Advisory Agreement, the Trustees considered a number of factors including, but not limited to: (1) the nature,
extent and quality of the services provided by the Adviser, (2) the investment performance of the Fund, (3) comparisons of the services rendered and the amounts paid under the Advisory Agreement with those of other funds and those of the
Adviser under other investment advisory agreements with other types of clients, (4) the costs of the services provided and estimated profits realized by the Adviser and its affiliates from their relationship with the Fund, (5) the extent
to which economies of scale would be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors, and (6) any other benefits derived by the Adviser from its relationship with the Fund.

First, regarding the nature, extent and quality of the services provided by the Adviser, the Trustees considered, among other things, the Adviser’s
personnel, experience, track record, and compliance program. The Trustees considered the qualifications, backgrounds and responsibilities of the Adviser’s principal personnel who provide services to the Fund, as well as the level of attention
those individuals provide to the Fund. The Trustees noted the Adviser’s commitment to devoting resources to staffing and technology in support of its investment management services. They also reviewed the Adviser’s investment philosophy
and processes and its compliance program, its various administrative, legal and regulatory responsibilities, and considered the scope of the Adviser’s services to the Fund. The Trustees concluded that the nature, extent and quality of the
services provided by the Adviser should continue to benefit the Fund and its shareholders.

 

		Causeway International Opportunities Fund			41

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STATEMENT REGADING BASIS FOR RENEWAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

(continued)

 

Second, regarding the investment performance of the Fund, the Trustees reviewed the investment results of the Fund for various periods ended March 31,
2022, compared to the results of the MSCI ACWI ex USA Index (Gross), the median of the mutual funds included in the Morningstar Foreign Large Value category, and the median of the funds in a peer group selected by Broadridge. They noted that,
consistent with Broadridge’s practice, the Broadridge 15(c) Report focused on one class of shares – the Institutional Class – and that Investor Class shares are subject to a 25 basis point shareholder service fee, which increases
expenses and reduces performance from that shown. They noted that the Institutional Class had underperformed its Broadridge peer group median for the prior one-year and annualized three-year and ten-year periods, and outperformed its Broadridge peer
group median for the annualized five-year period. The Trustees considered the Fund’s exposure to the value investment style, the impact of the COVID-19 pandemic, including ongoing lockdowns in certain jurisdictions, global uncertainties
stemming from the invasion of Ukraine, and challenges for value investing relative to growth stock investing. Despite periods of relative underperformance, the Trustees concluded that the overall performance results and other considerations
supported their view that the Adviser’s services to the Fund are of a high quality. The Trustees concluded that the Adviser’s record in managing the Fund in a manner consistent with the described investment strategy and style indicated
that its continued management had the potential to benefit the Fund and its shareholders.

Third, regarding the Fund’s advisory fee and total
expenses as a percentage of the Fund’s average daily net assets:

 

•

The Trustees compared the Fund’s advisory fee and expenses with those of other similar mutual funds. They noted that the Fund’s advisory fee was 80 basis points per annum, the same as its Broadridge peer group median and within the range of 55-160 basis points for the funds in its peer group. The Trustees noted that the Fund’s Institutional Class annual expense ratio, after application of the Adviser’s expense limit, of 95 basis points was the same as the median of the funds in its Broadridge peer group and within the range of 70-192 basis points for the funds in its peer group.

 

•

The Trustees compared the Fund’s advisory fee with the fees charged by the Adviser to other clients. The Trustees noted that, although the fees paid by the Adviser’s other accounts were lower than the fee paid by the Fund, the differences appropriately reflected the Adviser’s significantly greater responsibilities with respect to the Fund and the risks of managing a sponsored fund, and are not determinative of whether the fees charged to the Fund are fair. The Trustees noted that the Adviser’s services to the Fund included the provision of many additional or more extensive administrative and shareholder services (such as services related to the Fund’s disclosure documents, financial statements, 1940 Act compliance policies and procedures, preparation of Board and committee materials and meetings, annual Board reports and certifications, oversight of daily valuation, oversight of Fund service providers, negotiation of Fund intermediary agreements, coordination with Fund intermediaries providing shareholder recordkeeping services, shareholder communications, and due diligence for advisers, consultants and institutional investors).

 

42		Causeway International Opportunities Fund

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STATEMENT REGADING BASIS FOR RENEWAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

(concluded)

 

The Trustees concluded that the Fund’s advisory fee and expense ratio were reasonable and appropriate under the circumstances.

Fourth, the Trustees considered the Adviser’s costs of providing services to the Fund and estimated profits realized by the Adviser from its relationship
with the Fund. They reviewed the Adviser’s estimated after-tax profit margin with respect to such services for the twelve months ended March 31, 2022 and the methodology used to generate that estimate, and noted that the cost allocation
methodology presented to the Trustees was reasonable. They also observed that the Adviser’s estimated profitability was within the range cited as reasonable in various court decisions, even though it had increased from the prior year. After
consideration of these matters, the Trustees concluded that the Adviser’s operating margin with respect to its relationship with the Fund was reasonable.

Fifth, regarding economies of scale, the Trustees observed that, although the Fund’s advisory fee schedule does not contain fee breakpoints, it is
difficult to determine the existence or extent of any economies of scale. They noted that the Adviser is sharing economies of scale through reasonable advisory fee levels, expense limit agreements, and devoting additional resources to staff and
technology to focus on continued performance and service to the Fund’s shareholders. They considered certain initiatives and noted that the Adviser continues to innovate and enhance its capabilities, and that innovation is a means of
reinvesting in its services. They also noted the entrepreneurial risks taken by the Adviser in forming the Fund and that, in the Fund’s prior years, the Adviser incurred losses in managing the Fund. The Trustees concluded that under the
circumstances the Adviser is sharing any economies of scale with the Fund appropriately.

Sixth, regarding any other benefits derived by the Adviser from
its relationship with the Fund – often called “fall-out” benefits – the Trustees observed that the Adviser does not earn “fall-out” benefits such as affiliated custody fees, affiliated transfer agency fees, affiliated
brokerage commissions, profits from rule 12b-1 fees, “contingent deferred sales commissions,” or “float” benefits on short-term cash. The Trustees concluded that the primary “fall-out” benefit received by the Adviser is
research services provided by brokers used by the Fund and that this benefit is reasonable in relation to the value of the services that the Adviser provides to the Fund.

Approval. At the June 22, 2022 and August 8, 2022 meetings, the Trustees discussed the information and factors noted above with
representatives of the Adviser and, at the August 8, 2022 meeting, the Trustees considered the approval of the Advisory Agreement. The independent Trustees also met in a private session at all meetings with independent counsel at which no
representatives of the Adviser were present. In their deliberations, the independent Trustees did not identify any particular information or factor that was determinative or controlling, each Trustee did not necessarily attribute the same weight to
each factor, and the foregoing summary does not detail all the matters considered. Based on their review, the Trustees (including the independent Trustees) unanimously concluded that the Advisory Agreement is fair and reasonable to the Fund and its
shareholders and that the Fund’s advisory fee is reasonable and renewal of the Advisory Agreement is in the best interests of the Fund and its shareholders, and the Board of Trustees unanimously approved renewal of the Advisory Agreement for a
twelve-month period beginning September 20, 2022.

 

		Causeway International Opportunities Fund			43

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The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer and principal
accounting officer. During the fiscal year ended September 30, 2022, there were no material changes or waivers to the code of ethics.

 

Item 3.

Audit Committee Financial Expert.

(a)(1) The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit
committee.

(a)(2) The audit committee financial experts are Eric Sussman, Lawry Meister, John Graham and Victoria B. Rogers. Each audit committee financial
expert is “independent” as that term is defined in Form N-CSR Item 3(a)(2).

 

Item 4.

Principal Accountant Fees and Services.

Aggregate fees billed to the registrant for professional services rendered by the registrant’s principal accountant for the fiscal years ended
September 30, 2022 and 2021 were as follows:

 

				2022		2021
(a)		Audit Fees		$288,580		$262,580
(b)		Audit-Related Fees		None		None
(c)		Tax Fees(1)		$64,080		$61,680
(d)		All Other Fees		None		None

Note:

 

(1)

Tax fees include amounts related to tax return and excise tax calculation reviews and foreign tax reclaim services.

(e)(1) The registrant’s audit committee has adopted a charter that requires it to
pre-approve the engagement of auditors to (i) audit the registrant’s financial statements, (ii) provide other audit or non-audit services to the
registrant, or (iii) provide non-audit services to the registrant’s investment adviser if the engagement relates directly to the operations and financial reporting of the registrant.

---

(e)(2) No services included in paragraphs (b) through (d) of this Item were approved by the audit committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not
applicable.

(g) For the fiscal year ended September 30, 2022, the aggregate non-audit fees billed by the
registrant’s accountant for services rendered to the registrant and the registrant’s investment adviser were $735,331. For the fiscal year ended September 30, 2021, the aggregate non-audit fees
billed by the registrant’s accountant for services rendered to the registrant and the registrant’s investment adviser were $691,495.

(h) The audit
committee considered whether the provision of non-audit services rendered to the registrant’s investment adviser by the registrant’s principal accountant that were not
pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X was compatible with maintaining the principal
accountant’s independence.

(i) Not Applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements
included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the
“PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not Applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.

 

Item 5.

Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

 

Item 6.

Schedule of Investments

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

 

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

 

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable. Effective for closed-end management investment companies for fiscal years
ending on or after December 31, 2005.

 

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

 

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the registrant’s procedures by which shareholders may recommend nominees to the registrant’s board of trustees
during the period covered by the report.

---

Item 11.

Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s
disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR§270.30a-3(c)) as of a date within 90 days of the filing date of the report,
are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR §270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR §270.30a-15(b) or
§240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting
(as defined in Rule 30a-3(d) under the Act (17CFR §270.3a-3(d)) that occurred during the period covered by this report that have materially affected, or are
reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

 

(a)(1) Code of Ethics attached hereto.

(a)(2) Separate certifications for the principal executive officer and the principal financial officer of the registrant as required
by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR §270.30a-2(a)) are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of
1940, as amended (17 CFR §270.30a-2(b)) also accompany this filing as an exhibit.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)						Causeway Capital Management Trust
By						/s/ Gracie V. Fermelia
						Gracie V. Fermelia, President

Date: December 9, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By						/s/ Gracie V. Fermelia
						Gracie V. Fermelia, President

Date: December 9, 2022

 

By						/s/ Eric Olsen
						Eric Olsen, Treasurer

Date: December 9, 2022

ATTACHMENTS / EXHIBITS

CODE OF ETHICS

CERTIFICATION PURSUANT TO SECTION 302

CERTIFICATION PURSUANT TO SECTION 906