Causeway Capital Management Trust

06/04/2025 | Press release | Distributed by Public on 06/04/2025 10:59

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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, 2025

Date of reporting period: March 31, 2025

Item 1. Reports to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1) is attached hereto.

Causeway Capital Management Trust

Causeway International Opportunities Fund

Institutional Class - CIOIX

Semi-Annual Shareholder Report: March 31, 2025

This semi-annual shareholder report contains important information about Institutional Class of the Causeway International Opportunities Fund (the "Fund") for the period from October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.causewaycap.com/documents/#documents-international-opportunities-fund. You can also request this information by contacting us at 1-866-947-7000.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Causeway International Opportunities Fund, Institutional Class
$48
0.95%

Key Fund Statistics as of March 31, 2025

Total Net Assets (000's)
Number of Holdings
Total Advisory Fees Paid (000's)
Portfolio Turnover Rate
$314,211
244
$1,099
36%

What did the Fund invest in?

Country/Asset WeightingsFootnote Reference*

Value
Value
Other Countries
11.4%
Canada
2.5%
Italy
2.8%
South Korea
3.9%
India
4.1%
Taiwan
4.9%
Netherlands
5.1%
Germany
6.4%
Japan
8.0%
China
9.8%
Short-Term InvestmentFootnote Reference(a)
12.0%
France
13.8%
United Kingdom
23.4%
Footnote Description
Footnote*
Percentages are calculated based on total net assets.
Footnote(a)
Short-Term Investment was temporarily elevated at the end of the period due to cash flows.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Kering S.A.
2.9%
Rolls-Royce Holdings PLC
2.7%
Alstom S.A.
2.6%
Reckitt Benckiser Group PLC
2.6%
Barclays PLC
2.5%
AstraZeneca PLC
2.2%
Renesas Electronics Corp.
2.2%
Canadian Pacific Kansas City Ltd.
2.1%
Taiwan Semiconductor Manufacturing Co. Ltd.
2.1%
Roche Holding AG
2.0%
Footnote Description
Footnote(A)
Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-866-947-7000

  • https://www.causewaycap.com/documents/#documents-international-opportunities-fund

Householding

Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-947-7000 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

CIOIX-SAR-2025

Causeway Capital Management Trust

Causeway International Opportunities Fund

Investor Class - CIOVX

Semi-Annual Shareholder Report: March 31, 2025

This semi-annual shareholder report contains important information about Investor Class of the Causeway International Opportunities Fund (the "Fund") for the period from October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.causewaycap.com/documents/#documents-international-opportunities-fund. You can also request this information by contacting us at 1-866-947-7000.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Causeway International Opportunities Fund, Investor Class
$60
1.20%

Key Fund Statistics as of March 31, 2025

Total Net Assets (000's)
Number of Holdings
Total Advisory Fees Paid (000's)
Portfolio Turnover Rate
$314,211
244
$1,099
36%

What did the Fund invest in?

Country/Asset WeightingsFootnote Reference*

Value
Value
Other Countries
11.4%
Canada
2.5%
Italy
2.8%
South Korea
3.9%
India
4.1%
Taiwan
4.9%
Netherlands
5.1%
Germany
6.4%
Japan
8.0%
China
9.8%
Short-Term InvestmentFootnote Reference(a)
12.0%
France
13.8%
United Kingdom
23.4%
Footnote Description
Footnote*
Percentages are calculated based on total net assets.
Footnote(a)
Short-Term Investment was temporarily elevated at the end of the period due to cash flows.

Top Ten Holdings

Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Kering S.A.
2.9%
Rolls-Royce Holdings PLC
2.7%
Alstom S.A.
2.6%
Reckitt Benckiser Group PLC
2.6%
Barclays PLC
2.5%
AstraZeneca PLC
2.2%
Renesas Electronics Corp.
2.2%
Canadian Pacific Kansas City Ltd.
2.1%
Taiwan Semiconductor Manufacturing Co. Ltd.
2.1%
Roche Holding AG
2.0%
Footnote Description
Footnote(A)
Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-866-947-7000

  • https://www.causewaycap.com/documents/#documents-international-opportunities-fund

Householding

Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-947-7000 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

CIOVX-SAR-2025

(b) Not applicable

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedules of Investments.

(a) The Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b) Not applicable

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

Financial statements and financial highlights are filed herein.

Table of Contents

Financial Statements (Form N-CSRS Item 7)

Schedule of Investments

2

Statement of Assets and Liabilities

13

Statement of Operations

14

Statements of Changes in Net Assets

15

Financial Highlights

16

Notes to Financial Statements

18

Other Information (Form N-CSRS Items 8-11) (Unaudited)

26

Schedule of Investments

March 31, 2025 (Unaudited)

Causeway International Opportunities Fund

Number of Shares

Value (000)

COMMON STOCK

Argentina - 0.1%

Adecoagro S.A.

22,998 $ 257

Belgium - 1.9%

Anheuser-Busch InBev S.A.

75,551 4,645

Syensqo S.A.

17,402 1,188
5,833

Brazil - 0.9%

BB Seguridade Participacoes S.A.

20,400 144

C&A MODAS S.A. 1

84,100 157

Cia de Saneamento de Minas Gerais Copasa MG

27,500 96

Cury Construtora e Incorporadora S.A.

59,100 253

Cyrela Brazil Realty S.A. Empreendimentos e Participacoes

67,500 282

Direcional Engenharia S.A.

51,400 282

Embraer S.A. ADR 1

7,539 348

JBS SA

109,200 788

Vibra Energia S.A.

179,800 563
2,913

Canada - 2.5%

Barrick Gold Corp.

69,400 1,347

Canadian Pacific Kansas City Ltd.

93,897 6,590
7,937

China - 9.8%

3SBio Inc. 1

361,000 555

Alibaba Group Holding Ltd. ADR

23,915 3,162

Atour Lifestyle Holdings Ltd. ADR

7,014 199

BYD Co. Ltd., Class H

16,000 810

China Construction Bank Corp., Class H

3,382,741 2,997

China Galaxy Securities Co. Ltd., Class H

926,000 929

China Hongqiao Group Ltd.

383,000 792

China Life Insurance Co. Ltd., Class H

138,000 267

China Lumena New Materials Corp. 1,2

4,900 -

China Medical System Holdings Ltd.

50,000 48

China Pacific Insurance Group Co. Ltd., Class H

178,800 563

China Railway Group Ltd., Class H

969,000 429

China Resources Pharmaceutical Group Ltd.

239,000 155

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

Causeway International Opportunities Fund

2

Schedule of Investments (continued)

March 31, 2025 (Unaudited)

Causeway International Opportunities Fund

Number of Shares

Value (000)

China - (continued)

China State Construction International Holdings Ltd.

140,000 $ 181

CITIC Ltd.

416,000 513

COSCO SHIPPING Holdings Co. Ltd., Class H

458,950 724

Geely Automobile Holdings Ltd.

147,000 316

Gree Electric Appliances Inc. of Zhuhai, Class A

40,100 251

Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A

114,900 257

Hello Group Inc. ADR

30,067 190

Hengtong Optic-electric Co. Ltd., Class A

125,200 288

Industrial & Commercial Bank of China, Class H

493,000 352

JD.com Inc. ADR

25,135 1,034

Jiangxi Copper Co. Ltd., Class H

69,000 122

Kuaishou Technology, Class B 1

31,500 221

Meituan, Class B 1

67,700 1,362

New China Life Insurance Co. Ltd., Class H

131,300 502

PDD Holdings Inc. ADR 1

2,360 279

People's Insurance Company Group of China Ltd., Class H

494,000 256

PetroChina Co. Ltd., Class H

408,000 331

Ping An Insurance Group Co. of China Ltd., Class H

314,500 1,877

Pop Mart International Group Ltd.

36,000 728

Qifu Technology Inc. ADR

30,674 1,378

Tencent Holdings Ltd.

99,100 6,332

Tencent Music Entertainment Group ADR

17,619 254

Vipshop Holdings Ltd. ADR

8,976 141

Weibo Corp. ADR

26,892 254

Xiaomi Corp., Class B 1

110,800 701

Yunnan Yuntianhua Co. Ltd., Class A

79,100 250

Yutong Bus Co. Ltd., Class A

60,400 221

Zhejiang NHU Co. Ltd., Class A

223,891 691
30,912

France - 13.8%

Alstom S.A. 1

368,560 8,164

ArcelorMittal S.A.

93,321 2,696

AXA SA

61,956 2,647

BNP Paribas SA

64,057 5,354

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

Causeway International Opportunities Fund

3

Schedule of Investments (continued)

March 31, 2025 (Unaudited)

Causeway International Opportunities Fund

Number of Shares

Value (000)

France - (continued)

Capgemini SE

11,525 $ 1,732

Cie de Saint-Gobain S.A.

46,319 4,614

Kering S.A.

43,182 8,984

Sanofi S.A.

42,477 4,703

Societe Generale S.A.

47,312 2,134

Sodexo S.A.

16,455 1,057

Worldline S.A. 1

201,899 1,240
43,325

Germany - 6.4%

Allianz SE

2,904 1,111

Deutsche Bank AG

9,109 217

Deutsche Telekom AG

102,598 3,788

E.ON AG

113,313 1,711

Heidelberg Materials AG

6,985 1,204

Infineon Technologies AG

150,738 5,025

LANXESS AG

108,333 3,295

SAP SE

14,436 3,868
20,219

Greece - 0.1%

Eurobank Ergasias Services and Holdings S.A.

91,907 247

Hong Kong - 0.1%

The Link Real Estate Investment Trust 3

48,000 225

India - 4.1%

Amber Enterprises India Ltd. 1

2,782 233

Bank of India

234,217 292

Bharti Airtel Ltd.

38,173 772

Canara Bank

355,267 368

Cartrade Tech Ltd. 1

4,436 85

Chambal Fertilisers and Chemicals Ltd.

40,153 292

Coal India Ltd.

6,590 31

Coforge Ltd.

3,224 302

Divi's Laboratories Ltd.

3,033 204

Dixon Technologies India Ltd.

2,838 435

Firstsource Solutions Ltd.

66,946 265

HDFC Asset Management Co. Ltd.

9,108 426

Hindalco Industries Ltd.

52,183 414

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

Causeway International Opportunities Fund

4

Schedule of Investments (continued)

March 31, 2025 (Unaudited)

Causeway International Opportunities Fund

Number of Shares

Value (000)

India - (continued)

Housing & Urban Development Corp. Ltd.

90,895 $ 211

Indian Hotels Co. Ltd., Class A

39,063 358

Indus Towers Ltd. 1

41,203 160

Info Edge India Ltd.

4,404 368

Infosys Ltd. ADR

45,319 827

LIC Housing Finance Ltd.

65,947 433

Lupin Ltd.

21,590 512

Mahindra & Mahindra Ltd.

22,909 711

Max Healthcare Institute Ltd.

21,946 281

Muthoot Finance Ltd.

16,377 455

Natco Pharma Ltd.

21,430 199

National Aluminium Co. Ltd.

162,236 331

Oil & Natural Gas Corp. Ltd.

203,732 585

OneSource Specialty Pharma Ltd. 1

8,400 172

REC Ltd.

267,201 1,332

Shriram Finance Ltd.

55,924 427

Sun Pharmaceutical Industries Ltd.

39,965 810

Union Bank of India Ltd.

285,632 418

Zydus Lifesciences Ltd.

17,127 177
12,886

Indonesia - 0.3%

Alamtri Resources Indonesia Tbk PT 1

173,251 67

Astra International Tbk PT

1,280,700 379

Indo Tambangraya Megah Tbk PT

51,100 71

Indofood Sukses Makmur Tbk PT

386,000 165

Perusahaan Gas Negara Tbk PT

2,338,900 219

United Tractors Tbk PT

138,700 197
1,098

Italy - 2.8%

Enel SpA

549,062 4,454

UniCredit SpA

77,766 4,365
8,819

Japan - 8.0%

FANUC Corp.

181,500 4,945

Fujitsu Ltd.

147,400 2,934

Murata Manufacturing Co. Ltd.

180,500 2,784

Nintendo Co. Ltd.

32,100 2,182

Renesas Electronics Corp.

519,900 6,973

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

Causeway International Opportunities Fund

5

Schedule of Investments (continued)

March 31, 2025 (Unaudited)

Causeway International Opportunities Fund

Number of Shares

Value (000)

Japan - (continued)

SMC Corp.

11,700 $ 4,187

Sompo Holdings Inc.

35,200 1,072
25,077

Malaysia - 0.2%

IHH Healthcare BHD

68,000 106

My EG Services BHD

942,400 195

Sime Darby BHD

399,200 199

Tenaga Nasional BHD

65,700 199
699

Mexico - 0.2%

Fibra Uno Administracion SA de CV 3

264,900 309

Gentera SAB de CV

120,000 185
494

Netherlands - 5.1%

Akzo Nobel NV

94,725 5,834

Heineken NV

36,868 3,006

ING Groep NV

158,938 3,114

Koninklijke Philips NV 1

165,502 4,213
16,167

Peru - 0.1%

Credicorp Ltd.

1,347 251

Philippines - 0.0%

International Container Terminal Services Inc.

18,470 115

Poland - 0.3%

ORLEN SA

8,862 156

Powszechny Zaklad Ubezpieczen SA

44,926 653
809

Qatar - 0.1%

Ooredoo QPSC

74,743 242

Russia - 0.0%

Sberbank of Russia PJSC ADR 1,2

31,284 -

Saudi Arabia - 0.7%

Arab National Bank

43,333 266

Arabian Internet & Communications Services Co.

2,666 215

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

Causeway International Opportunities Fund

6

Schedule of Investments (continued)

March 31, 2025 (Unaudited)

Causeway International Opportunities Fund

Number of Shares

Value (000)

Saudi Arabia - (continued)

Elm Co.

1,017 $ 262

Etihad Etisalat Co.

30,375 494

Riyad Bank

51,781 454

Riyadh Cables Group Co.

6,077 205

Saudi National Bank

37,025 353
2,249

Singapore - 0.7%

United Overseas Bank Ltd.

77,700 2,192

South Africa - 0.2%

Anglogold Ashanti PLC

3,957 148

Growthpoint Properties Ltd. 3

208,521 148

Sasol Ltd. 1

69,252 290
586

South Korea - 3.9%

BH Co. Ltd.

14,851 140

BNK Financial Group Inc.

27,004 189

DB HiTek Co. Ltd.

5,278 155

DB Insurance Co. Ltd.

4,208 254

GS Holdings Corp.

4,634 116

Hana Financial Group Inc.

16,669 681

Hankook Tire & Technology Co. Ltd.

6,958 187

Hanwha Corp.

6,392 179

Hyundai Heavy Industries Co. Ltd.

1,279 176

Hyundai Marine & Fire Insurance Co. Ltd.

5,806 87

Hyundai Mobis Co. Ltd.

3,185 567

Hyundai Motor Co.

4,381 592

Hyundai Rotem Co. Ltd.

8,677 624

Kangwon Land Inc.

27,729 315

Kia Corp.

17,058 1,079

KIWOOM Securities Co. Ltd.

1,790 155

Korea Electric Power Corp.

21,016 310

Korea Gas Corp.

7,367 180

Korean Air Lines Co. Ltd.

19,044 277

Krafton Inc. 1

1,164 266

KT Corp.

10,422 351

KT&G Corp.

3,165 218

LX INTERNATIONAL CORP.

11,015 190

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

Causeway International Opportunities Fund

7

Schedule of Investments (continued)

March 31, 2025 (Unaudited)

Causeway International Opportunities Fund

Number of Shares

Value (000)

South Korea - (continued)

NAVER Corp.

3,339 $ 436

OCI Holdings Co. Ltd.

2,733 121

PharmaResearch Co. Ltd.

1,926 438

Samsung Electronics Co. Ltd.

35,491 1,407

Samsung Life Insurance Co. Ltd.

2,661 150

Samsung Securities Co. Ltd.

7,091 220

Shinhan Financial Group Co. Ltd.

10,688 342

SK Hynix Inc.

5,593 746

SK Telecom Co. Ltd.

10,840 408

Woori Financial Group Inc.

39,055 441

Youngone Corp.

6,628 222
12,219

Sweden - 0.6%

Electrolux AB, Class B 1

214,512 1,757

Switzerland - 2.5%

Julius Baer Group Ltd.

20,390 1,413

Roche Holding AG

19,403 6,386
7,799

Taiwan - 4.9%

Accton Technology Corp.

24,000 425

Arcadyan Technology Corp.

21,000 144

Asia Vital Components Co. Ltd.

6,693 95

Asustek Computer Inc.

40,000 744

Cathay Financial Holding Co. Ltd.

294,000 549

Eva Airways Corp.

614,000 755

Evergreen Marine Corp. Taiwan Ltd.

79,400 532

Hon Hai Precision Industry Co. Ltd.

210,292 949

MediaTek Inc.

18,000 776

MPI Corp.

18,000 364

Pou Chen Corp.

205,000 220

Quanta Computer Inc.

39,000 271

Radiant Opto-Electronics Corp.

30,000 164

Sitronix Technology Corp.

7,000 41

Taiwan Semiconductor Manufacturing Co. Ltd.

232,000 6,534

Taiwan Semiconductor Manufacturing Co. Ltd. ADR

8,542 1,418

Taiwan Surface Mounting Technology Co. Ltd.

68,000 220

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

Causeway International Opportunities Fund

8

Schedule of Investments (continued)

March 31, 2025 (Unaudited)

Causeway International Opportunities Fund

Number of Shares

Value (000)

Taiwan - (continued)

Wistron Corp.

104,000 $ 305

Wiwynn Corp.

6,000 304

Yang Ming Marine Transport Corp.

251,000 568
15,378

Thailand - 0.2%

Com7, Class F

250,900 143

Krung Thai Bank PCL

615,100 439

Sansiri PCL

1,673,800 70
652

Turkey - 0.3%

AG Anadolu Grubu Holding AS

22,695 176

Dogus Otomotiv Servis ve Ticaret AS

33,454 202

Enka Insaat ve Sanayi AS

125,578 210

KOC Holding AS

33,843 146

Turk Hava Yollari AO 1

23,332 191

Turkcell Iletisim Hizmetleri AS

72,346 183
1,108

United Arab Emirates - 0.4%

Abu Dhabi Commercial Bank PJSC

80,172 237

Aldar Properties PJSC

122,021 279

Emaar Properties PJSC

188,667 683
1,199

United Kingdom - 23.4%

AstraZeneca PLC

47,509 6,976

Barclays PLC

2,070,960 7,787

Berkeley Group Holdings PLC

36,424 1,695

BP PLC

1,030,669 5,784

British American Tobacco PLC

72,356 2,969

Compass Group PLC

36,780 1,217

Diageo PLC

169,066 4,418

GSK PLC

253,097 4,837

Kingfisher PLC

536,797 1,768

Legal & General Group PLC

710,887 2,242

NatWest Group PLC

117,712 695

Prudential PLC

480,958 5,190

Reckitt Benckiser Group PLC

119,749 8,098

RELX PLC (EUR)

48,567 2,441

Rolls-Royce Holdings PLC 1

887,945 8,630

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

Causeway International Opportunities Fund

9

Schedule of Investments (continued)

March 31, 2025 (Unaudited)

Causeway International Opportunities Fund

Number of Shares

Value (000)

United Kingdom - (continued)

Segro PLC 3

211,904 $ 1,895

Smith & Nephew PLC

140,877 1,981

Smiths Group PLC

9,100 228

Standard Chartered PLC

182,563 2,709

WH Smith PLC

152,822 2,009
73,569

United States - 1.3%

Carnival Corp. 1

164,188 3,207

Smurfit WestRock PLC

21,051 948
4,155

Total Common Stock

(Cost $263,735) - 95.9%

301,388

PREFERENCE STOCK

Brazil - 0.2%

Bradespar SA

109,600 346

Marcopolo SA

197,860 214

Total Preference Stock

(Cost $743) - 0.2%

560

SHORT-TERM INVESTMENT

Invesco Short-Term Investment Trust:

Government & Agency Portfolio, Institutional Class, 4.29% *

37,689,677 37,690

Total Short-Term Investment

(Cost $37,690) - 12.0%

37,690

Total Investments - 108.1%

(Cost $302,168)

339,638

Liabilities in Excess of Other Assets - (8.1)%

(25,427 )

Net Assets - 100.0%

$ 314,211

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

Causeway International Opportunities Fund

10

Schedule of Investments (continued)

March 31, 2025 (Unaudited)

*

The rate reported is the 7-day effective yield as of March 31, 2025.

1

Non-income producing security.

2

Level 3 security in accordance with fair value hierarchy.

3

Real Estate Investment Trust.

ADR

American Depositary Receipt

PJSC

Public Joint-Stock Company

QPSC

Qatari Public Shareholding Company

The table below sets forth information about the Levels within the fair value hierarchy at which the Fund's investments are measured at March 31, 2025:

Investments in Securities

Level 1
(000)

Level 2
(000)

Level 3
(000)

Total
(000)

Common Stock

Argentina

$ 257 $ - $ - $ 257

Belgium

- 5,833 - 5,833

Brazil

2,913 - - 2,913

Canada

7,937 - - 7,937

China

6,891 24,021 - ^ 30,912

France

1,057 42,268 - 43,325

Germany

- 20,219 - 20,219

Greece

- 247 - 247

Hong Kong

- 225 - 225

India

999 11,887 - 12,886

Indonesia

- 1,098 - 1,098

Italy

- 8,819 - 8,819

Japan

- 25,077 - 25,077

Malaysia

106 593 - 699

Mexico

494 - - 494

Netherlands

- 16,167 - 16,167

Peru

251 - - 251

Philippines

- 115 - 115

Poland

- 809 - 809

Qatar

242 - - 242

Russia

- - - ^ -

Saudi Arabia

494 1,755 - 2,249

Singapore

- 2,192 - 2,192

South Africa

- 586 - 586

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

Causeway International Opportunities Fund

11

Schedule of Investments (concluded)

March 31, 2025 (Unaudited)

Investments in Securities

Level 1
(000)

Level 2
(000)

Level 3
(000)

Total
(000)

South Korea

$ - $ 12,219 $ - $ 12,219

Sweden

- 1,757 - 1,757

Switzerland

- 7,799 - 7,799

Taiwan

1,418 13,960 - 15,378

Thailand

- 652 - 652

Turkey

- 1,108 - 1,108

United Arab Emirates

- 1,199 - 1,199

United Kingdom

- 73,569 - 73,569

United States

4,155 - - 4,155

Total Common Stock

27,214 274,174 - 301,388

Preference Stock

Brazil

560 - - 560

Total Preference Stock

560 - - 560

Short-Term Investment

37,690 - - 37,690

Total Investments in Securities

$ 65,464 $ 274,174 $ - $ 339,638
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 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 Notes to Financial Statements.

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

Causeway International Opportunities Fund

12

Statement of Assets and Liabilities (000)*

(Unaudited)

CAUSEWAY INTERNATIONAL OPPORTUNITIES FUND
3/31/25
ASSETS:
Investments at Value (Cost $302,168) $ 339,638
Foreign Currency (Cost $375) 294
Receivable for Investment Securities Sold 1,291
Receivable for Dividends 1,034
Receivable for Tax Reclaims 673
Receivable for Fund Shares Sold 335
Prepaid Expenses 11
Total Assets 343,276
LIABILITIES:
Payable for Investment Securities Purchased 28,535
Payable Due to Adviser 200
Accrued Foreign Capital Gains Tax on Appreciated Securities 160
Unrealized Depreciation on Spot Foreign Currency Contracts 5
Payable for Shareholder Service Fees - Investor Class 5
Payable Due to Administrator 5
Payable for Fund Shares Redeemed 4
Payable for Trustees' Fees 3
Other Accrued Expenses 148
Total Liabilities 29,065
Net Assets $ 314,211
NET ASSETS:
Paid-in Capital (unlimited authorization - no par value) $ 273,683
Total Distributable Earnings 40,528
Net Assets $ 314,211

Net Asset Value Per Share (based on net assets of

$289,645,541 ÷ 17,305,831 shares) - Institutional Class

$ 16.74

Net Asset Value Per Share (based on net assets of

$24,565,177 ÷ 1,481,138 shares) - Investor Class

$ 16.59
* Except for Net Asset Value Per Share data.

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

Causeway International Opportunities Fund

13

Statement of Operations (000)

(Unaudited)

CAUSEWAY INTERNATIONAL OPPORTUNITIES FUND
10/01/24 to
3/31/25
INVESTMENT INCOME:
Dividend Income (net of foreign taxes withheld of $288) $ 2,710
Total Investment Income 2,710
EXPENSES:
Investment Advisory Fees 1,105
Shareholder Service Fees - Investor Class 30
Administration Fees 25
Custodian Fees 78
Transfer Agent Fees 34
Professional Fees 31
Registration Fees 16
Printing Fees 7
Trustees' Fees 6
Other Fees 10
Total Expenses 1,342
Waiver of Investment Advisory Fees (6 )
Total Waiver (6 )
Net Expenses 1,336
Net Investment Income 1,374
Net Realized Gain (Loss) on:
Investments 12,166
Foreign Capital Gains Tax (313 )
Foreign Currency Transactions 3
Net Realized Gain (Loss) 11,856
Net Unrealized Appreciation (Depreciation) on:
Investments (13,835 )
Accrued Foreign Capital Gains Tax on Appreciated Securities 916
Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currency (96 )
Net Unrealized Appreciation (Depreciation) (13,015 )
Net Realized and Unrealized Loss (1,159 )
Net Increase in Net Assets Resulting from Operations $ 215

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

Causeway International Opportunities Fund

14

Statements of Changes in Net Assets (000)

CAUSEWAY INTERNATIONAL OPPORTUNITIES FUND

10/01/24 to
3/31/25
(Unaudited
) 10/01/23 to
9/30/24

OPERATIONS:

Net Investment Income

$ 1,374 $ 6,393

Net Realized Gain

11,856 14,988

Net Change in Unrealized Appreciation (Depreciation)

(13,015 ) 41,477

Net Increase in Net Assets Resulting From Operations

215 62,858

DISTRIBUTIONS:

Institutional Class

(22,256 ) (6,143 )

Investor Class

(2,056 ) (516 )

Total Distributions to Shareholders

(24,312 ) (6,659 )

Net Increase in Net Assets Derived from Capital Share Transactions(1)

46,576 14,465

Total Increase in Net Assets

22,479 70,664

NET ASSETS:

Beginning of Period

291,732 221,068

End of Period

$ 314,211 $ 291,732

(1)

See Note 7 in Notes to Financial Statements.

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

Causeway International Opportunities Fund

15

Financial Highlights

For the Six Months Ended March 31, 2025 (Unaudited) and the Fiscal Years Ended September 30,

For a Share Outstanding Throughout the Fiscal Years or Period

Net Asset
Value,
Beginning
of Years or
Period ($)

Net
Investment
Income ($)

Net Realized
and
Unrealized
Gain (Loss) ($)

Total
from
Operations ($)

Dividends
from Net
Investment
Income ($)

Distributions
from
Capital
Gains ($)

Total
Dividends
and
Distributions ($)

Causeway International Opportunities Fund

Institutional

2025(1)

18.32 0.09 (0.11 ) (0.02 ) (0.55 ) (1.01 ) (1.56 )

2024

14.83 0.41 3.51 3.92 (0.40 ) (0.03 ) (0.43 )

2023

11.22 0.36 3.61 3.97 (0.36 ) - (0.36 )

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 )

Investor

2025(1)

18.15 0.06 (0.11 ) (0.05 ) (0.50 ) (1.01 ) (1.51 )

2024

14.70 0.36 3.48 3.84 (0.36 ) (0.03 ) (0.39 )

2023

11.12 0.32 3.58 3.90 (0.32 ) - (0.32 )

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 )

Per share amounts calculated using average shares method.

(1)

All ratios for periods less than one year are annualized. Total returns and portfolio turnover rate are for the period indicated and have not been annualized.


Amounts designated as "-" are $0 or round to $0.

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

Causeway International Opportunities Fund

16

Net Asset
Value, End
of Years or

Period ($)

Total
Return (%)

Net Assets,
End of
Years or

Period ($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 (%)

16.74 0.59 289,646 0.95 0.95 1.02 36
18.32 26.99 267,303 0.95 0.99 2.49 69
14.83 35.86 201,687 0.95 1.02 2.52 60
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
16.59 0.45 24,565 1.20 1.20 0.74 36
18.15 26.66 24,429 1.20 1.24 2.21 69
14.70 35.53 19,381 1.20 1.27 2.27 60
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

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

Causeway International Opportunities Fund

17

Notes to Financial Statements (Unaudited)

1.

Organization

Causeway International Opportunities Fund (the "Fund") is a series of Causeway Capital Management Trust (the "Trust"). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act") and is a Delaware statutory trust that was established on August 10, 2001. The Fund began operations on December 31, 2009. The Fund is authorized to offer two classes of shares, the Institutional Class and the Investor Class. The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest of the Fund. The Fund is diversified. The Fund's prospectus provides a description of the Fund's investment objectives, policies and strategies. As of March 31, 2025, the Trust has four additional series, the financial statements of which are presented separately.

2.

Significant Accounting Policies

The following is a summary of the significant accounting policies consistently followed by the Fund.

Use of Estimates in the Preparation of Financial Statements - The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The Fund's financial statements have been prepared to comply with U.S. generally accepted accounting principles ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of net assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during

the reporting period. Actual results could differ from those estimates.

Security Valuation - Except as described below, securities listed on a securities exchange (except the NASDAQ Stock Market ("NASDAQ")) or Over-the-Counter ("OTC") for which market quotations are available are valued at the last reported sale price as of the close of trading on each business day, or, if there is no such reported sale, at the last reported bid price for long positions. For securities traded on NASDAQ, the NASDAQ Official Closing Price is used. Securities listed on multiple exchanges or OTC markets are valued on the exchange or OTC market considered by the Fund to be the primary market. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Fund are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent pricing agent, the Fund seeks to obtain a bid price from at least one independent broker. Investments in money market funds are valued daily at the net asset value per share.

Securities for which market prices are not "readily available" are valued in accordance with fair value pricing procedures approved by the Fund's Board of Trustees (the "Board"). The Fund's fair value pricing procedures are overseen by the Fund's valuation designee, Causeway Capital Management LLC ("Adviser"), and implemented through a Fair Value Committee (the "Committee"). Some of the more common reasons that may necessitate that a security be valued using fair value pricing procedures include: the security's trading has been halted or suspended; the security has been delisted from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security's primary pricing source is not able or willing to provide a price.

Causeway International Opportunities Fund

18

Notes to Financial Statements (Unaudited)

(continued)

When the Committee values a security in accordance with the fair value pricing procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

The Fund uses a third party vendor to fair value certain non-U.S. securities if there is a movement in the U.S. market that exceeds thresholds established by the Committee. The vendor provides fair values for foreign securities based on factors and methodologies involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security and such fair values are applied by the administrator if a pre-determined confidence level is reached for the security.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The guidance establishes three levels of fair value hierarchy as follows:

Level 1 - Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets which are not active, or prices based on inputs

that are observable (either directly or indirectly); and

Level 3 - Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 which fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy during the reporting period. Changes in the classification between Levels 1 and 2 occur primarily when foreign equity securities are fair valued by the Fund's third party vendor using other observable market-based inputs in place of closing exchange prices due to events occurring after foreign market closures or when foreign markets are closed, and/or when adjustments are made to security values for "foreign line" securities using "local line" prices. Due to currency and ownership restrictions on foreign persons in certain countries, including without limitation Thailand, securities sometimes trade via a "foreign line"(designated for foreign ownership) and via a "local line" (shares traded locally and held by residents). Liquidity of shares held in the foreign line is often more limited than the local line. As the last traded price of a foreign line may not represent fair value, if the securities can readily be traded through a broker to access the local line, the securities may be priced using the last traded local line price.

As of and during the six months ended March 31, 2025, there were no changes to the Fund's fair value methodologies.

Causeway International Opportunities Fund

19

Notes to Financial Statements (Unaudited)

(continued)

Federal Income Taxes - The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. The Fund did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax years, as applicable), and on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended March 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any significant interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. The Fund or its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable

laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statement of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser's expense limit agreement described in Note 3.

Security Transactions and Related Income - Security transactions are accounted for on the date the security is purchased or sold (trade date). Dividend income is recognized on the ex-dividend date, and interest income is recognized using the accrual basis of accounting. Costs used in determining realized gains and losses on the sales of investment securities are those of the specific securities sold.

Foreign Currency Translation - The books and records of the Fund are maintained in U.S. dollars on the following basis:

(1) the market value or fair value of investment securities, assets and liabilities is converted at the current rate of exchange; and

(2) purchases and sales of investment securities, income and expenses are converted at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Fund does not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities.

Foreign Currency Exchange Contracts - When the Fund purchases or sells foreign securities, it enters into corresponding foreign currency exchange contracts to settle the securities transactions. Losses from these

Causeway International Opportunities Fund

20

Notes to Financial Statements (Unaudited)

(continued)

foreign exchange transactions may arise from changes in the value of the foreign currency between trade date and settlement date or if the counterparties do not perform under the contract's terms.

Expense/Classes - Expenses that are directly related to one Fund of the Trust are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Fund and the other series of the Trust on the basis of relative daily net assets. Expenses of the Shareholder Service Plan and Agreement for the Investor Class are borne by that class of shares. Income, realized and unrealized gains (losses) and non-class specific expenses are allocated to the respective classes on the basis of relative daily net assets.

Dividends and Distributions - Dividends from net investment income, if any, are declared and paid on an annual basis. Any net realized capital gains on sales of securities are distributed to shareholders at least annually.

Cash - Idle cash may be swept into various time deposit accounts and is classified as cash on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested and earned income are available on the same business day.

Other - Brokerage commission recapture payments are credited to realized capital gains and are included in net realized gains from security transactions on the Statement of Operations. For the six months ended March 31, 2025, the Fund received commission recapture payments of $2,049.

3.

Investment Advisory, Administration, Shareholder Service and Distribution Agreements

The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement (the "Advisory Agreement") with the Adviser. Under the Advisory Agreement, the Adviser is entitled to a monthly fee equal to an annual rate of 0.80% of the Fund's average daily net assets. The Adviser has contractually agreed through January 31, 2026 to waive its fee and, to the extent necessary, reimburse the Fund to keep total annual fund operating expenses (excluding brokerage fees and commissions, interest, taxes, shareholder service fees, fees and expenses of other funds in which the Fund invests, tax reclaim-related fees and expenses, and extraordinary expenses) from exceeding 0.95% of Institutional Class and Investor Class average daily net assets. For the six months ended March 31, 2025, the Adviser waived $5,905 of its advisory fee. The expense waivers and reimbursements are not subject to recapture.

The Trust and SEI Investments Global Funds Services (the "Administrator") have entered into an Administration Agreement. Under the terms of the Administration Agreement, the Administrator is entitled to an annual fee which is calculated daily and paid monthly based on the aggregate average daily net assets of the Trust subject to a minimum annual fee.

The Trust has adopted a Shareholder Service Plan and Agreement for Investor Class shares that allows the Trust to pay broker-dealers and other financial intermediaries a fee of up to 0.25% per annum of average daily net assets for services provided to Investor Class shareholders. For the six months ended March 31, 2025, the Investor Class paid 0.25% annualized of average daily net assets under this plan.

The Trust and SEI Investments Distribution Co. (the "Distributor") have entered into a Distribution Agreement.

Causeway International Opportunities Fund

21

Notes to Financial Statements (Unaudited)

(continued)

The Distributor receives no fees from the Fund for its distribution services under this agreement.

The officers of the Trust are also officers or employees of the Administrator or Adviser. They receive no fees for serving as officers of the Trust.

As of March 31, 2025, approximately $3,439 (000) of the Fund's net assets were held by investors affiliated with the Adviser.

4.

Investment Transactions

The cost of security purchases and the proceeds from the sales of securities, other than short-term investments, during the six months ended March 31, 2025, for the Fund were as follows (000):

Purchases

Sales

$116,166

$99,984

5.

Risks of Foreign Investing

Because the Fund invests most of its assets in foreign securities, the Fund is subject to additional risks. For example, the value of the Fund's securities may be affected by social, political and economic developments and U.S. and foreign laws relating to foreign investments. Further, because the Fund invests in securities denominated in foreign currencies, the Fund's securities may go down in value depending on foreign exchange rates. Other risks include trading, settlement, custodial, and other operational risks; withholding or other taxes; and the less stringent investor protection and disclosure standards of some foreign markets. All of these factors can make foreign securities less liquid, more volatile and harder to value than U.S. securities. These risks are higher for emerging markets investments.

Global economies are increasingly interconnected, and political, economic and other conditions and

events (including, but not limited to, war, conflicts, natural disasters, pandemics, epidemics, trading and tariff arrangements, inflation/deflation, and social unrest) in one country or region might adversely impact a different country or region. Furthermore, the occurrence of severe weather or geological events, fires, floods, earthquakes, climate change or other natural or man-made disasters, outbreaks of disease, epidemics and pandemics, malicious acts, cyber-attacks or terrorist acts, among other events, could adversely impact the performance of the Fund. These events may result in, among other consequences, closing borders, exchange closures, health screenings, healthcare service delays, quarantines, cancellations, supply chain disruptions, lower consumer demand, market volatility and general uncertainty. These events could adversely impact issuers, markets and economies over the short- and long-term, including in ways that cannot necessarily be foreseen. The Fund could be negatively impacted if the value of a portfolio holding were harmed by political or economic conditions or events. Moreover, negative political and economic conditions and events could disrupt the processes necessary for the Fund's operations.

For example, the actual and potential consequences of Brexit, and the associated uncertainty, have adversely affected, and for the foreseeable future may adversely affect, economic and market conditions in the United Kingdom, in the EU and its member states and elsewhere, and may also contribute to uncertainty and instability in global financial markets. There remains significant market uncertainty regarding Brexit's ramifications, and the range and potential implications of possible political, regulatory, economic and market outcomes are difficult to predict. In addition, Russia's invasion of Ukraine in February 2022, the resulting responses by the U.S. and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. Further, recent armed

Causeway International Opportunities Fund

22

Notes to Financial Statements (Unaudited)

(continued)

conflicts in the Middle East and related events could cause significant market disruptions and volatility. These and other similar events could negatively affect the performance of the Fund.

6.

Federal Tax Information

The Fund is classified as a separate taxable entity for Federal income tax purposes. The Fund intends to continue to qualify as a separate "regulated investment company" under Subchapter M of the Internal Revenue Code and make the requisite distributions to shareholders that will be sufficient to relieve it from Federal income tax and Federal excise tax. Therefore, no Federal tax provision is required. To the extent that dividends from net investment income and distributions from net realized capital gains exceed amounts reported in the financial statements, such amounts are reported separately.

The Fund may be subject to taxes imposed by countries in which it invests in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Fund accrues such taxes when the related income is earned. Dividend and interest income is recorded net of non-U.S. taxes paid. Gains realized by the Fund on the sale of securities in certain countries are subject to non-U.S. taxes. Expected capital gains taxes on appreciated securities, if any, are accrued as unrealized losses and incurred capital gains taxes are reflected as realized losses upon the sale of the related security. The Fund records a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

The amounts of distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature.

The character of distributions made during the year from net investment income or net realized gains, and the timing of distributions made during the year may differ from those during the year that the income or realized gains (losses) were recorded by the Fund. To the extent these differences are permanent, adjustments are made to the appropriate equity accounts in the period that the differences arise.

The tax character of dividends and distributions declared during the fiscal years ended September 30, 2024 and September 30, 2023 was as follows (000):

Ordinary
Income

Long-Term
Capital Gain

Total

2024

$

6,218

$

441

$

6,659

2023

5,558

-

5,558

As of September 30, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows (000):

Undistributed Ordinary Income

$

9,580

Undistributed Long-Term
Capital Gains

12,387

Unrealized Appreciation

42,657

Total Distributable Earnings

$

64,624

For the fiscal year ended September 30, 2024, the Fund utilized no short term capital loss carryforwards and $267 (000) of long term capital loss carryforwards.

At March 31, 2025, the total cost of investments for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation on investments for the Fund were as follows (000):

Federal Tax Cost

Appreciated Securities

Depreciated Securities

Net
Unrealized Appreciation

$302,168

$51,559

$(14,089)

$37,470

Causeway International Opportunities Fund

23

Notes to Financial Statements (Unaudited)

(continued)

7. Capital Shares Issued and Redeemed (000)

Six Months
Ended
March 31, 2025
(Unaudited)

Fiscal Year Ended
September 30, 2024

Shares

Value

Shares

Value

Institutional Class

Shares Sold

2,266 $ 38,607 1,985 $ 30,611

Shares Issued in Reinvestment of Dividends and Distributions

1,273 19,694 348 5,321

Shares Redeemed

(820 ) (13,838 ) (1,346 ) (21,967 )

Increase in Shares Outstanding Derived from Institutional Class Transactions

2,719 44,463 987 13,965

Investor Class

Shares Sold

176 2,978 203 3,328

Shares Issued in Reinvestment of Dividends and Distributions

134 2,055 34 516

Shares Redeemed

(175 ) (2,920 ) (210 ) (3,344 )

Increase in Shares Outstanding Derived from Investor Class Transactions

135 2,113 27 500

Net Increase in Shares Outstanding from Capital Share Transactions

2,854 $ 46,576 1,014 $ 14,465

8.

Significant Shareholder Concentration

As of March 31, 2025, three of the Fund's shareholders of record owned 67% of the Institutional Class shares. The Fund may be adversely affected when a shareholder purchases or redeems large amounts of shares, which may impact the Fund in the same manner as a high volume of redemption requests. Such large shareholders may include, but are not limited to, institutional investors and asset allocators who make investment decisions on behalf of

underlying clients. Significant shareholder purchases and redemptions may adversely impact the Fund's portfolio management and may cause the Fund to make investment decisions at inopportune times or prices or miss attractive investment opportunities. Such transactions may also increase the Fund's transaction costs, accelerate the realization of taxable income if sales of securities result in gains, or otherwise cause the Fund to perform differently than intended.

Causeway International Opportunities Fund

24

Notes to Financial Statements (Unaudited)

(concluded)

9.

Indemnifications

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of his or her duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

10.

Recent Accounting Pronouncement

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Fund's Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers. The financial information in the form of the Fund's schedule of

investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

11.

Subsequent Events

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements.

Causeway International Opportunities Fund

25

Other Information (Form N-CSRS Items 8-11) (Unaudited)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included within the Statement(s) of Operations of the financial statements.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Causeway International Opportunities Fund

26

INVESTMENT ADVISER:

Causeway Capital Management LLC

11111 Santa Monica Boulevard

15th Floor

Los Angeles, CA 90025

DISTRIBUTOR:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

To determine if the Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. Please read the summary or full prospectus carefully before you invest or send money. To obtain additional information including charges, expenses, investment objectives, or risk factors, or to open an account, call 1.866.947.7000, or visit us online at www.causewayfunds.com.

CCM-SA-007-1500

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

There were no changes in or disagreements with accountants during the reporting period.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed as part of the financial statements included above in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The disclosure regarding the Approval of Advisory Agreement, if applicable, is included as part of the financial statements included above in Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 15. 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 16. 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 §240.13a-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 §270.30a-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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end management investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) Not applicable.

(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.

(a)(4) Not applicable to open-end management investment companies.

(a)(5) Not applicable.

(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.

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 (Signature and Title) /s/ Gracie V. Fermelia
Gracie V. Fermelia, Principal Executive Officer
Date: June 4, 2025

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 (Signature and Title) /s/ Gracie V. Fermelia
Gracie V. Fermelia, Principal Executive Officer
Date: June 4, 2025
By (Signature and Title) /s/ John Bourgeois
John Bourgeois, Principal Financial Officer
Date: June 4, 2025
Causeway Capital Management Trust published this content on June 04, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on June 04, 2025 at 17:00 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at support@pubt.io