Causeway Capital Management Trust N-CSR Certified annual shareholder report (management investment company)

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, 15^th Floor

Los Angeles, CA 90025

(Address of principal executive offices) (Zip code)

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

(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, 2016

Date of reporting period: September 30, 2016

Item 1. Reports to Stockholders.

TABLE OF CONTENTS

Letter to Shareholders	2
Schedule of Investments	6
Sector Diversification	13
Statement of Assets and Liabilities	14
Statement of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	18
Notes to Financial Statements	20
Report of Independent Registered Public Accounting Firm	28
Notice to Shareholders	29
Trustees and Officers Information	30
Disclosure of Fund Expenses	33
Statement Regarding Basis for Approval of Investment Advisory Agreement	35

LETTER TO SHAREHOLDERS

For the fiscal year ended September 30, 2016, Causeway Emerging Markets Fund’s (the “Fund’s”) Institutional Class returned 10.70% and Investor Class returned 10.53%, compared to 17.21% for the MSCI Emerging Markets Index (Gross) (“EM Index”). Since the Fund’s inception on March 30, 2007, its average annual total returns are 3.14% for the Institutional Class and 2.99% for the Investor Class, compared to 2.54% for the EM Index for the same period. At fiscal year-end, the Fund had net assets of $3.05 billion.

Performance Review

Following sharp weakness in the previous fiscal year and into the first quarter of this fiscal year, emerging markets equities reversed course and posted strong gains through the end of the current fiscal year. A bottoming in oversold commodities and the absence of a rise in rates from the U.S. Federal Reserve (“Fed”) since December 2015 spurred sharp turnarounds in equity markets and currencies of troubled economies, including Brazil and South Africa. After the UK’s “Brexit” vote induced temporary declines, the commitment of central banks globally to stabilize markets, along with reduced concerns for contagion stemming from the political and economic uncertainty in Europe, appeared to have assuaged investors. From a regional perspective, Brazil and Indonesia were the two top performers, both posting over 50% growth during the fiscal year. Following these two standouts, Peru, Hungary, and Russia posted the next strongest results. Greece, Poland, Czech Republic, Qatar, and Mexico were the biggest laggards and the only markets to deliver negative performance within the EM index. From a sector perspective, every sector experienced positive performance, with companies in the information technology, energy, and materials sectors leading the way with strong double-digit returns. While still positive, the industrials, telecommunication services, and health care sectors delivered the weakest results during the fiscal year.

We use a combination of stock-specific factors and top-down analysis to rank the stocks in our investable universe. Our macroeconomic factor, which tends to penalize stocks that are domiciled in countries that exhibit unfavorable economic characteristics, was the dominant driver of the underperformance for the fiscal year. Countries that exhibited current account deficits, most notably Brazil and South Africa, performed well, contrary to what our model would have predicted. In addition, our top-down country and currency factors also delivered negative predictive power during the year. However, weakness in the top-down factors, which overall comprise 25% of the weight in our model, was partially offset by positive performance of our sector factor. Our bottom-up factors also delivered mixed performance over the fiscal year, with positive performance from our valuation and earnings growth factors partially offset by weakness in our technical, or momentum, factor.

The Fund’s underperformance compared to the EM Index was driven primarily by weak stock selection. Holdings in Brazil, India, South Korea, Turkey, and Mexico were the top country-level detractors from relative return. Holdings in Russia and China, along with underweight positions in South Africa, Hong Kong, and Malaysia helped to offset some of that relative underperformance. From a sector perspective, the top contributors to relative outperformance were positions in the industrials, materials, and financials sectors. Holdings in the information technology and utilities sectors, as well as an overweight position in the energy sector, detracted from relative performance. The top detractor from relative performance was an underweight position in automobile manufacturer, Kia Motors Corp.

2 Causeway Emerging Markets Fund

(South Korea). Overweight positions in meat processor, JBS SA (Brazil) and insurance provider, PICC Property (China) also detracted. The top individual contributors to relative performance were overweight positions in internet services provider, Netease.com (China), financial services firm, Sberbank Russia OJSC (Russia), and state owned oil & gas company, PTT Public Co., Ltd. (Thailand).

Significant Portfolio Changes

At the country level, over the past year the Fund increased its active position relative to the EM Index in South Korea, Russia, and Indonesia. Improved valuations for South Korean and Russian companies were the primary drivers of increased exposure in those two countries, while improved momentum and earnings growth led to the increased active weight (difference between Fund exposure and EM Index exposure) in Indonesia. In contrast, we were more cautious about investment opportunities in China, Turkey, and India, and as such, reduced the Fund’s active weight in these markets in the fiscal year. Chinese and Indian stocks experienced deteriorating valuation support, while Turkish and Indian stocks jointly suffered from weakening earnings growth potential. In addition, the Turkish market experienced negative momentum due in large part to the attempted coup which took place late in the fiscal year.

From a sector perspective, we increased the Fund’s active exposure to the consumer staples and information technology sectors over the past year. In the consumer staples sector, our decision was driven by improving valuations in those securities; whereas in the information technology sector, the earnings growth and momentum characteristics improved materially in the year. We reduced the Fund’s active exposure to the industrials and financials sectors, where poor momentum was negatively impacting expectations for positive performance.

Investment Outlook

We have been encouraged by signs of a recovery in value investing. Our value factors have outperformed in recent months and were the strongest performing factors in our quantitative model over the trailing 12-month period. Of the bottom-up factors we use to forecast alpha (return in excess of the EM Index) for our investable universe, value has the greatest influence. Our strategy does not rely solely on value’s performance — the use of growth and momentum factors in the investment process bolstered Fund performance amid value’s weakness in recent years — but a sustained upward “re-rating” of value should benefit the Fund.

Within the value factor category, we see varying degrees of opportunity. On a basis of price-to-book value and price-to-cash flow ratios, the differentials between cheap and expensive stocks at fiscal year end were above their long-term averages, providing fertile opportunities. For other factors, such as price-to-earnings ratio and dividend yield, the cheap versus expensive differential has been compressed relative to historical averages. In aggregate, value stocks at year end looked attractive versus growth stocks, trading at steep discounts across multiple valuation metrics. We have been finding more attractive valuations among economically cyclical stocks versus stocks with defensive characteristics, and at year end had a cyclical bias in the Fund’s portfolio that we believe will benefit our shareholders if the cyclical discount returns to more normalized levels.

Causeway Emerging Markets Fund 3

We thank you for your continued confidence in Causeway Emerging Markets Fund, and look forward to serving you in the future.

September 30, 2016

Arjun Jayaraman	MacDuff Kuhnert	Joseph Gubler
Portfolio Manager	Portfolio Manager	Portfolio Manager

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.

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.

4 Causeway Emerging Markets Fund

Comparison of Change in the Value of a $10,000 Investment in Causeway Emerging Markets Fund, Investor Class shares versus the MSCI Emerging Markets Index (Gross)

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.

* The inception date of Causeway Emerging Markets Fund was March 30, 2007. The MSCI Emerging Markets Index (Gross) inception to date return is from March 30, 2007.

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 contractual fee waivers during certain periods. In the absence of such fee waivers, total return would be reduced. 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. For the fiscal year ended September 30, 2016, the Fund’s gross ratios of expenses in relation to net assets were 1.18% and 1.43% for the Institutional Class and Investor Class, respectively. The Fund imposes a 2% redemption fee on the value of shares redeemed less than 60 days after purchase. If your account incurred a redemption fee, your performance will be lower than the performance shown here. For more information, please see the prospectus.

The MSCI Emerging Markets Index (Gross) (the “Index”) is a free float-adjusted market capitalization index, designed to measure equity market performance of emerging markets, consisting of 23 emerging 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 Emerging Markets Fund 5

SCHEDULE OF INVESTMENTS (000)*

September 30, 2016

Causeway Emerging Markets Fund	Number of Shares		Value
COMMON STOCK
Brazil — 2.4%
Banco do Brasil SA		4,357,200	$	30,762
JBS SA		5,106,700		18,560
M Dias Branco SA1		191,800		7,883
Smiles S.A.		890,600		14,878
				72,083
China — 25.5%
Agile Group Holdings Ltd.		14,106,000		8,079
Alibaba Group Holding Ltd. ADR1		859,563		90,933
Baidu Inc. ADR1		172,300		31,371
Bank of China Ltd., Class H		100,851,000		46,573
China Communications Construction Co. Ltd., Class H		28,696,000		30,454
China Construction Bank Corp., Class H		102,552,000		77,021
China Lumena New Materials Corp.1,2,3		10,564,000		—
China Mobile Ltd. ADR		517,380		31,829
China Petroleum & Chemical Corp., Class H		91,352,000		67,442
China Railway Construction Corp. Ltd., Class H		16,703,000		19,139
China Railway Group Ltd., Class H		24,350,000		17,802
China Southern Airlines Co. Ltd., Class H		15,788,000		8,906
Country Garden Holdings Co. Ltd.		22,374,000		11,888
Dongfeng Motor Group Co. Ltd., Class H		13,682,000		13,797
Guangzhou Automobile Group Co. Ltd., Class H		10,974,000		14,193
Guangzhou R&F Properties Co. Ltd., Class H		10,026,000		15,888
Industrial & Commercial Bank of China, Class H		33,929,000		21,534
KWG Property Holding Ltd.		14,016,000		9,284
NetEase Inc. ADR		197,000		47,434
New Oriental Education & Technology Group ADR1		564,500		26,170
PICC Property & Casualty Co. Ltd., Class H		9,464,000		15,867
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		9,123,200		24,777
Shimao Property Holdings Ltd.		5,394,500		7,373
Sinopharm Group Co. Ltd., Class H		2,942,800		14,253
Skyworth Digital Holdings Ltd.		11,198,401		8,130

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

6 Causeway Emerging Markets Fund

SCHEDULE OF INVESTMENTS (000)* (continued)

September 30, 2016

Causeway Emerging Markets Fund	Number of Shares		Value
China — (continued)
Tencent Holdings Ltd.		3,366,200	$	93,587
Tianneng Power International Ltd.		8,418,000		7,217
Zhejiang Expressway Co. Ltd., Class H		17,282,000		18,309
				779,250
Czech Republic — 0.4%
CEZ AS		701,581		12,534
Hungary — 0.4%
Richter Gedeon Nyrt		600,903		12,212
India — 8.1%
Bank of Baroda1		5,835,258		14,719
Cipla Ltd.		1,134,487		9,900
Hindalco Industries Ltd.		14,268,213		32,836
Hindustan Petroleum Corp. Ltd.		6,330,034		40,362
Housing Development & Infrastructure Ltd.1		12,281,393		14,741
ICICI Bank Ltd. ADR		3,268,900		24,419
Infosys Ltd. ADR		1,024,600		16,168
Lupin Ltd.		614,477		13,744
Power Finance Corp. Ltd.		2,883,356		5,224
Reliance Infrastructure Ltd.		2,546,761		21,144
Sintex Industries Ltd.		7,588,161		8,952
Tata Motors Ltd. ADR		840,900		33,619
UPL Ltd.		1,228,601		12,470
				248,298
Indonesia — 2.4%
Gudang Garam Tbk PT		2,494,200		11,868
Indofood Sukses Makmur Tbk PT		24,789,700		16,579
Telekomunikasi Indonesia Persero Tbk PT		136,500,500		45,453
				73,900

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

Causeway Emerging Markets Fund 7

SCHEDULE OF INVESTMENTS (000)* (continued)

September 30, 2016

Causeway Emerging Markets Fund	Number of Shares		Value
Malaysia — 0.7%
AirAsia BHD		29,727,600	$	20,089
Mexico — 4.1%
Alfa SAB de CV, Class A		13,400,900		20,872
America Movil SAB de CV, Class L ADR		1,325,700		15,166
Arca Continental SAB de CV		3,263,447		19,423
Gruma SAB de CV, Class B		1,770,745		23,231
Kimberly-Clark de Mexico SAB de CV, Class A		6,564,286		14,849
Wal-Mart de Mexico SAB de CV		14,132,900		30,941
				124,482
Philippines — 0.2%
Universal Robina Corp.		2,014,190		7,413
Poland — 1.9%
KGHM Polska Miedz SA		308,143		6,004
PGE Polska Grupa Energetyczna SA		3,674,205		9,762
Polski Koncern Naftowy Orlen SA		2,524,716		42,938
				58,704
Qatar — 0.2%
Barwa Real Estate Co.		823,598		7,650
Russia — 5.8%
Gazprom PJSC ADR		5,651,139		23,821
Lukoil PJSC ADR		1,212,452		59,123
PhosAgro OAO GDR		1,014,881		13,092
Sberbank of Russia ADR		6,050,769		56,801
Surgutneftegas OAO ADR		3,013,260		14,511
Tatneft PAO ADR		324,531		10,006
				177,354
South Africa — 3.7%
Barloworld Ltd.		2,507,520		15,185
FirstRand Ltd.		7,302,892		25,302

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

8 Causeway Emerging Markets Fund

SCHEDULE OF INVESTMENTS (000)* (continued)

September 30, 2016

Causeway Emerging Markets Fund	Number of Shares		Value
South Africa — (continued)
MMI Holdings Ltd.		5,756,968	$	9,375
Redefine Properties Ltd.4		17,279,595		14,418
Sibanye Gold Ltd.		4,790,342		17,032
Tiger Brands Ltd.		731,180		20,273
Vodacom Group Ltd.		1,083,201		12,170
				113,755
South Korea — 17.2%
BNK Financial Group Inc.		1,298,121		10,162
Daesang Corp.		327,331		8,806
Hana Financial Group Inc.		1,006,918		25,635
Hanwha Corp.		375,428		12,018
Hyosung Corp.		72,169		8,575
Hyundai Marine & Fire Insurance Co. Ltd.		464,204		15,325
Hyundai Mobis		50,757		12,738
KB Financial Group Inc.		952,785		32,771
Kia Motors Corp.		1,101,220		42,311
Korea Aerospace Industries Ltd.		260,488		18,154
Korea Electric Power Corp.		1,212,507		59,396
KT&G Corp.		155,548		17,714
LG Corp.		196,489		11,612
LG Display Co. Ltd.		829,010		21,193
LG Electronics Inc.		212		9
LG Household & Health Care Ltd.		25,026		21,779
NH Investment & Securities Co. Ltd.		927,190		8,472
NongShim Co. Ltd.		22,868		6,529
POSCO		23,829		4,939
POSCO ADR		228,100		11,651
Samsung Electronics Co. Ltd.		86,705		126,309
SK Hynix Inc.		679,281		24,936
SK Innovation Co. Ltd.		83,043		12,304
SK Telecom Co. Ltd. ADR		248,660		5,620

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

Causeway Emerging Markets Fund 9

SCHEDULE OF INVESTMENTS (000)* (continued)

September 30, 2016

Causeway Emerging Markets Fund	Number of Shares		Value
South Korea — (continued)
WiSoL Co. Ltd.		545,648	$	6,575
				525,533
Taiwan — 12.6%
Chunghwa Telecom Co. Ltd.		6,667,000		23,513
Compal Electronics Inc.		16,502,316		10,217
HON HAI Precision Industry Co. Ltd.		23,947,623		60,603
Inventec Corp.		27,068,000		22,221
Lite-On Technology Corp.		14,009,202		20,254
Pegatron Corp.		13,002,000		33,649
Powertech Technology Inc.		7,264,000		18,878
President Chain Store Corp.		1,131,000		9,008
St. Shine Optical Co. Ltd.		553,000		12,917
Taiwan Semiconductor Manufacturing Co. Ltd.		3,934,000		23,125
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		3,387,800		103,633
TTY Biopharm Co. Ltd.		4,022,000		16,630
Win Semiconductors Corp.		4,014,965		11,805
WPG Holdings Ltd.		9,715,000		11,526
Yuanta Financial Holding Co. Ltd.		15,065,850		5,404
				383,383
Thailand — 4.5%
Charoen Pokphand Foods PCL		27,409,900		25,196
Krung Thai Bank PCL		34,972,800		17,827
PTT PCL		6,426,300		63,233
Sansiri PCL		204,369,666		10,286
Thanachart Capital PCL		12,963,500		15,152
Tipco Asphalt PCL		9,523,900		5,263
				136,957
Turkey — 1.5%
Eregli Demir ve Celik Fabrikalari TAS		6,072,761		8,357
Tekfen Holding AS		5,870,836		15,107

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

10 Causeway Emerging Markets Fund

SCHEDULE OF INVESTMENTS (000)* (continued)

September 30, 2016

Causeway Emerging Markets Fund	Number of Shares		Value
Turkey — (continued)
Turkiye Vakiflar Bankasi TAO, Class D		14,044,346	$	21,484
				44,948
United Arab Emirates — 0.9%
DAMAC Properties Dubai Co. PJSC		11,151,560		6,970
Dubai Islamic Bank PJSC		5,633,753		8,300
First Gulf Bank PJSC		3,576,150		11,469
				26,739
Total Common Stock
(Cost $2,665,917) — 92.5%				2,825,284
PREFERENCE STOCK
Brazil — 4.9%
Braskem SA		2,182,587		16,832
Cia Energetica de Minas Gerais		1,964,700		5,184
Cia Paranaense de Energia		745,800		7,760
Itausa — Investimentos Itau SA		21,135,001		54,460
Petroleo Brasileiro SA, Class A ADR1		4,934,100		41,002
Vale SA, Class B ADR		5,067,200		23,866
				149,104
South Korea — 1.4%
LG Chemical Ltd.		47,318		7,098
Samsung Electronics Co. Ltd.		31,742		37,291
				44,389
Total Preference Stock
(Cost $158,952) — 6.3%				193,493

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

Causeway Emerging Markets Fund 11

SCHEDULE OF INVESTMENTS (000)* (concluded)

September 30, 2016

Causeway Emerging Markets Fund	Number of Warrants/ Shares		Value
WARRANT
Sansiri PCL, Expires 11/24/20171		14,133,566	$	57
Total Warrant
(Cost $—) — 0.0%				57
SHORT-TERM INVESTMENT
Dreyfus Cash Management, Institutional Class, 0.204%**		32,401,866		32,402
Total Short-Term Investment
(Cost $32,402) — 1.1%				32,402
Total Investments — 99.9%
(Cost $2,857,271)				3,051,236
Other Assets in Excess of Liabilities — 0.1%				1,553
Net Assets — 100.0%			$	3,052,789

* Except for share data.

** The rate reported is the 7-day effective yield as of September 30, 2016.

1 Non-income producing security.

2 Securities considered illiquid. The total market value of such securities as of September 30, 2016 was $– and represented 0.0% of net assets.

3 Security is fair valued at zero due to company’s insolvency.

4 Real Estate Investment Trust.

ADR American Depositary Receipt

GDR Global Depositary Receipt

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

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

12 Causeway Emerging Markets Fund

SECTOR DIVERSIFICATION

As of September 30, 2016, the sector diversification was as follows (Unaudited):

Causeway Emerging Markets Fund	Common Stock		Preference Stock		% of Net Assets
Information Technology		25.4%		1.2%		26.6%
Financials		16.3		1.8		18.1
Energy		10.9		1.3		12.2
Consumer Staples		8.5		0.0		8.5
Industrials		7.1		0.0		7.1
Consumer Discretionary		5.7		0.0		5.7
Materials		3.9		1.6		5.5
Telecommunication Services		4.4		0.0		4.4
Utilities		3.4		0.4		3.8
Real Estate		3.5		0.0		3.5
Health Care		3.4		0.0		3.4
Total		92.5		6.3		98.8
Warrant						0.0
Short-Term Investment						1.1
Other Assets in Excess of Liabilities						0.1
Net Assets						100.0%

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

Causeway Emerging Markets Fund 13

STATEMENT OF ASSETS AND LIABILITIES (000)*

	CAUSEWAY EMERGING MARKETS FUND
	9/30/16
ASSETS:
Investments at Value (Cost $2,857,271)	$	3,051,236
Foreign Currency (Cost $3,807)		3,807
Receivable for Investment Securities Sold		73,587
Receivable for Fund Shares Sold		13,880
Receivable for Dividends		5,358
Receivable for Tax Reclaims		60
Prepaid Expenses		25
Unrealized Appreciation on Spot Foreign Currency Contracts		6
Total Assets		3,147,959
LIABILITIES:
Payable for Fund Shares Redeemed		48,633
Payable for Investment Securities Purchased		40,100
Accrued Foreign Capital Gains Tax on Appreciated Securities		2,685
Payable Due to Adviser		2,548
Payable for Shareholder Service Fees — Investor Class		139
Payable Due to Administrator		42
Payable for Trustees’ Fees		35
Unrealized Depreciation on Spot Foreign Currency Contracts		26
Other Accrued Expenses		962
Total Liabilities		95,170
Net Assets	$	3,052,789
NET ASSETS:
Paid-in Capital (unlimited authorization — no par value)	$	3,073,668
Undistributed Net Investment Income		36,103
Accumulated Net Realized Loss on Investments and Foreign Currency Transactions		(248,251	)
Net Unrealized Appreciation on Investments		193,965
Accrued Foreign Capital Gains Tax on Appreciated Securities		(2,685	)
Net Unrealized Depreciation on Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(11	)
Net Assets	$	3,052,789
Net Asset Value Per Share (based on net assets of $2,469,221,751 ÷ 226,645,752 shares) — Institutional Class		$10.89
Net Asset Value Per Share (based on net assets of $583,566,810 ÷ 53,234,163 shares) — Investor Class		$10.96

* Except for Net Asset Value data.

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

14 Causeway Emerging Markets Fund

STATEMENT OF OPERATIONS (000)

	CAUSEWAY EMERGING MARKETS FUND
	10/01/15 to 9/30/16
INVESTMENT INCOME:
Dividend Income (net of foreign taxes withheld of $9,947)	$	74,690
Total Investment Income		74,690
EXPENSES:
Investment Advisory Fees		24,708
Custodian Fees		2,812
Shareholder Service Fees — Investor Class		1,339
Administration Fees		772
Transfer Agent Fees		239
Registration Fees		163
Professional Fees		141
Printing Fees		135
Trustees’ Fees		113
Pricing Fees		38
Line of Credit		6
Other Fees		91
Total Expenses		30,557
Net Investment Income		44,133
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions:
Net Realized Loss on Investments		(219,724	)
Net Realized Loss from Foreign Currency Transactions		(2,787	)
Net Change in Unrealized Appreciation on Investments		522,066
Net Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		(1,649	)
Net Change in Unrealized Appreciation on Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currency		79
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions		297,985
Net Increase in Net Assets Resulting from Operations	$	342,118

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

Causeway Emerging Markets Fund 15

STATEMENTS OF CHANGES IN NET ASSETS (000)

	CAUSEWAY EMERGING MARKETS FUND
	10/01/15 to 9/30/16			10/01/14 to 9/30/15
OPERATIONS:
Net Investment Income	$	44,133		$	30,323
Net Realized Loss on Investments		(219,724	)		(12,072	)
Net Realized Loss from Foreign Currency Transactions		(2,787	)		(1,648	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		522,066			(358,002	)
Net Change in Accrued Foreign Capital Gains Tax on Appreciated Securities		(1,649	)		1,006
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currency and Translation of Other Assets and Liabilities Denominated in Foreign Currency		79			(9	)
Net Increase (Decrease) in Net Assets Resulting From Operations		342,118			(340,402	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from Net Investment Income:
Institutional Class		(23,661	)		(22,262	)
Investor Class		(7,924	)		(1,098	)
Total Dividends from Net Investment Income		(31,585	)		(23,360	)
Net Increase in Net Assets Derived from Capital Share Transactions(1)(2)		779,105			1,406,461
Redemption Fees(3)		71			66
Total Increase in Net Assets		1,089,709			1,042,765
NET ASSETS:
Beginning of Year		1,963,080			920,315
End of Year	$	3,052,789		$	1,963,080
Undistributed Net Investment Income	$	36,103		$	25,448

(1) Includes redemptions as a result of an in-kind transfer of securities during the fiscal year ended September 30, 2015 (see Note 10 in the Notes to Financial Statements).

(2) See Note 7 in Notes to Financial Statements.

(3) See Note 2 in the Notes to Financial Statements.

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

16 Causeway Emerging Markets 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 Emerging Markets Fund†
Institutional
2016		10.00		0.19		0.86			1.05			(0.16	)		—		(0.16	)		—	(1)
2015		12.33		0.24		(2.29	)		(2.05	)		(0.28	)		—		(0.28	)		—	(1)
2014		11.65		0.28		0.51			0.79			(0.11	)		—		(0.11	)		—
2013		11.19		0.24		0.50			0.74			(0.28	)		—		(0.28	)		—
2012		9.39		0.28		1.62			1.90			(0.10	)		—		(0.10	)		—
Investor
2016		10.06		0.14		0.90			1.04			(0.14	)		—		(0.14	)		—	(1)
2015		12.40		0.29		(2.39	)		(2.10	)		(0.24	)		—		(0.24	)		—	(1)
2014		11.72		0.23		0.53			0.76			(0.08	)		—		(0.08	)		—
2013		11.26		0.20		0.51			0.71			(0.25	)		—		(0.25	)		—
2012		9.45		0.26		1.63			1.89			(0.08	)		—		(0.08	)		—

(1) Amount represents less than $0.01 per share (See Note 2 in the Notes to Financial Statements).

 † Per share amounts calculated using average shares method.

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

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

18 Causeway Emerging Markets Fund

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 (%)
	10.89		10.70			2,469,222		1.18		1.18		1.89		73
	10.00		(16.94	)		1,348,773		1.19		1.19		2.06		100
	12.33		6.84			852,202		1.20		1.20		2.31		112
	11.65		6.54			211,572		1.30		1.30		2.09		95
	11.19		20.36			102,810		1.35		1.43		2.61		74
	10.96		10.53			583,567		1.43		1.43		1.43		73
	10.06		(17.17	)		614,307		1.46		1.46		2.55		100
	12.40		6.55			68,113		1.45		1.45		1.89		112
	11.72		6.28			40,088		1.55		1.55		1.69		95
	11.26		20.10			34,598		1.55		1.63		2.46		74

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

Causeway Emerging Markets Fund 19

NOTES TO FINANCIAL STATEMENTS

1. Organization

Causeway Emerging Markets 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 March 30, 2007. 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. The Trust has five 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 regular 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 implemented through a fair value committee (the “Committee”) designated by the Board. 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. When the Committee values a security in accordance with the fair value pricing procedures, the Committee determines the value after taking into consideration

20 Causeway Emerging Markets Fund

NOTES TO FINANCIAL STATEMENTS

(continued)

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.

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 in markets which are not active, or prices based on inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; 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.

The following table sets forth information about the levels within the fair value hierarchy at which the Fund’s investments are measured at September 30, 2016:

Investments in Securities	Level 1 (000)		Level 2† (000)		Level 3†† (000)		Total (000)
Common Stock
Brazil	$	72,083	$	—	$	—	$	72,083
China		227,737		551,513		—		779,250
Czech Republic		—		12,534		—		12,534
Hungary		—		12,212		—		12,212
India		74,206		174,092		—		248,298
Indonesia		—		73,900		—		73,900
Malaysia		—		20,089		—		20,089
Mexico		124,482		—		—		124,482
Philippines		—		7,413		—		7,413
Poland		—		58,704		—		58,704
Qatar		—		7,650		—		7,650
Russia		13,092		164,262		—		177,354
South Africa		—		113,755		—		113,755
South Korea		17,271		508,262		—		525,533
Taiwan		103,633		279,750		—		383,383
Thailand		15,152		121,805		—		136,957
Turkey		—		44,948		—		44,948
United Arab Emirates		—		26,739		—		26,739
Total Common Stock		647,656		2,177,628		—		2,825,284
Preference Stock
Brazil		149,104		—		—		149,104
South Korea		—		44,389		—		44,389
Total Preference Stock		149,104		44,389		—		193,493
Warrant		—		57		—		57
Short-Term Investment		32,402		—		—		32,402
Total Investments in Securities	$	829,162	$	2,222,074	$	—	$	3,051,236

Causeway Emerging Markets Fund 21

NOTES TO FINANCIAL STATEMENTS

(continued)

† Holdings represent securities trading outside the United States, the values of which were adjusted as a result of significant market movements following the close of local trading and/or due to “foreign line” securities using “local line” prices. Securities with a value of $57 (000), which represented 0.0% of the net assets of the Fund, transferred at period end from Level 1 to Level 2 since the prior fiscal year end, primarily due to significant market movements following the close of local trading and securities with a value of $13,092 (000), which represented 0.4% of the net assets of the Fund, transferred at period end from Level 2 to Level 1 since the prior fiscal year end, primarily due to market movements following the close of local trading that triggered the fair valuation of certain securities that were Level 1 at the beginning of the period and were not at the end of the period, and vice versa.

†† 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.

Please refer to the Schedule of Investments for additional information regarding the composition of the amounts listed above.

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 and/or due to adjustments to security values due to “foreign line” securities using “local line” prices. Due to currency and ownership restrictions on foreign persons in certain countries, including without limitation Russia and Thailand, securities sometimes trade in 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.

For the fiscal year ended September 30, 2016, no securities transferred to Level 3. Transfers between levels are recognized at period end.

For the fiscal year ended September 30, 2016, there were no significant changes to the Fund’s fair value methodologies.

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 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 (e.g., 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 fiscal year ended September 30, 2016, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest

22 Causeway Emerging Markets Fund

NOTES TO FINANCIAL STATEMENTS

(continued)

and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year, the Fund did not incur any significant interest or penalties.

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 may enter into foreign currency exchange contracts to minimize foreign exchange risk from the trade date to the settlement date of the transaction. Losses from these transactions may arise from changes in the value of the foreign currency 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. Class specific expenses 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.

Redemption Fee – The Fund imposes a redemption fee of 2% on the value of capital shares redeemed by shareholders less than 60 days after purchase. The redemption fee also applies to exchanges from the Fund. The redemption fee is paid to the Fund. The redemption fee does not apply to shares purchased through reinvested distributions or shares redeemed through designated systematic withdrawal plans. The redemption fee does not normally apply to accounts designated as omnibus accounts with the transfer agent. These are arrangements through financial intermediaries where the purchase and sale orders of a number of persons are aggregated before being communicated to the Fund. However, the Fund may seek agreements with these intermediaries to impose the Fund’s redemption fee or a different redemption fee on their customers if feasible, or to impose other appropriate restrictions on excessive short-term trading. The officers of the Fund may waive the redemption fee for shareholders in asset allocation and similar investment programs reasonably believed not to be engaged in short-term market timing, including for holders of shares

Causeway Emerging Markets Fund 23

NOTES TO FINANCIAL STATEMENTS

(continued)

purchased by Causeway Capital Management LLC (the “Adviser”) for its clients to rebalance their portfolios. For the fiscal year ended September 30, 2016, the Institutional Class and Investor Class retained $59,641 and $11,706 in redemption fees, respectively.

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 1.00% of the Fund’s average daily net assets. The Adviser has contractually agreed through January 31, 2017 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, and extraordinary expenses) from exceeding 1.35% of Institutional Class and Investor Class average daily net assets. No waivers or reimbursements were required for the fiscal year ended September 30, 2016.

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 fiscal year ended September 30,

2016, the Investor Class paid 0.25% of average daily net assets under this plan.

The Trust and SEI Investments Distribution Co. (the “Distributor”) have entered into a Distribution Agreement. 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 September 30, 2016, approximately $188 thousand of the net assets were held by affiliated investors.

4. Investment Transactions

The cost of security purchases and the proceeds from the sale of securities, other than short-term investments, during the fiscal year ended September 30, 2016, for the Fund were as follows:

Purchases (000)		Sales (000)
$	2,576,071	$	1,808,129

5. Risks of Foreign Investing

Because the Fund invests most of its assets in foreign securities, the Fund is subject to risks in addition to those of U.S. securities. 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 investment. Furthermore, 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

24 Causeway Emerging Markets Fund

NOTES TO FINANCIAL STATEMENTS

(continued)

foreign securities less liquid, more volatile and harder to value than U.S. securities. These risks are higher for emerging markets investments.

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. The Fund records a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities. For the fiscal year ended September 30, 2016, non-U.S. taxes paid on realized gains were $0 and non-U.S. taxes accrued on unrealized gains were $2,685,372.

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.

Accordingly, the following permanent differences, which are primarily due to realized losses on foreign currency transactions and gains on passive foreign investment companies, were reclassified to/(from) the following accounts as of September 30, 2016 (000):

Undistributed Net Investment Income			Accumulated Net Realized Gain
$	(1,893	)	$	1,893

The reclassifications had no impact on net assets or net asset value per share.

The tax character of dividends and distributions declared during the fiscal years ended September 30, 2016 and September 30, 2015 were as follows (000):

	Ordinary Income		Total
2016	$	31,585	$	31,585
2015		23,360		23,360

As of September 30, 2016, the components of distributable earnings on a tax basis were as follows (000):

Undistributed Ordinary Income	$	39,130
Capital Loss Carryforwards		(17,112	)
Unrealized Appreciation		163,466
Post October Losses		(206,361	)
Other Temporary Differences		(2	)
Total Accumulated Losses	$	(20,879	)

Causeway Emerging Markets Fund 25

NOTES TO FINANCIAL STATEMENTS

(continued)

Post-October Losses represent losses realized on securities and currency transactions from November 1, 2015 through September 30, 2016 that, in accordance with Federal income tax regulations, the Fund may elect to defer and treat as having arisen in the following fiscal year.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term

as under previous law. Losses carried forward are as follows:

Short-Term Loss (000)		Long-Term Loss (000)		Total (000)
$	16,383	$	729	$	17,112

At September 30, 2016, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation on investment securities for the Fund were as follows (000):

Federal Tax Cost		Appreciated Securities		Depreciated Securities			Net Unrealized Appreciation
$	2,885,074	$	326,384	$	(160,222	)	$	166,162

7. Capital Shares Issued and Redeemed (000)

	Fiscal Year Ended September 30, 2016						Fiscal Year Ended September 30, 2015
	Shares			Value			Shares			Value
Institutional Class
Shares Sold		165,704		$	1,593,587			84,367		$	976,713
Shares Issued in Reinvestment of Dividends and Distributions		2,260			22,147			1,837			21,093
Shares Redeemed In-kind		—			—			(1,386	)		(16,668	)
Shares Redeemed		(76,252	)		(765,176	)		(19,011	)		(212,668	)
Increase in Shares Outstanding Derived from Institutional Class Transactions		91,712			850,558			65,807			768,470
Investor Class
Shares Sold		20,571			195,487			79,455			892,801
Shares Issued in Reinvestment of Dividends and Distributions		800			7,902			92			1,064
Shares Redeemed		(29,172	)		(274,842	)		(24,004	)		(255,874	)
Increase (Decrease) in Shares Outstanding Derived from Investor Class Transactions		(7,801	)		(71,453	)		55,543			637,991
Increase in Shares Outstanding from Capital Share Transactions		83,911		$	779,105			121,350		$	1,406,461

26 Causeway Emerging Markets Fund

NOTES TO FINANCIAL STATEMENTS

(concluded)

8. Significant Shareholder Concentration

As of September 30, 2016, two of the Fund’s shareholders of record owned 51% of net assets in the Institutional Class.

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. In-Kind Transfers of Securities

During the fiscal year ended September 30, 2015, the Fund redeemed shares of beneficial interest in exchange for securities. These securities were transferred at their fair value on the date of such transactions.

	Shares Redeemed (000)		Value ($ 000)		Gain ($ 000)
10/16/14		6,467	$	8,448	$	796

11. Line of Credit

The Fund, along with certain other series of the Trust, entered into an agreement on February 24, 2015, as amended as of February 24, 2016, which enables it to participate in a $10 million secured committed revolving line of credit with The Bank of New York Mellon which expires February 22, 2017. The proceeds from the borrowings, if any, shall be used to finance the Fund’s short-term general working capital requirements, including the funding of shareholder redemptions. Interest, if any, is charged to the Fund based on its borrowings during the period at the applicable rate plus 1.5%. The Fund is also charged a portion of a commitment fee of 0.15% per annum. As of September 30, 2016, there were no borrowings outstanding under the line of credit.

12. Subsequent Events

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

Causeway Emerging Markets Fund 27

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of

Causeway Emerging Markets Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Causeway Emerging Markets Fund (the “Fund”) at September 30, 2016, 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 then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Los Angeles, California

November 23, 2016

28 Causeway Emerging Markets Fund

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 2017. Please consult your tax adviser for proper treatment of this information.

For the fiscal year ended September 30, 2016, 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%		0.00%
(F)		(G)		(H)
Qualified Dividend Income		Interest Related Dividends		Qualified Short-Term Capital Gain Dividends
	100.00%		0.00%		0.00%

Foreign taxes accrued during the fiscal year ended September 30, 2016, amounted to $9,947,020 and are expected to be passed through to shareholders as foreign tax credits on Form 1099 – Dividend for the year ending December 31, 2016. In addition, for the fiscal year ended September 30, 2016, gross income derived from sources within foreign countries amounted to $86,001,951 for the Fund.

⁽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 “Ordinary 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.

Causeway Emerging Markets Fund 29

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: 55	Trustee; Chairman of the Audit Committee	Trustee since 10/08; Audit Chairman since 4/13	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: 54	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: 55	Trustee	Since 4/13	President, the Rose Hills Foundation (since 1996).	6	Director, TCW Funds, Inc. and TCW Strategic Income Fund
Eric H. Sussman Age: 50	Trustee; Chairman of the Board	Trustee since 9/01; Board Chairman since 4/13	Senior Lecturer (since July 2011) 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).	6	None

30 Causeway Emerging Markets Fund

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
Turner Swan 11111 Santa Monica Blvd., 15th Floor Los Angeles, CA 90025 Age: 54	President	Since 8/01	General Counsel, Secretary, and Member of the Adviser or the Adviser’s parent (since 2001); Compliance Officer of the Adviser (since 2010).	N/A	N/A
Kurt J. Decko 11111 Santa Monica Blvd., 15th Floor Los Angeles, CA 90025 Age: 41	Chief Compliance Officer and Assistant Secretary	Since 1/15	Chief Compliance Officer/Senior Legal Counsel of the Adviser (since January 2015); Partner, K&L Gates LLP (2010-2014).	N/A	N/A
Eric Kleinschmidt5 One Freedom Valley Drive Oaks, PA 19456 Age: 48	Treasurer	Since 8/14	Director of Fund Accounting, SEI Investments Company (since 2004).	N/A	N/A
Gretchen W. Corbell 11111 Santa Monica Blvd., 15th Floor Los Angeles, CA 90025 Age: 45	Secretary	Since 10/11	Attorney of the Adviser (since 2004).	N/A	N/A
Gracie V. Fermelia 11111 Santa Monica Blvd., 15th Floor Los Angeles, CA 90025 Age: 55	Vice President and Assistant Secretary	Vice President (since 1/15); Assistant Secretary (since 8/01)	Chief Operating Officer and Member of the Adviser or the Adviser’s parent (since 2001); Chief Compliance Officer of the Adviser and the Trust (2005-2015).	N/A	N/A

Causeway Emerging Markets Fund 31

TRUSTEES AND OFFICERS INFORMATION (Unaudited)

(concluded)

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
Lisa Whittaker5 One Freedom Valley Drive Oaks, PA 19456 Age: 37	Vice President and Assistant Secretary	Since 8/13	Corporate Counsel of the Administrator (since 2012); Associate Counsel and Compliance Officer, The Glendmede Trust Company, N.A. (2011-2012); Associate, Drinker Biddle & Reath LLP (2006-2011).	N/A	N/A

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 and secretary 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, 2016, the Trust Complex consisted of one investment company with six portfolios — the International Value Fund, the Emerging Markets Fund, the Global Value Fund, the International Opportunities Fund, the Global Absolute Return Fund, and the International Small Cap 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.

32 Causeway Emerging Markets Fund

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, 2016 to September 30, 2016).

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 Emerging Markets Fund 33

DISCLOSURE OF FUND EXPENSES (Unaudited)

(concluded)

	Beginning Account Value 4/01/16		Ending Account Value 9/30/16		Annualized Expense Ratios			Expenses Paid During Period*
Causeway Emerging Markets Fund
Actual Portfolio Return
Institutional Class	$	1,000.00	$	1,092.30		1.19	%	$	6.24
Hypothetical 5% Return
Institutional Class	$	1,000.00	$	1,019.10		1.19	%	$	6.02
Causeway Emerging Markets Fund
Actual Portfolio Return
Investor Class	$	1,000.00	$	1,091.60		1.44	%	$	7.55
Hypothetical 5% Return
Investor Class	$	1,000.00	$	1,017.85		1.44	%	$	7.28

* 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).

34 Causeway Emerging Markets Fund

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

At a meeting on August 8, 2016, 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 Emerging Markets Fund (the “Fund”) for a twelve-month period beginning September 20, 2016. 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 27, 2016, 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. Following that meeting, and in response to a supplemental information request, the Trustees received and reviewed additional materials prepared by the Adviser relating to their consideration of the renewal of the Advisory Agreement at the August 8, 2016 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 registered investment companies and 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, 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 continued to benefit the Fund and its shareholders and would do so during the next one-year contract renewal period.

Second, regarding the investment performance of the Fund, the Trustees reviewed the investment results of the Fund’s Institutional and Investor share classes for various periods ended March 31, 2016, compared to the results of the

Causeway Emerging Markets Fund 35

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

(continued)

MSCI Emerging Markets Index (Gross) (the “Index”) and the averages of the mutual funds included in the Morningstar U.S. Open End Diversified Emerging Markets funds category of funds. They noted that the Institutional Class had underperformed the Index and the Morningstar category averages for the prior one-year and three-year periods, but had outperformed the Index and the Morningstar category average for the prior five-year and since inception periods. The Trustees also reviewed performance of the Investor Class compared to the results of the Index and Morningstar category, which was lower than Institutional Class performance due to the higher expense ratios of the Investor Class. The Trustees concluded that the Adviser’s record in managing the Fund indicated that its continued management would benefit the Fund and its shareholders.

Third, regarding the Fund’s advisory fee and total expenses:

• The Trustees compared the Fund’s advisory fee and total expenses with those of other similar mutual funds. They noted that the Fund’s advisory fee was one basis point higher than the average and the same as the median advisory fees charged by funds in the Morningstar U.S. Open End Diversified Emerging Markets funds category, and its expense ratios were below the average and median of the funds in that Morningstar category.

• 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, which include the provision of many additional 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).

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, 2016 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. After consideration of these matters, the Trustees concluded that the Adviser’s operating margin with respect to its relationship with the Fund is 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

36 Causeway Emerging Markets Fund

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

(concluded)

devoting additional resources to staff and technology to focus on continued performance and service to the Fund’s shareholders. They also noted 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 27, 2016 and August 8, 2016 meetings, the Trustees discussed the information and factors noted above with representatives of the Adviser and, at the August 8, 2016 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, 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, 2016.

Causeway Emerging Markets Fund 37

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 OBTAIN MORE INFORMATION:

Call 1-866-947-7000 or visit us online at www.causewayfunds.com

This material must be preceded or accompanied by a current prospectus.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Fund’s Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-866-947-7000; and (ii) on the Commission’s website at http://www. sec.gov.

CCM-AR-002-1000

Item 2. Code of Ethics.

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, 2016, 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 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, 2016 and 2015 were as follows:

	2016	2015
(a)    Audit Fees	$225,970	$218,680(2)
(b)    Audit-Related Fees	None	None
(c)    Tax Fees(1)	$58,577	$42,300(3)
(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.

⁽²⁾ Updated from $134,460 in Form N-CSR dated December 4, 2015.

⁽³⁾ Updated from $129,000 in Form N-CSR dated December 4, 2015.

(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, 2016, the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant and the registrant’s investment adviser were $486,606. For the fiscal year ended September 30, 2015, the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant and the registrant’s investment adviser were $330,060 (updated from $162,980 in Form N-CSR dated December 4, 2015).

(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.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments

See Item 1.

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 to open-end management investment companies.

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 since the registrant’s last filing on Form N-CSR.

Item 11. Controls and Procedures.

(a) The certifying officers, whose certifications are included herewith, have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing date of this report. In their opinion, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed, and are operating effectively to ensure, that information required to be disclosed by the registrant in the reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of 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.

Items 12. Exhibits.

(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 (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 (17 CFR 270.30a-2(b)) also accompany this filing as an exhibit.

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/ Turner Swan
	Turner Swan, President

Date: December 5, 2016

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/ Turner Swan
	Turner Swan, President

Date: December 5, 2016

By (Signature and Title)*	/s/ Eric Kleinschmidt
	Eric Kleinschmidt, Treasurer

Date: December 5, 2016

* Print the name and title of each signing officer under his or her signature.