RDN Radian Group Inc

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LETTER TO SHAREHOLDERS

For the six months ended March 31, 2013, Causeway International Opportunities Fund’s Institutional Class returned 8.6% and the Investor Class returned 8.4%, compared to 9.4% for the MSCI All Country World Index ex-US (“ACWI ex-US”). Since the Fund’s inception on December 31, 2009, the Fund’s average annual total returns are 7.7% for the Institutional Class and 7.4% for the Investor Class, compared to 5.0% for ACWI ex-US.

Performance Review

Causeway International Opportunities Fund (the “Fund”) is a fund of funds that allocates substantially all of its assets in Causeway International Value Fund (the “International Fund”) and Causeway Emerging Markets Fund (the “EM Fund”). References to holdings and industries are based on the holdings of the underlying funds in proportion to the Fund’s allocation.

Persistent monetary support drove developed equity markets higher during the six month period ended March 31, 2013. Bank of Japan (BoJ) Governor Kuroda pledged to do “whatever it takes” to pull the economy out of deflation in his first Diet testimony, echoing the July 2012 statements of European Central Bank (ECB) President Mario Draghi before he unveiled the Outright Monetary Transactions (OMT) policy. The OMT has been such a powerful tool that the ECB achieved a huge easing in domestic financial conditions without having to buy any bonds. It is important to keep in mind that the OMT is not an unconditional program. Rather, it relies on peripheral countries willing and able to meet the requirements that the ECB imposes in exchange for its support. The BoJ, under the new administration, is attempting to create inflationary expectations to stimulate demand-led growth. Such an experiment is unproven and fraught with challenges, especially given the staggeringly high level of Japanese government debt. Japan’s gross debt is approximately 210% of gross domestic product and rising. Due to several stock-specific detractors and an underweight to the rising Japanese market, the International Fund underperformed the MSCI EAFE Index during the period. The best performing developed equity markets this period included Greece, Switzerland, and Japan. The biggest laggards included Italy (the only developed equity market in negative territory), Norway, and Israel. The best performing sectors in the MSCI EAFE Index were consumer discretionary, financials, and information technology. The worst performing sector was energy (the only sector in negative territory), followed by utilities, and telecommunication services.

For emerging markets, the six-month period was a tale of two halves, with markets buoyant in the final quarter of 2012, then tepid in the first quarter of 2013. The EM Fund outperformed the MSCI Emerging Markets Index (the “EM Index”) in both investment climates. During the fourth quarter of 2012, markets extended their rallies from mid-year lows. Every region was in positive territory, with many countries delivering double digit returns. Investors preferred companies with higher financial leverage, volatility, and cyclicality. Yet in the first quarter of 2013, sentiment soured. Concerns about slowing growth in China and sluggish demand from the world’s developed economies weighed on the asset class, and emerging markets had their weakest quarter relative to developed since the market crash of

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late-2008. Cautious investors preferred companies exhibiting lower financial leverage and volatility, as well as stable earnings and resilience to economic cycles. Over the six-month period, the Far East and Latin America were the top-performing regions, led by the Philippines, Thailand, Indonesia, and Mexico. With the exception of Turkey, countries in eastern Europe were weak, reflecting their sensitivity to flagging economic activity in western Europe. The financials sector, driven by strong performing Asian and Latin American banks, was the top performer, followed by the consumer staples sector. The materials and energy sectors, which comprise nearly 25% of the EM Index, were the biggest drags on broad market performance.

The Fund’s underperformance versus ACWI ex-US stemmed from weak stock selection in the capital goods, insurance, and food beverage & tobacco industry groups. Strong stock selection in the materials, pharmaceuticals & biotechnology, and telecommunication services industry groups partially offset underperformance. From a regional perspective, the Pacific Rim was the most notable source of underperformance. Underweights to Japan and Australia, as well as weak stock selection in Japan were notable detractors. This was partially offset by strong stock selection in emerging Asia and the euro zone. The largest individual detractors from absolute performance over the period included plant construction engineering company, JGC (Japan), infrastructure engineer & construction company, Balfour Beatty (United Kingdom), mail and parcel delivery provider, PostNL (Netherlands), energy services firm, Petrofac (United Kingdom), and oil & gas exploration & production company, BG Group (United Kingdom). The top individual contributors to absolute performance included automobile manufacturer, Toyota Motor (Japan), media & publishing company, Reed Elsevier (Netherlands), flavors & fragrances ingredients provider, Givaudan (Switzerland), and two pharmaceutical firms, Novartis (Switzerland) and Sanofi-Aventis (France).

Equity Allocation Model Update

The portfolio managers use a proprietary quantitative equity allocation model to help dynamically adjust the Fund’s allocations in the International Fund and the EM Fund. In constructing the model, we identified five primary factor categories as most indicative of the ideal allocation target: valuation, financial strength, macroeconomic, earnings growth, and risk aversion.

As of March 31, 2013, the Fund invested 78% of its net assets in the International Fund and 22% in the EM Fund. These weightings are materially unchanged since the beginning of the Fund’s fiscal year, October 1, 2012. The weight of the EM Fund in the Fund is approximately 1% less than the emerging markets weight in ACWI ex-US. The Fund’s allocation to the EM Fund has been underweight the emerging markets weight in ACWI ex-US since March 2012. Because emerging markets have underperformed developed markets, this underweight allocation has had a modest positive contribution to relative performance.

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Currently, four of our five factor categories favor a higher allocation to developed markets than ACWI ex-US. Our financial strength metrics, which include such measures as interest coverage and return on equity, are negative for emerging markets. Our macroeconomic factor, which measures the slope of the global yield curve, implies better growth prospects and monetary conditions for developed markets, relative to history. Our earnings growth factor indicates that the near-term earnings revisions profile of developed markets is superior to that of emerging markets. Our risk aversion factor, which assesses the emerging markets bond yield spread over U.S. Treasuries, the CBOE Volatility Index (VIX), and the CBOE EM Volatility Index (VXEEM), indicates complacency—a negative signal for emerging markets. Our valuation factor is currently neutral, indicating that the emerging markets’ asset class is fairly valued when compared to the developed markets’ asset class.

Significant Portfolio Changes

Several new positions were initiated in the International Fund during the period. Some of the significant new holdings include two integrated energy producers, Royal Dutch Shell (United Kingdom) and Imperial Oil (Canada), and industrial conglomerate & electronics manufacturer, Hitachi (Japan). In addition, we added to several existing positions as their risk-adjusted upside ranked more competitively. Notable increased exposures to existing positions included two financial firms, UBS (Switzerland) and BNP Paribas (France) as well as two mobile telecommunication services providers, Vodafone (United Kingdom) and KDDI (Japan). For the International Fund, reductions in specific holdings typically occur because the risk-adjusted expected return no longer ranks competitively relative to other investment candidates. The most significant sales during the period included natural gas power utility, Enagas (Spain), automobile manufacturer, Honda Motor (Japan), and robotics and automation equipment manufacturer, Fanuc (Japan).

The EM Fund’s active exposure to several industries and countries changed during the period as a result of our quantitative security selection process. We increased active weightings (i.e., compared to EM Index weightings) to the information technology and energy sectors, and reduced active exposure to the telecommunication services and financials sectors. The largest changes in the Fund’s active country weightings were increased exposure to India and Turkey. Although the EM Fund remains underweight China, we narrowed our underweight relative to the EM Index. We decreased the EM Fund’s exposure to Malaysia and South Africa and it held below-benchmark weight exposures as of the close of the period.

Investment Outlook

Our risk-adjusted ranking of the most attractive International Fund candidates indicates a more muted return for developed markets equities in 2013 versus 2012. In addition to scouring industries for laggards with restructuring potential, we are working to position the International Fund for any pullback in markets. Our proprietary risk model generates a forecast of the prospective risk, defined as beta (or sensitivity to the benchmark index), of the Fund’s portfolio. We have reduced this prospective beta

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modestly and can take portfolio prospective beta even lower if this rally leads investors to indiscriminately buy stocks without adequate valuation support.

The current surge in Japanese equities is a consequence of the yen’s decline and the anticipation of aggressive monetary policy from the BoJ. In our opinion, for Japanese equities to sustain their momentum, the country needs deep-seated structural reform, including fiscal and tax reforms, liberalization of trade and labor markets, and de-regulation. Absent meaningful reform that leads to sustainably higher returns on employed capital, today’s Japanese equity market rally may prove to be a warm weekend in a long winter, and again disappoint investors. The International Fund remains committed to investing in stocks globally based on valuation and the fundamental underpinnings of companies’ operating profitability. To the extent that we can convince ourselves that management of Japanese companies will improve meaningfully, causing higher returns on capital to accrue to minority shareholders, we will willingly participate. Absent that reform, we will not take the risk of investing in a momentum-led rally that appears unsustainable over the long-term. Instead, we are finding some of the most compelling risk-adjusted opportunities in sectors which have lagged the substantial recovery of global equity markets since bottoming in March 2009. Three sectors where the International Fund remains meaningfully overweight compared to the benchmark include materials, energy, and industrials. We believe that the International Fund’s long-term investment horizon and focus on valuation should continue to reward the patient investor.

Holdings down the market capitalization spectrum continue to feature prominently in the EM Fund. Because small cap stocks tend be inefficiently priced, many of these stocks in our investable universe receive high scores. Our small cap exposure is well diversified. Approximately 40 of our emerging markets holdings have market capitalizations of $2 billion or less, in 16 industry groups and 10 countries. As long as these pricing inefficiencies continue, we expect our process to continue to find smaller companies across the emerging markets landscape, and continue to give the EM Fund’s shareholders great breadth of exposure to the emerging markets landscape.

Much of the influx of capital into emerging markets has been deployed into top-down macroeconomic strategies. These inflows have led to sweeping sector and country-level rotations and indiscriminate segment-level buying. Under these conditions, our ability to combine bottom-up stock selection with top-down allocation decisions is paramount, because it allows us the ability to uncover stocks with attractive valuations and promising growth opportunities overlooked by many investors. We believe that the EM Fund’s multi-factor investment approach to emerging markets continues to give shareholders comprehensive access to growth and value opportunities across regions and industries, delivering sustainable competitive returns versus the EM Index over the long term.

Additional Portfolio Managers

Effective April 1, 2013, we promoted Foster Corwith and Alessandro Valentini to portfolio manager for the Fund and the investment adviser’s international and global value equity clients. Mr. Corwith is a

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director of the investment adviser and is responsible for research in the global industrials and consumer sectors. Mr. Corwith joined the firm in July 2006. During the summer of 2005, Mr. Corwith was a research associate at Deutsche Asset Management, where he was responsible for researching consumer staples companies. From 2003 to 2004, Mr. Corwith was a project manager in the Corporate Services group of The Bank of New York, where he oversaw the integration of trading platforms for 200 broker-dealer clients acquired during the firm’s merger with Mellon Financial. From 2001- 2003, Mr. Corwith was an analyst in Credit Suisse First Boston’s prime brokerage unit, where he worked as a liaison between the group’s security lending, technology, and account management groups. From 2000-2001, Mr. Corwith was a management trainee at Donaldson Lufkin & Jenrette, working with the equity research team. Mr. Corwith has an MBA from the University of Chicago, a BA, cum laude, from Tufts University, and is a CFA charterholder.

Alessandro Valentini is a director of the investment adviser and is responsible for research in the in the global health care and financials sectors. Mr. Valentini joined the firm in July 2006. During the summer of 2005, Mr. Valentini worked as a research analyst at Thornburg Investment Management, where he conducted fundamental research for the International Value Fund and the Value Fund, focusing on the European telecommunication and Canadian oil sectors. From 2000 to 2004, Mr. Valentini worked as a financial analyst at Goldman Sachs in the European Equities Research-Sales division in New York. Mr. Valentini has an MBA from Columbia Business School, with honors, an MA in Economics from Georgetown University and a BS, magna cum laude, from Georgetown University. Mr. Valentini was inducted into the Beta Gamma Sigma honors society, is a Phi Beta Kappa member, and is a CFA charterholder.

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

Harry W. Hartford		Sarah H. Ketterer		James A. Doyle		Jonathan P. Eng
Portfolio Manager		Portfolio Manager		Portfolio Manager		Portfolio Manager

 

Kevin Durkin		Conor Muldoon		Foster Corwith
Portfolio Manager		Portfolio Manager		Portfolio Manager

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Alessandro Valentini		Arjun Jayaraman		MacDuff Kuhnert
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 regarding any stock. These views and the portfolio holdings are subject to change. There is no guarantee that any forecasts made will come to pass.

As of 3/31/13, the average annual total returns for the Institutional Class were 9.07% (one year) and 7.65% (since inception), and for the Investor Class were 8.78% (one year) and 7.37% (since inception). Inception was 12/31/09.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Returns greater than one year are average annual total returns. Total returns assume reinvestment of dividends and capital gains distributions at net asset value when paid. All information is as of the date shown. Investment performance reflects contractual fee waivers and reimbursements in effect. In the absence of such fee waivers and reimbursements total return would be reduced. Contractual fee waivers and reimbursements are in effect until 1/31/14. The expense ratios, as disclosed in the Fund’s prospectus dated January 28, 2013, for Investor Class shares are 2.68% and 1.43% after fee waivers and reimbursements. The expense ratios, as disclosed in the Fund’s prospectus dated January 28, 2013, for Institutional Class shares are 2.46% and 1.18% after fee waivers and reimbursements.

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

There is no guarantee that the Causeway Funds will meet their stated objectives. The Funds are available to U.S. investors only. There is a 2% redemption fee on shares held less than 60 days to protect shareholders from short-term investors. If your account incurred a redemption fee, your performance will be lower than the performance quoted. If you invest through a financial intermediary, it may apply the Fund’s redemption fee or other frequent trading restrictions.

Index returns are for illustration only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.

Investing involves risk including loss of principal. In addition to general risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not prevent all investment losses.

To determine if the Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-866-947-7000 or viewed and downloaded at www.causewayfunds.com. Read it carefully before investing.

The MSCI All Country World Index ex U.S. is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets excluding the U.S.

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 the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

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

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STATEMENT OF OPERATIONS (000)

(Unaudited)

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

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

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

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FINANCIAL HIGHLIGHTS

For the six months ended March 31, 2013 (Unaudited) and the periods ended September 30,

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

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

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

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LETTER TO SHAREHOLDERS

For the six months ended March 31, 2013, Causeway International Value Fund’s Institutional Class returned 8.1% and the Investor Class returned 7.9%, compared to 12.2% for the MSCI EAFE Index (“EAFE Index”). Since the Fund’s inception on October 26, 2001, the Fund’s average annual total returns are 8.4% for the Institutional Class and 8.1% for the Investor Class, compared to 6.6% for the EAFE Index.

Performance Review

Persistent monetary support drove global equities higher during the six month period ended March 31, 2013. Bank of Japan (BoJ) Governor Kuroda pledged to do “whatever it takes” to pull the economy out of deflation in his first Diet testimony, echoing the July 2012 statements of European Central Bank (ECB) President Mario Draghi before he unveiled the Outright Monetary Transactions (OMT) policy. The OMT has been such a powerful tool that the ECB achieved a huge easing in domestic financial conditions without having to buy any bonds. It is important to keep in mind that the OMT is not an unconditional program. Rather, it relies on peripheral countries willing and able to meet the requirements that the ECB imposes in exchange for its support. The BoJ, under the new administration, is attempting to create inflationary expectations to stimulate demand-led growth. The hope is that consumers, accustomed to price deflation, will reverse their longstanding behavior and in short order become profligate in anticipation of rising prices. Such an experiment is unproven and fraught with challenges, especially given the staggeringly high level of Japanese government debt. Japan’s gross debt is approximately 210% of gross domestic product and rising.

Currency exchange rates proved to be a headwind for US dollar-based investors’ overseas assets — the US dollar appreciated dramatically versus the Japanese yen, and to a lesser degree versus the British pound. The best performing developed equity markets this period included Greece, Switzerland, Japan, Australia, and Finland. The biggest laggards included Italy (the only developed equity market in negative territory), Norway, and Israel, as well as two markets that are not EAFE Index constituents but are part of our investable universe: South Korea and Canada. The best performing sectors in the MSCI EAFE Index were consumer discretionary, financials, information technology, and health care. The worst performing sector was energy (the only sector in negative territory), followed by utilities, telecommunication services, and materials.

Due to several stock-specific detractors and an underweight to the rising Japanese market, the Fund underperformed the MSCI EAFE Index during the period. Fund holdings in the capital goods, energy, insurance, food, beverage & tobacco, and consumer durables & apparel industry groups detracted the most from the relative performance of the Fund versus the EAFE Index. Fund holdings in the materials, pharmaceuticals & biotechnology, utilities, telecommunication services, and media industry groups contributed to relative performance.

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The largest individual detractors from absolute performance over the period included plant construction engineering company, JGC (Japan), infrastructure engineer & construction company, Balfour Beatty (United Kingdom), mail and parcel delivery provider, PostNL (Netherlands), energy services firm, Petrofac (United Kingdom), and oil & gas exploration & production company, BG Group (United Kingdom). The top individual contributors to absolute performance included automobile manufacturer, Toyota Motor (Japan), media & publishing company, Reed Elsevier (Netherlands), flavors & fragrances ingredients provider, Givaudan (Switzerland), and two pharmaceutical giants, Novartis (Switzerland) and Sanofi-Aventis (France).

Significant Portfolio Changes

Several new positions were initiated during the period. Some of the more significant new holdings are two integrated energy producers, Royal Dutch Shell (United Kingdom) and Imperial Oil (Canada), industrial conglomerate & electronics manufacturer, Hitachi (Japan), and automobile & truck manufacturer, Daimler (Germany). In addition, we added to several existing positions as their risk-adjusted upside ranked more competitively. Notable increased exposures to existing positions included two financial firms, UBS (Switzerland) and BNP Paribas (France) as well as two mobile telecommunication services providers, Vodafone (United Kingdom) and KDDI (Japan). Reductions in specific holdings typically occur because the risk-adjusted expected return no longer ranks competitively relative to other investment candidates. The most significant sales during the period included natural gas power utility, Enagas (Spain), automobile manufacturer, Honda Motor (Japan), robotics and automation equipment manufacturer, Fanuc (Japan), industrial gas supplier, Air Liquide (France), and financial services exchange, Deutsche Boerse (Germany).

Investment Outlook

Our risk-adjusted ranking of the most attractive Causeway International Value Fund candidates indicates a more muted return for developed markets equities in 2013 versus 2012. In addition to scouring industries for laggards with restructuring potential, we are working to position the Fund for any pullback in markets. Our proprietary risk model generates a forecast of the prospective risk, defined as beta (or sensitivity to the benchmark index), of the Fund’s portfolio. We have reduced this prospective beta modestly and can take portfolio prospective beta even lower if this rally leads investors to indiscriminately buy stocks without adequate valuation support.

The current surge in Japanese equities is a consequence of the yen’s decline and the anticipation of aggressive monetary policy from the BoJ. In our opinion, for Japanese equities to sustain their momentum, the country needs deep-seated structural reform, including fiscal and tax reforms, liberalization of trade and labor markets, and de-regulation. Absent meaningful reform that leads to sustainably higher returns on employed capital, today’s Japanese equity market rally may prove to be a warm weekend in a long winter, and again disappoint investors. We remain committed to investing in

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stocks globally based on valuation and the fundamental underpinnings of companies’ operating profitability. To the extent that we can convince ourselves that management of Japanese companies will improve meaningfully, causing higher returns on capital to accrue to minority shareholders, we will willingly participate. Absent that reform, we will not take the risk of investing in a momentum-led rally that appears unsustainable over the long-term. Instead, we are finding some of the most compelling risk-adjusted opportunities in sectors which have lagged the substantial recovery of global equity markets since bottoming in March 2009. Three sectors where we remain meaningfully overweight compared to the benchmark include materials, energy, and industrials.

Regardless of stock markets’ levels, restructuring opportunities invariably appear in our weekly screens. Among other things, we look for newly-hired senior management that is focused on shedding underperforming units and restoring value accretion (generating returns above the cost of capital). As long as these lagging companies have the financial wherewithal to withstand competitive pressures and pay shareholders with cash dividends, we can wait patiently for the new strategy to take hold. In addition to seeking competitive returns, we strive to manage overall portfolio volatility (defined as the standard deviation of returns). Our primary tool to manage risk comes from portfolio diversification across an array of risk factors. We are confident our investment process, combining fundamental and quantitative analysis, should continue to benefit the Fund over full market cycles.

Additional Portfolio Managers

Effective April 1, 2013, we promoted Foster Corwith and Alessandro Valentini to portfolio manager for the Fund and the investment adviser’s international and global value equity clients. Mr. Corwith is a director of the investment adviser and is responsible for research in the global industrials and consumer sectors. Mr. Corwith joined the firm in July 2006. During the summer of 2005, Mr. Corwith was a research associate at Deutsche Asset Management, where he was responsible for researching consumer staples companies. From 2003 to 2004, Mr. Corwith was a project manager in the Corporate Services group of The Bank of New York, where he oversaw the integration of trading platforms for 200 broker-dealer clients acquired during the firm’s merger with Mellon Financial. From 2001-2003, Mr. Corwith was an analyst in Credit Suisse First Boston’s prime brokerage unit, where he worked as a liaison between the group’s security lending, technology, and account management groups. From 2000-2001, Mr. Corwith was a management trainee at Donaldson Lufkin & Jenrette, working with the equity research team. Mr. Corwith has an MBA from the University of Chicago, a BA, cum laude, from Tufts University, and is a CFA charterholder.

Alessandro Valentini is a director of the investment adviser and is responsible for research in the in the global health care and financials sectors. Mr. Valentini joined the firm in July 2006. During the summer of 2005, Mr. Valentini worked as a research analyst at Thornburg Investment Management, where he conducted fundamental research for the International Value Fund and the Value Fund, focusing on the European telecommunication and Canadian oil sectors. From 2000 to 2004, Mr. Valentini worked as a

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financial analyst at Goldman Sachs in the European Equities Research-Sales division in New York. Mr. Valentini has an MBA from Columbia Business School, with honors, an MA in Economics from Georgetown University and a BS, magna cum laude, from Georgetown University. Mr. Valentini was inducted into the Beta Gamma Sigma honors society, is a Phi Beta Kappa member, and is a CFA charterholder.

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

Harry W. Hartford		Sarah H. Ketterer		James A. Doyle
Portfolio Manager		Portfolio Manager		Portfolio Manager

 

Jonathan P. Eng		Kevin Durkin		Conor Muldoon
Portfolio Manager		Portfolio Manager		Portfolio Manager

 

Foster Corwith		Alessandro Valentini
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 regarding any stock. These views and the portfolio holdings are subject to change. There is no guarantee that any forecasts made will come to pass.

As of 3/31/13, average annual total returns for the Institutional Class were 9.22% (one year), 1.08% (five year), 11.14% ten year, and 8.40% (since inception), and for the Investor Class were 8.90% (one year), 6.64% (five year), 10.88% ten year, and 8.14% (since inception). Inception was 10/26/01.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost and current performance may be lower than the performance quoted. Returns greater than one year are average annual total returns. Total returns assume reinvestment of dividends and capital gains distributions at net asset value when paid. All information is as of the date shown. Investment performance may reflect contractual fee waivers and reimbursements in effect. In the absence of such fee waivers and reimbursements, total return would be reduced. The expense ratios, as disclosed in the Fund’s prospectus dated January 28, 2013, for Investor Class shares is 1.24% and for Institutional Class shares is 0.99%.

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

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There is no guarantee that the Causeway Funds will meet their stated objectives. The Funds are available to U.S. investors only. There is a 2% redemption fee on shares held less than 60 days to protect shareholders from short-term investors. If your account incurred a redemption fee, your performance will be lower than the performance quoted. If you invest through a financial intermediary, it may apply the Fund’s redemption fee or other frequent trading restrictions.

Index returns are for illustration only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.

Investing involves risk including loss of principal. In addition to general risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not prevent all investment losses.

To determine if the Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-866-947-7000 or viewed and downloaded at www.causewayfunds.com. Read it carefully before investing.

The MSCI EAFE ^® Index is an arithmetical average weighted by market value of the performance of approximately 1,000 non-U.S. companies representing 22 stock markets in Europe, Australasia, New Zealand and the Far East. The Index is gross of withholding taxes and assumes reinvestment of dividends and capital gains.

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 the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

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