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The Fund takes long and short exposures in common and preferred stocks of companies located primarily in developed countries outside the U.S. and of companies in the U.S. To obtain exposure to long and short positions in securities, the Fund enters into one or more total return equity swap agreements. Although the Fund is permitted to take direct long and short positions in securities, other than swap agreements, it does not currently intend directly to purchase or sell securities or directly to hold short positions in securities. The Investment Adviser integrates fundamental and quantitative research to manage the Funds long exposures (the long portfolio of the Fund). The Investment Adviser uses its quantitative investment strategy designed to identify short exposures that it expects to underperform the MSCI World Index to manage the Funds short exposures (the short portfolio of the Fund).

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 investors 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. In the absence of such fee waivers, total return would be reduced. Contractual fee waivers are in effect until 1/31/20. The expense ratios for Institutional Class shares are 1.81% and 1.52% after adviser fee waiver. The expense ratios for Investor Class shares are 2.00% and 1.77% after adviser fee waiver. 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 Funds redemption fee or other frequent trading restrictions. After 4/30/15, the Fund will no longer apply a redemption fee.

A Weighted Average measures a characteristic by the market capitalization of each stock. Price/Book Ratio is the weighted average of the price/book ratios of all the stocks in a portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the companys per-share book value. The Price/Earnings Ratio is the weighted average of the price/earnings ratios of the stocks in a portfolio. The FY2 P/E ratio is a forward P/E ratio using a next-twenty four months EPS estimate in the denominator. Return on equity is calculated by taking a years worth of earnings and dividing them by the average shareholder equity for that year.

Causeway Global Absolute Return (GAR) Fund is designed for investors who want equity-like returns with lower volatility and lower market correlation. The Fund invests in global developed markets equities, using swap agreements to obtain exposures to long and short positions.

Causeway integrates fundamental and quantitative research to manage the Funds long exposures and its quantitative investment strategy to manage the short exposures. Both the long and short portfolios seek to add alpha (performance exceeding the long or short MSCI World Index), which is amplified by leverage up to 4x, with a target of 3x.

The GAR Funds net long/short notional exposure will generally not exceed plus or minus 10% of net assets. However, the long portfolio and the short portfolio will each have different exposures under swap agreements that will not be fully hedged. Unrealized gains or losses through swap agreements are also constrained, limiting counterparty risk.

The GAR Fund typically has 60-120 long exposures and 60-140 short exposures.

Causeway Global Absolute Return Fund (Fund) underperformed the ICE BofAML US 3-Month Treasury Bill Index in the month of March. The Funds underperformance was driven by the long portfolio: the Funds long portfolio underperformed the MSCI World Index (World Index). The Funds short portfolio contributed positively to overall performance by underperforming the World Index, though by a smaller margin than the long portfolio.

Increasingly dovish rhetoric from the US Federal Reserve (Fed) and the European Central Bank (ECB) and progress on US-China trade negotiations supported equity markets in March. The top performing markets in our investable universe were New Zealand, Denmark, Belgium, Switzerland, and China. The worst performing markets were South Korea, Austria, Norway, Spain, and Germany. The best performing sectors in the World Index were real estate, consumer staples, and information technology. The worst performing sectors were financials, industrials, and health care.

The Fund takes long and short notional exposures to securities under swap agreements. We use a combination of fundamental and quantitative inputs to select exposures for the long portfolio of the Fund, while we use primarily quantitative inputs to select exposures for the short portfolio. Our fundamental inputs reflect the risk-adjusted total return potential of stocks favored by our fundamental research team. Our quantitative inputs include signals that seek long (short) positions in stocks which we believe are undervalued (overvalued) and have improving (deteriorating) earnings growth dynamics, positive (negative) technical price movements, and superior (inferior) quality of earnings. During the month of March, our growth and technical factor categories demonstrated predictive power. Stocks with improving earnings growth dynamics outperformed those with worsening dynamics, and stocks with positive technical indicators outperformed those with negative technical indicators. However, returns to value were negative as stocks with cheap valuations underperformed those with expensive valuations, contrary to expectations. Stocks demonstrating higher earnings quality performed in line with those having lower earnings quality.

Within the long portfolio, attribution effects were weakest in the technology hardware & equipment, materials, and banks industry groups. Long-side attribution effects were strongest in the capital goods, automobiles & components, and pharmaceuticals & biotechnology industry groups. Long exposures that detracted most from the Funds performance were optical fiber manufacturer, Yangtze Optical Fibre & Cable Joint Stock (China), furniture manufacturer, Steelcase, Inc. (United Inc.States), mortgage insurance provider, Genworth MI Canada (Canada), passenger & cargo airline, Alaska Air Group, Inc. (United States), and telecommunication services provider, KDDI Corp. (Japan). Long exposures that contributed most to performance were heavy truck manufacturer, Sinotruk Hong Kong Ltd. (China), beverage producer, Coca-Cola Amati Ltd. (Australia), pharmaceutical & consumer healthcare products producer, Novartis AG (Switzerland), diversified mining company, BHP Group Plc (United Kingdom), and business software & services provider, SAP SE (Germany).

Within the short portfolio, attribution effects were strongest in the software & services, semiconductors & semi equipment, and capital goods industry groups. Short-side attribution effects were weakest in the telecommunication services, health care equipment & services, and retailing industry groups. Short exposures that contributed most to performance were sensor producer, ams AG (Germany), shipbuilder, Samsung Heavy Industries Co., Ltd. (South Korea), healthcare housekeeping & food services provider, Healthcare Services Group, Inc. (United States), green energy supplier, GCL-Poly Energy Holdings Ltd. (China), and insurance provider, Beazley Plc (United Kingdom). Short exposures that detracted most from the Funds performance included online car dealer, Carvana Co. (United States), wireless telecommunications operator, Cellnex Telecom SA (Spain), chemicals manufacturer, Hitachi Chemical Co., Ltd. (Japan), dental equipment maker, Dentsply Sirona, Inc. (United States), and technology & camera company, Snap, Inc. (United States).

The market commentary expresses the portfolio managers views as of the date of this report and should not be relied on as research or investment advice regarding any stock. These views and the Fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Diversification does not protect against market loss.

Distributions are per share. Distribution amounts are based on gains and losses realized and income earned by the Fund through October 31 (or earlier under certain circumstances).

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 investors 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 fee waivers in effect. In the absence of such fee waivers, total return would be reduced. Contractual fee waivers are in effect until 1/31/20. The expense ratios for Institutional Class shares are 1.81% and 1.52% after adviser fee waiver. The expense ratios for Investor Class shares are 2.00% and 1.77% after adviser fee waiver. Since 4/30/15, the Fund no longer applies a redemption fee.

The Fund uses swap agreements to obtain long and short exposures to securities. Swaps are derivatives which involve the use of leverage, and the Fund will use significant leverage. The use of leverage is speculative and will magnify any losses. Short positions will lose money if the price of the underlying security increases, and losses on shorts are therefore potentially unlimited. The use of swap agreements involves significant swap expenses including financing charges and transaction costs which will reduce investment returns and increase investment losses. Portfolio exposures are based on exposures to companies under swap agreements. Net exposure is the difference between long and short exposures. Net positional value is unrealized gain/loss of the swap agreements. Leverage is total exposures/NAV.

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.

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.

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

To determine if a Fund is an appropriate investment for you, carefully consider the Funds investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Funds prospectus, which may be viewed and downloaded by clickinghereor by calling 1-. Read it carefully before investing.

The Fund is not appropriate for all investors. The Fund uses swap agreements to obtain long and short exposures to securities. Swaps are derivatives which involve the use of leverage, and the Fund uses significant leverage. The use of leverage is speculative and can magnify any losses. Short positions will lose money if the price of the underlying security increases, and losses on shorts are therefore potentially unlimited. The use of swap agreements involves significant swap expenses including financing charges and transaction costs which will reduce investment returns and increase investment losses. The Fund risks loss of the amount due under a swap agreement if the counterparty defaults. The Fund currently enters into swap agreements primarily with one counterparty, focusing its exposure to the credit risk of that counterparty. Swap agreements involve liquidity risks since the Fund may not be able to exit security exposures immediately, particularly during periods of market turmoil. The Fund settles swap agreements at least monthly which can cause it to realize ordinary income and short-term capital gains, if any, throughout the year that, when distributed to shareholders, will be taxable to them as ordinary income rather than at lower long-term capital gains rates. The Funds long/short notional exposure will generally not exceed plus or minus 10% of net assets. However, the long portfolio and the short portfolio will each have different exposures under swap agreements that will not be fully hedged. This is not a complete list of the Funds risks. See the Funds prospectus for additional information on risks.

There is no guarantee that the Causeway Funds will meet their stated objectives. The Funds are available to U.S. investors only.

SEI Investments Distribution Co. (1 Freedom Valley Drive, Oaks, PA, 19456) is the distributor for the Causeway Funds. Check the background of SIDCO on FINRAsBrokerCheck.

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