-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WLHTbohLec2Yka/dEE/YJgHOdStw4HhVL0cqxxkf+/xxc3X2aOQdqTZBIPXDh1LY iPCrALlgblMoea61kXVL0g== 0000950123-10-019808.txt : 20100302 0000950123-10-019808.hdr.sgml : 20100302 20100302111127 ACCESSION NUMBER: 0000950123-10-019808 CONFORMED SUBMISSION TYPE: N-Q/A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100302 DATE AS OF CHANGE: 20100302 EFFECTIVENESS DATE: 20100302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAUSEWAY CAPITAL MANAGEMENT TRUST CENTRAL INDEX KEY: 0001156906 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q/A SEC ACT: 1940 Act SEC FILE NUMBER: 811-10467 FILM NUMBER: 10647811 BUSINESS ADDRESS: STREET 1: 11111 SANTA MONICA BLVD STREET 2: SUITE 1500 CITY: LOS ANGELES STATE: CA ZIP: 90025 BUSINESS PHONE: 310 231 6100 MAIL ADDRESS: STREET 1: 11111 SANTA MONICA BLVD STREET 2: SUITE 1500 CITY: LOS ANGELES STATE: CA ZIP: 90025 0001156906 S000011497 CAUSEWAY INTERNATIONAL VALUE FUND C000031757 CAUSEWAY INTERNATIONAL VALUE FUND - INVESTOR CLASS CIVVX C000031758 CAUSEWAY INTERNATIONAL VALUE FUND - INSTITUTIONAL CLASS CIVIX 0001156906 S000015654 Causeway Emerging Markets Fund C000042684 Investor Class C000042685 Institutional Class 0001156906 S000021937 Causeway Global Value Fund C000063038 Institutional Class 0001156906 S000027244 Causeway International Opportunities Fund C000082229 Institutional Class C000082230 Investor Class N-Q/A 1 g56430_causwayemergmkt-nqa.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ---------- FORM N-Q ---------- QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY INVESTMENT COMPANY ACT FILE NUMBER 811-10467 CAUSEWAY CAPITAL MANAGEMENT TRUST (Exact name of registrant as specified in charter) ---------- 11111 Santa Monica Boulevard, Suite 1500 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, 2010 DATE OF REPORTING PERIOD: DECEMBER 31, 2009 EXPLANATORY NOTE The only change made to the Causeway Capital Management Trust Filing is the addition of the Series and Class Identifiers for the following Funds: Causeway International Value Fund Causeway Global Value Fund Causeway International Opportunities Fund ITEM 1. SCHEDULE OF INVESTMENTS SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY INTERNATIONAL VALUE FUND NUMBER OF SHARES VALUE - ------------------------------------------------- ---------------- ----------- COMMON STOCK CANADA -- 1.8% Precision Drilling Trust 5,328,752 $ 38,798 ----------- FRANCE -- 16.9% Accor SA 559,888 30,588 AXA SA 1,757,087 41,187 BNP Paribas SA 429,746 34,031 European Aeronautic Defence and Space Co. NV 889,944 17,860 France Telecom SA+ 1,705,429 42,546 Sanofi-Aventis SA+ 801,682 62,944 Technip SA 1,074,184 75,453 Vinci SA 1,134,397 63,729 ----------- 368,338 ----------- GERMANY -- 11.1% Bayer AG 339,489 27,123 Deutsche Post AG 1,875,981 36,197 E.ON AG 1,099,281 46,066 Linde AG 463,739 55,781 Siemens AG 839,325 76,900 ----------- 242,067 ----------- GREECE -- 1.8% OPAP SA 1,804,532 39,581 ----------- HONG KONG -- 1.7% Yue Yuen Industrial Holdings Ltd.+,(2) 12,524,533 36,263 ----------- IRELAND -- 1.3% Smurfit Kappa Group PLC+,(2) 3,012,955 27,167 ----------- ITALY -- 1.3% Snam Rete Gas SpA 5,509,712 27,318 -----------
SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY INTERNATIONAL VALUE FUND NUMBER OF SHARES VALUE - ------------------------------------------------- ---------------- ----------- JAPAN -- 16.4% Fanuc Ltd. 778,000 $ 72,554 Haseko Corp. 18,773,500 13,402 Honda Motor Co. Ltd. 665,700 22,600 Mitsubishi Gas Chemical Co. Inc. 6,145,000 30,984 Mitsubishi UFJ Financial Group Inc. 5,230,600 25,780 Sankyo Co. Ltd. 602,700 30,197 Shin-Etsu Chemical Co. Ltd. 716,000 40,448 SMC Corp. 241,900 27,637 Sony Financial Holdings Inc.+ 13,514 35,190 Tokyo Electron Ltd. 910,400 58,471 ----------- 357,263 ----------- NETHERLANDS -- 10.6% Akzo Nobel NV 982,593 65,054 ASML Holding NV 1,093,133 37,260 Reed Elsevier NV 5,090,003 62,349 TNT NV 2,172,733 66,645 ----------- 231,308 ----------- NORWAY -- 2.7% Aker Kvaerner ASA 4,432,850 57,583 ----------- SINGAPORE -- 1.5% Singapore Airlines Ltd. 3,073,000 32,536 ----------- SOUTH KOREA -- 2.1% Hyundai Heavy Industries 310,289 46,106 ----------- SPAIN -- 3.0% Enagas 1,038,068 22,974 Telefonica SA 1,539,536 43,020 ----------- 65,994 -----------
SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY INTERNATIONAL VALUE FUND NUMBER OF SHARES VALUE - ------------------------------------------------- ---------------- ----------- SWEDEN -- 1.6% Skandinaviska Enskilda Banken AB, Class A 4,323,851 $ 26,758 Telefonaktiebolaget LM Ericsson, Class B 778,917 7,178 ----------- 33,936 ----------- SWITZERLAND -- 11.1% Compagnie Financiere Richemont SA 1,388,233 46,648 Givaudan SA 27,355 21,872 Novartis AG 776,496 42,373 Roche Holding AG 249,517 42,640 Sulzer AG 55,639 4,362 UBS AG(1) 2,968,449 46,192 Zurich Financial Services AG 173,097 37,816 ----------- 241,903 ----------- UNITED KINGDOM -- 13.4% Aviva PLC 6,143,779 39,082 British American Tobacco PLC 1,020,729 33,136 HSBC Holdings PLC 3,517,321 40,010 Michael Page International PLC 3,586,355 21,835 Rexam PLC 5,899,122 27,578 Rio Tinto PLC 650,179 35,108 Rolls-Royce Group PLC 3,213,806 25,027 Royal Dutch Shell PLC, Class B 745,772 21,719 Vodafone Group PLC 21,107,997 48,880 ----------- 292,375 ----------- TOTAL COMMON STOCK (COST $2,135,792) -- 98.3% 2,138,536 -----------
SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY INTERNATIONAL VALUE FUND NUMBER OF SHARES VALUE - ------------------------------------------------- ---------------- ----------- SHORT-TERM INVESTMENT Dreyfus Cash Management, Institutional Class, 0.080%** 29,615,583 $ 29,616 ----------- TOTAL SHORT-TERM INVESTMENT (COST $29,616) -- 1.4% 29,616 ----------- TOTAL INVESTMENTS -- 99.7% (COST $2,165,408) 2,168,152 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.3% 7,393 ----------- NET ASSETS -- 100.0% $ 2,175,545 ===========
* Except for share data. ** The rate reported is the 7-day effective yield as of December 31, 2009. 1 Non-income producing security. 2 Security considered illiquid. The total value of such securities as of December 31, 2009 was $ 63,430 and represented 2.9% of Net Assets. + Resales of portions of these securities are subject to Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally on foreign exchanges or to qualified institutional buyers. At December 31, 2009, the tax basis cost of the Fund's investments was $2,165,408 and the unrealized appreciation and depreciation were $272,497 and $(269,753), respectively. The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund's investments carried at value:
Investments in Securities Level 1 Level 2~ Level 3 Total ------------- -------------- ------- ----------- Common Stock $ 38,798 $ 2,099,738 $ -- $ 2,138,536 Short-Term Investment 29,616 -- -- 29,616 ------------- -------------- ------- ----------- Total Investments in Securities $ 68,414 $ 2,099,738 $ -- $ 2,168,152 ============= ============== ======= ===========
~ Represents securities trading primarily outside the United States, the values of which were adjusted as a result of significant market movements following the close of local trading. For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements. CCM-QH-001-1100 SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY EMERGING MARKETS FUND NUMBER OF SHARES VALUE - --------------------------------------------------- ---------------- ----------- COMMON STOCK BRAZIL -- 11.0% Banco Bradesco SA ADR 9,800 $ 214 Centrais Eletricas Brasileiras SA 8,900 186 Cia de Saneamento Basico do Estado de Sao Paulo ADR 12,600 493 Itau Unibanco Banco Multiplo SA ADR 5,285 121 Petroleo Brasileiro SA ADR 21,200 916 Souza Cruz SA 5,300 176 Vale SA ADR, Class B 28,500 827 ----------- 2,933 ----------- CHINA -- 18.7% American Oriental Bioengineering Inc.(1) 28,000 130 Bank of China Ltd., Class H 1,089,000 590 Beijing Enterprises Holdings Ltd. 36,500 265 China Agri-Industries Holdings Ltd. 257,000 338 China Construction Bank Corp., Class H 822,000 707 China Life Insurance Co. Ltd. ADR 600 44 China Mobile Ltd. ADR 9,000 418 China Petroleum & Chemical Corp. ADR 4,900 431 CNOOC Ltd. ADR 2,000 311 Dongfeng Motor Group Co. Ltd., Class H 126,000 182 FerroChina Ltd.(1,2,4) 258,000 - Industrial & Commercial Bank of China, Class H 369,000 306 PetroChina Co. Ltd. ADR 3,200 381 Renhe Commercial Holdings Co. Ltd. 608,000 138 Shenzhen Investment Ltd. 500,000 213 Tencent Holdings Ltd. 11,900 259 Yanzhou Coal Mining Co. Ltd. ADR 13,100 286 ----------- 4,999 ----------- HUNGARY -- 0.4% OTP Bank Nyrt 3,381 98 -----------
SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY EMERGING MARKETS FUND NUMBER OF SHARES VALUE - --------------------------------------------------- ---------------- ----------- INDIA -- 7.4% Bank of India 31,119 $ 258 Hindalco Industries Ltd. 115,741 401 IDBI Bank Ltd. 152,283 418 Infosys Technologies Ltd. ADR 1,700 94 Oil & Natural Gas Corp. Ltd. 17,554 446 Tata Consultancy Services Ltd. 14,378 232 Tata Steel Ltd. 9,214 123 ----------- 1,972 ----------- INDONESIA -- 1.9% Astra International 52,500 192 United Tractors Tbk PT GDR 189,500 310 ----------- 502 ----------- ISRAEL -- 4.6% Bezeq Israeli Telecommunication Corp. Ltd. 91,248 231 Cellcom Israel Ltd. ADR 7,300 234 Check Point Software Technologies(1) 5,100 173 Teva Pharmaceutical Industries Ltd. ADR 10,324 580 ----------- 1,218 ----------- MALAYSIA -- 1.1% Affin Holdings Bhd 214,700 158 Sime Darby Bhd 49,900 131 ----------- 289 ----------- MEXICO -- 4.1% America Movil SAB de CV ADR, Series L 12,500 587 Grupo Mexico SAB de CV, Series B 126,694 290 Wal-Mart de Mexico SAB de CV 48,500 216 ----------- 1,093 ----------- POLAND -- 1.5% KGHM Polska Miedz SA 10,978 406 -----------
SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY EMERGING MARKETS FUND NUMBER OF SHARES VALUE - --------------------------------------------------- ---------------- ----------- RUSSIA -- 5.0% LUKOIL ADR 8,575 $ 491 Mobile Telesystems ADR 2,700 132 OAO Gazprom 33,594 205 OAO Gazprom ADR 13,115 334 OAO NovaTek GDR 2,629 174 ----------- 1,336 ----------- SINGAPORE -- 0.7% Yangzijiang Shipbuilding Holdings Ltd. 207,000 178 ----------- SOUTH AFRICA -- 6.2% Aveng Ltd. 11,991 65 British American Tobacco PLC 1,090 36 Growthpoint Properties Ltd. 114,305 216 Metropolitan Holdings Ltd. 123,982 225 Reinet Investments SCA(1) 1,709 3 Remgro Ltd. 38,593 466 Steinhoff International Holdings Ltd. 149,556 420 Telkom SA Ltd. 46,145 234 ----------- 1,665 ----------- SOUTH KOREA -- 14.3% Busan Bank 3,334 40 Daishin Securities Co. Ltd. 27,170 365 Global & Yuasa Battery Co. Ltd. 4,950 107 Honam Petrochemical Corp. 2,286 201 Hyundai Heavy Industries 1,112 165 Korea Zinc Co. Ltd. 1,005 176 KT&G Corp. 1,217 67 LG Chemical Ltd. 1,731 340 LG Display Co. Ltd. ADR 7,700 130 LG Telecom Ltd. 47,091 344 Nexen Tire Corp. 38,820 225
SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY EMERGING MARKETS FUND NUMBER OF SHARES VALUE - --------------------------------------------------- ---------------- ----------- SOUTH KOREA - (CONTINUED) POSCO ADR 2,500 $ 328 Samsung Electronics Co. Ltd. 1,197 821 STX Engine Co..Ltd. 7,430 122 Sungwoo Hitech Co. Ltd. 19,165 205 Woori Finance Holdings Co. Ltd. 5,440 65 Youngone Corp. 3,854 116 ----------- 3,817 ----------- TAIWAN -- 12.4% Altek Corp. 110,224 225 Asia Optical Co. Inc. 70 - China Development Financial Holding Corp.(1) 223,925 69 Chunghwa Telecom Co. Ltd. ADR 5,088 94 Compal Electronics Inc. 326,958 454 Entire Technology Co..Ltd. 14,000 101 Gigabyte Technology Co. Ltd. 313,000 307 HON HAI Precision Industry Co. Ltd. 17,000 81 Hung Poo Real Estate Development Corp. 58,000 93 Hung Sheng Construction Co. Ltd. 652,000 320 Lite-On Technology Corp. 211,472 318 Phihong Technology Co. Ltd. 131,000 127 P-Two Industries Inc. 49,000 103 Quanta Computer Inc. 144,060 314 Quanta Storage Inc. 60,660 117 Star Travel Taiwan Co. Ltd.(1,3,4) 19,800 19 Taiwan Cooperative Bank 206,000 130 Taiwan Semiconductor Manufacturing Co. Ltd. ADR 24,202 277 Tsann Kuen Enterprise Co. Ltd. 13,200 24 Wistron Corp. 71,977 140 ----------- 3,313 ----------- THAILAND -- 0.9% Krung Thai Bank PCL 427,500 126
SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY EMERGING MARKETS FUND NUMBER OF SHARES VALUE - --------------------------------------------------- ---------------- ----------- THAILAND - (CONTINUED) Thoresen Thai Agencies PCL 155,920 $ 127 ----------- 253 ----------- TURKEY -- 2.6% Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1) 618,600 265 Turk Hava Yollari 114,529 438 ----------- 703 ----------- TOTAL COMMON STOCK (COST $21,523) -- 92.8% 24,775 ----------- PREFERRED STOCK BRAZIL -- 3.8% Cia Energetica de Minas Gerais 10,225 185 Eletropaulo Metropolitana Eletricidade de Sao Paulo SA 20,329 403 Investimentos Itau SA 40,156 273 Telemar Norte Leste SA 3,809 136 ----------- 997 ----------- SOUTH KOREA -- 0.5% Hyundai Motor Co. 3,820 141 ----------- TOTAL PREFERRED STOCK (COST $1,127) -- 4.3% 1,138 ----------- SHORT-TERM INVESTMENT Dreyfus Cash Management, Institutional Class, 0.080%** 333,449 333 ----------- TOTAL SHORT-TERM INVESTMENT (COST $ 333) -- 1.2% 333 -----------
SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY EMERGING MARKETS FUND NUMBER OF SHARES VALUE - --------------------------------------------------- ---------------- ----------- EXCHANGE-TRADED FUND Vanguard Emerging Markets ETF 12,300 $ 504 ----------- TOTAL EXCHANGE-TRADED FUND (COST $502) -- 1.9% 504 ----------- TOTAL INVESTMENTS -- 100.2% (COST $23,485) 26,750 ----------- LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.2)% (59) ----------- NET ASSETS -- 100.0% $ 26,691 ===========
* Except for share data. ** The rate reported is the 7-day effective yield as of December 31, 2009. ADR American Depositary Receipt ETF Exchange-Traded Fund GDR Global Depositary Receipt 1 Non-income producing security. 2 Security fair valued at zero due to company's insolvency. 3 Security fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of December 31, 2009 was $19 and represented 0.1% of Net Assets. 4 Security considered illiquid. The total value of such securities as of December 31, 2009 was $19 and represented 0.1% of Net Assets. Amounts designated as "-" are $0 or have been rounded to $0. At December 31, 2009, the tax basis cost of the Fund's investments was $23,485 and the unrealized appreciation and depreciation were $5,559 and $(2,294), respectively. SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED) The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund's investments carried at value:
Level 1 Level 2~ Level 3 Total -------- -------- -------- ---------- Investments in Securities Common Stock $ 20,502 $ 4,254 $ 19 $ 24,775 Preferred Stock 1,138 -- -- 1,138 Short-Term Investment 333 -- -- 333 Exchange-Traded Fund 504 -- -- 504 -------- -------- -------- ---------- Total Investments in Securities $ 22,477 $ 4,254 $ 19 $ 26,750 ======== ======== ======== ==========
~ Represents securities trading primarily outside the United States, the values of which were adjusted as a result of significant market movements following the close of local trading. The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value:
Investments in Common Stock --------------- Beginning balance as of October 1, 2009 $ -- Realized gain/(loss) -- Change in unrealized appreciation/(depreciation) -- Net transfer in and/or out of Level 3 19 ---------------- Ending balance as of December 31, 2009 $ 19 ================
For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements. CCM-QH-002-0600 SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY GLOBAL VALUE FUND NUMBER OF SHARES VALUE - ------------------------------------------- ---------------- ------- COMMON STOCK FRANCE -- 11.7% AXA SA 1,386 $ 33 France Telecom SA+ 2,729 68 Sanofi-Aventis SA 1,470 115 Technip SA 2,001 141 Vinci SA 1,854 104 ------- 461 ------- GERMANY -- 7.6% Deutsche Post AG 5,651 109 E.ON AG 1,334 56 Linde AG 538 65 Siemens AG 766 70 ------- 300 ------- GREECE -- 1.9% OPAP SA 3,463 76 ------- JAPAN -- 11.1% Fanuc Ltd. 1,400 131 Mitsubishi Gas Chemical Co. Inc. 8,000 40 Sankyo Co. Ltd. 1,300 65 Shin-Etsu Chemical Co. Ltd. 1,400 79 Sony Financial Holdings Inc. 25 65 Tokyo Electron Ltd. 900 58 ------- 438 ------- NETHERLANDS -- 9.0% Akzo Nobel NV 1,513 100 ASML Holding NV 1,278 44 Reed Elsevier NV 8,331 102 TNT NV 3,502 107 ------- 353 -------
SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY GLOBAL VALUE FUND NUMBER OF SHARES VALUE - ------------------------------------------- ---------------- ------- SOUTH KOREA -- 2.2% Hyundai Heavy Industries 575 $ 85 ------- SPAIN -- 1.4% Telefonica SA 1,966 55 ------- SWITZERLAND -- 12.1% Kuoni Reisen Holding AG 193 65 Novartis AG 1,283 70 Roche Holding AG 449 77 Sulzer AG 1,030 81 Transocean Ltd.(1) 1,072 89 UBS AG(1) 6,264 97 ------- 479 ------- UNITED KINGDOM -- 10.0% British American Tobacco PLC 1,589 52 Michael Page International PLC 9,365 57 Rio Tinto PLC 770 41 Rolls-Royce Group PLC 12,537 98 Royal Dutch Shell PLC, Class B 3,038 88 Vodafone Group PLC 25,884 60 ------- 396 ------- UNITED STATES -- 31.6% Allstate Corp. 1,994 60 Altria Group Inc. 3,000 59 Bank of America Corp. 5,900 89 Boeing Co. 1,600 87 Cameron International Corp.(1) 2,200 92 Centene Corp.(1) 3,800 80 Halliburton Co. 2,500 75 Harley-Davidson Inc. 2,437 61 Home Depot Inc. 2,900 84
SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY GLOBAL VALUE FUND NUMBER OF SHARES VALUE - ------------------------------------------- ---------------- ------- UNITED STATES - (CONTINUED) MetLife Inc. 2,708 $ 96 Microsoft Corp. 2,552 78 NRG Energy Inc.(1) 2,700 64 Rockwell Collins Inc. 1,312 73 UnitedHealth Group Inc. 2,998 91 Walt Disney Co. 2,404 77 Zenith National Insurance Corp. 2,800 83 ------- 1,249 ------- TOTAL COMMON STOCK (COST $3,572) -- 98.6% 3,892 ------- SHORT-TERM INVESTMENT Dreyfus Cash Management, Institutional Class, 0.080%** 67,871 68 ------- TOTAL SHORT-TERM INVESTMENT (COST $68) -- 1.7% 68 ------- TOTAL INVESTMENTS -- 100.3% (COST $3,640) 3,960 ------- LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.3)% (11) ------- NET ASSETS -- 100.0% $ 3,949 =======
* Except for share data. ** The rate reported is the 7-day effective yield as of December 31, 2009. 1 Non-income producing security. + Resales of portions of these securities are subject to Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally on foreign exchanges or to qualified institutional buyers. At December 31, 2009, the tax basis cost of the Fund's investments was $3,640 and the unrealized appreciation and depreciation were $567 and $(247), respectively. SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED) The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund's investments carried at value:
Investments in Securities Level 1 Level 2~ Level 3 Total ----------- ------------ ----------- --------- Common Stock $ 1,338 $ 2,554 $ -- $ 3,892 Short-Term Investment 68 -- -- 68 ----------- ------------ ----------- --------- Total Investments in Securities $ 1,406 $ 2,554 $ -- 3,960 =========== ============ =========== =========
~ Represents securities trading primarily outside the United States, the values of which were adjusted as a result of significant market movements following the close of local trading. For information on the Fund's policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements. CCM-QH-003-0400 SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED)
CAUSEWAY INTERNATIONAL OPPORTUNITIES FUND** NUMBER OF SHARES VALUE - ------------------------------------------- ---------------- -------- AFFILIATED MUTUAL FUNDS Causeway Emerging Markets Fund, Institutional Class 17,160 $ 168 Causeway International Value Fund, Institutional Class 48,718 551 -------- TOTAL AFFILIATED MUTUAL FUNDS (COST $ 719) -- 99.9% 719 -------- TOTAL INVESTMENTS -- 99.9% (COST $ 719) 719 -------- OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1% 1 -------- NET ASSETS -- 100.0% $ 720 ========
* Except for share data. ** Fund commenced operations on December 31, 2009. At December 31, 2009, the tax basis cost of the Fund's investments was equal to the value of investments. 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 ("regular way") 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 will be 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 mutual funds that are not exchange-traded and 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 de-listed 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. SCHEDULE OF INVESTMENTS (000)* DECEMBER 31, 2009 (UNAUDITED) When the Committee values a security in accordance with the fair value pricing procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. In accordance with the authoritative guidance on fair value measurements and disclosure under 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 which are not active, or 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 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. The table below sets forth information about the level within the fair value hierarchy at which the Fund's investments are measured at December 31, 2009:
Investments in Securities Level 1 Level 2 Level 3 Total ----------- ------------ ----------- --------- Affiliated Mutual Funds $ 719 $ -- $ -- $ 719 ----------- ------------ ----------- --------- Total Investments in Securities $ 719 $ -- $ -- $ 719 =========== ============ =========== =========
For more information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent prospectus. CCM-QH-004-0100 ITEM 2. CONTROLS AND PROCEDURES (a) The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures (as such term is defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of the filing date of this report. Based on their evaluation, the certifying officers have concluded that such 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 Investment Company Act of 1940 and 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 (as such term is defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) 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 are filed herewith. 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: February 23, 2010 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: February 23, 2010 By (Signature and Title) /s/ Michael Lawson ------------------------------------- Michael Lawson, Treasurer Date: February 23, 2010 EX-99.CERT 2 g56430_302-cert.txt CERTIFICATION I, Turner Swan, certify that: 1. I have reviewed this report on Form N-Q of Causeway Capital Management Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 23, 2010 /s/ Turner Swan - --------------- Turner Swan President CERTIFICATION Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Michael Lawson, certify that: 1. I have reviewed this report on Form N-Q of Causeway Capital Management Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 23, 2010 /s/ Michael Lawson - ------------------- Michael Lawson Treasurer -----END PRIVACY-ENHANCED MESSAGE-----