Causeway Global Absolute Return Fund
Institutional Class (CGAIX)
Investor Class (CGAVX)
SUPPLEMENT DATED AUGUST 9, 2017
TO THE PROSPECTUS
DATED JANUARY 26, 2017, AS SUPPLEMENTED MAY 9, 2017
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION
BEYOND THAT CONTAINED IN THE PROSPECTUS AND SHOULD BE READ IN
CONJUNCTION WITH THE PROSPECTUS. CAPITALIZED TERMS NOT
DEFINED HEREIN ARE AS DEFINED IN THE PROSPECTUS.
Effective as of September 1, 2017, Causeway Capital Management LLC (the “Investment Adviser”), the investment adviser of Causeway Global Absolute Return Fund (the “Global Absolute Return Fund”), and the Global Absolute Return Fund have agreed to a new management fee payable at an annual rate of 1.10% of the Global Absolute Return Fund’s average daily net assets, which is 0.40 percentage points lower than the annual rate previously in effect.
Accordingly, the table in the Global Absolute Return Fund’s Prospectus under “Fees and Expenses – Annual Fund Operating Expenses” and the information under the “Example” are hereby superseded and replaced in their entirety with the below.
Fees and Expenses
The following table shows the fees and expenses that you pay if you buy and hold shares of the Fund.
| Shareholder Transaction Fees (fees paid directly from your investment) |
||||||||
| Institutional Class |
Investor Class |
|||||||
| Sales Charge (Load) on Purchases and Reinvested Distributions |
None | None | ||||||
| Deferred Sales Charge (Load) |
None | None | ||||||
| Redemption Fee on shares held less than 60 days (as a percentage of amount redeemed) |
None | None | ||||||
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
| |||||||
| Institutional Class |
Investor Class |
|||||||
| Management Fees* |
1.10% | 1.10% | ||||||
| Other Expenses |
0.30% | 0.30% | ||||||
| Shareholder Service Fees |
None | 0.25% | ||||||
| Acquired Fund Fees and Expenses |
0.20% | 0.20% | ||||||
| Total Annual Fund |
||||||||
| Operating Expenses (1) |
1.60% | 1.85% | ||||||
| Expense Reimbursement (2) |
0.05% | 0.05% | ||||||
| Total Annual Fund Operating Expenses |
||||||||
| After Expense Reimbursement (1) |
1.55% | 1.80% | ||||||
| * | Restated to reflect new Management Fee effective as of September 1, 2017. |
| (1) | “Total Annual Fund Operating Expenses” (before and after expense reimbursement) disclosed above differ from the ratios in the financial highlights section of this Prospectus because the financial highlights (i) do not include acquired fund fees and expenses and (ii) reflect a fee waiver under-accrual during the fiscal year, which was subsequently adjusted. |
| (2) | Under the terms of an amended and restated expense limit agreement, the Investment Adviser has agreed to waive all or a portion of its advisory fee and, if necessary, reimburse expenses to keep the Fund’s “Total Annual Fund Operating Expenses” (excluding swap agreement financing charges and transaction costs, borrowing expenses, dividend expenses on securities sold short, brokerage fees and commissions, shareholder service fees, interest, taxes, fees and expenses of other funds in which the Fund invests, and extraordinary expenses) from exceeding 1.35% of the average daily net assets of each of the Institutional Class and Investor Class shares. The amended and restated expense limit agreement will remain in effect until January 31, 2018 and may only be terminated earlier by the Fund’s Board or upon termination of the Fund’s investment advisory agreement. |
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The example reflects the effect of the amended and restated expense limit agreement, if any, through January 31, 2018 only, and assumes no expense limit after that time. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
| Institutional Class |
$ | 168 | $ | 510 | $ | 876 | $ | 1,904 | ||||||||
| Investor Class |
$ | 193 | $ | 587 | $ | 1,005 | $ | 2,173 | ||||||||
In addition, under “Management of the Funds – About the Investment Adviser,” the table showing the Global Absolute Return Fund’s management fee is hereby revised and updated with the following:
| Fund |
Management Fee | |||
| Global Absolute Return Fund |
1.10 | % | ||
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CCM-SK-033-0100
Causeway Global Absolute Return Fund
Institutional Class (CGAIX)
Investor Class (CGAVX)
SUPPLEMENT DATED AUGUST 9, 2017
TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 26, 2017, AS SUPPLEMENTED MAY 9, 2017
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION
BEYOND THAT CONTAINED IN THE STATEMENT OF ADDITIONAL
INFORMATION AND SHOULD BE READ IN CONJUNCTION WITH THE STATEMENT
OF ADDITIONAL INFORMATION. CAPITALIZED TERMS NOT DEFINED
HEREIN ARE AS DEFINED IN THE STATEMENT OF ADDITIONAL
INFORMATION.
Effective as of September 1, 2017, Causeway Capital Management LLC (the “Investment Adviser”), the investment adviser of Causeway Global Absolute Return Fund (the “Global Absolute Return Fund”), and the Global Absolute Return Fund have agreed to a new management fee payable at an annual rate of 1.10% of the Global Absolute Return Fund’s average daily net assets, which is 0.40 percentage points lower than the annual rate previously in effect.
Accordingly, the first four sentences of the sixth paragraph under “Management of the Fund – Advisory Arrangements” are hereby superseded and replaced in their entirety with the following:
The Investment Adviser receives for its services to the Global Absolute Return Fund a monthly fee at an annual rate of 1.10% of the Global Absolute Return Fund’s average daily net assets (until September 1, 2017, the annual rate was 1.50%). For purposes of this calculation, average daily net assets is determined at the end of each month based on the average of the net assets of the Global Absolute Return Fund for each day during the month. Pursuant to an amended and restated expense limit agreement, effective May 9, 2017, the Investment Adviser has agreed to limit the Global Absolute Return Fund’s annual operating expenses (excluding swap agreement financing charges and transaction costs, borrowing expenses, dividend expenses on securities sold short, brokerage fees and commissions, interest, taxes, shareholder service fees, fees and expenses of other funds in which the Fund invests, and extraordinary expenses) to 1.35% of the average daily net assets of each of the Institutional Class and Investor Class shares until January 31, 2018. Since shareholder service fees are excluded from the expense limit, net Investor Class expenses will normally be higher than Institutional Class shares.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CCM-SK-034-0100